Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 504]

EXTRACTED TEXT FROM PAGE:

1961]

UNIVERSITY OF ILLINOIS

501

"Resolution") of The Board of Trustees of the University of Illinois duly adopted May 17, 1961, for the purpose of providing funds for paying the cost 0f constructing and equipping a Student Services Building (herein sometimes called the "Project") as set forth in the Resolution. Said Resolution, among other things, provides for the issuance of additional bonds pursuant thereto only in the event that additional funds are necessary to pay_ the cost of completing the Project in the manner and upon the terms and conditions more fully set forth thereinThe bonds of this issue are redeemable prior to their maturity at the option of the Board of Trustees, either in whole or in part, on any interest payment date on and after, but not prior to April 1, 1971, in the inverse order in which they mature, at the principal amount thereof, together with the interest accrued thereon to the date fixed for redemption plus a premium of the following percentages of such principal amount if redeemed during the following periods respectively: Period of Redemption Applicable Premium April 1, 1971 through October 1, 197S 3% April 1, 1976 through October 1, I960 2% April 1, 1981 through October 1, 1985 1% April 1, 1986 and thereafter without premium. Notice of redemption of any or all of said bonds shall be published once a week for two successive calendar weeks, the first such publication to be not less than thirty days prior to the date of redemption, such publication to be made in one daily newspaper printed in the English language and published and of general circulation in the City of Chicago, Illinois, and when this bond or any of the bonds of this issue shall have been duly called for redemption, interest thereon shall cease from and after the specified redemption date if redemption monies are available for the payment of all bonds called for redemption. This bond and the issue of which it forms a part is issued under the authority of The Board of Trustees of the University of Illinois to issue and sell revenue bonds under the provisions of paragraphs 48.1 through 48.7 of Chapter 144 of the Illinois Revised Statutes, 1959, and all laws amendatory thereof and supplemental thereto and the Resolution above referred to. This bond is payable, both as to principal and interest, only from the revenues required to be credited to the Student Services Building Bond Fund as provided in the Resolution; which revenues are to be derived from (I) the operation of the revenue producing facilities constructed, completed, and equipped with the proceeds of this bond issue and (2) student service charges (as defined in the Resolution) for the use of the facilities. This bond and the issue of which it forms a part do not constitute an indebtedness of said University of Illinois, The Board of Trustees of the University of Illinois, or the State of Illinois within any constitutional or statutory limitation, and neither the taxing power nor the general credit of said University, or said Board of Trustees, or the State of Illinois is pledged to the payment of thisbond or the interest thereon. This bond shall pass by delivery unless tt is registered as to principal in the name of the holder on the books of registration of satd University kept at the office of the American National Bank and Trust Company of Chicago, or its successor, as Registration Agent in the City of Chicago, Illinois, such registration jo be noted on the back hereof. After such registration no transfer hereof shall be valid unless made on such books by the registered holder in person or by attorney duly authorized in writing and similarly noted hereon, but this bond may re transferred in like manner to bearer, and thereupon transferability by delivery shall be restored and it may again from time to time be registered or transferred to bearer as before. Such registration, however, shall not restrict the negotiability of the coupons hereto appertaining, but such coupons shall be transferable by delivery merely and payable to the bearer thereof. Subject to the provisions for registration and transfer, this bond and all ™"ei, bonds of this issue shall have all of the qualities of negotiable instruments, ana during such time as this bond is payable to bearer, the same and each of the coupons hereto appertaining may be negotiated by delivery by any person having Possession thereof, and any holder who shall nave taken this bond while so ^'aole to bearer or any of said coupons from any person for value and without