UIHistories Project: A History of the University of Illinois by Kalev Leetaru
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Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 505]

Caption: Board of Trustees Minutes - 1962
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502

BOARD OF TRUSTEES

[May \l

notice shall thereby acquire absolute title to this bond or to such coupons, as the case may be, free of any defenses enforceable against any prior holder and free from all equities and claims of ownership of any such prior holder, and Ttte Board of Trustees of the University of Illinois, any paying agent, the Registra. tion Agent and any other person may deem and treat the bearer of this bond or if registered, the person in whose name it is registered, and the bearer of'any' interest coupons appertaining hereto as the absolute owner hereof for all purpose and shall not be affected by any notice to the contrary whether this bond or any coupon appertaining thereto be overdue or not. The bonds of this issue are issuable as coupon^ bonds registrable as to priti. cipal only in the denomination of $1,000 and as registered bonds without coupon; in the denomination of $1,000 or a multiple thereof. Each fully registered bond without coupons shall be of a single maturity. The coupon bonds and the regis, tered bonds without coupons are interchangeable for bonds of the same interest rate and maturity upou presentation thereof for such purpose by the holder or registered owner at the office of the Registration Agent in the City of Chicago, Illinois, and upon payment of charges and otherwise as provided in the Resolution The rights and obligations of the University and of the holders of the bonds may be modified or amended at any time with the consent of The Boaid oi Trustees of the University of Illinois and of the holders of sixty-six and twothirds per cent (66^%) io principal amount of outstanding bonds in the manner. to the extent, and upon the terms and conditions provided in the Resolution; provided that no such modification or amendment shall (i) extend the maturity of or reduce the interest rate on or otherwise alter or impair the obligation of the Uuiversity to pay the principal, interest or redemption premiums at the time and place and at the rate and in the currency provided therein of any bond without the expressed consent of the holder or (li) permit^ the creation of any mortgage or pledge or lien on the facilities, or upon any income therefrom or other funds pledged or held_ under the Resolution, except as permitted by the Resolution, crther than the lien and pledge created thereunder or (iii) permit the creation by The Board of Trustees of the University of Illinois of anv preference or priority of any bond or bonds over any other bond or bonds or coupon or coupons over any other coupon or coupons or (iv) reduce the percentage in principal amount of bonds required for the affirmative vote or written consent to an amendment or modification without the consent of the holder oi this bond; all as more fully set forth in the Resolution. The Board of Trustees of the University of Illinois hereby covenants with the holder of this bond that it will keep and perform all the covenants and agreements in the Resolution adopted by it, authorizing the issuance of this bond and the issue of which it forms a part, and hereby irrevocably obligates itself to administer the said income and revenue derived from the operation of said facilities, as provided for in and by said Resolntion, and to establish from time to time rules, rents,_ student service charges and other charges for the use of said facilities and to maintain and collect rents and student service charges and other charges sufficient to pay the reasonable cost of operating and maintaining said facilities, and pay the principal of and interest upon all bonds which by their terms are payable from such revenues, until all of such bonds have been paid in full, both as to principal and interest. It is hereby certified and recited and declared that all acts, conditions, and things required to exist, to happen, and to be performed, precedent to and in the issuance of this bond, have existed, have happened, and have been performed in due form, time, and manner, as required by law and the applicable resolutions of The Board of Trustees of the University of Illinois, and that provision lias been made for setting^ aside the income and revenue to be derived from the operation of said facilities to be applied in the manner hereinabove set forth. IN WITNESS WHEREOF, The Board of Trustees of the University of Illinois has caused this bond to be executed by the facsimile signatures of if President and two of its members, the corporate seal of the University of Illinois to be hereto affixed (or a facsimile thereof to be reproduced hereon), aud attestel by its Secretary, and has caused the interest coupons hereto attached to be executed by the facsimile signatures of said President and Secretary, and this bond to be dated as of the 1st day of April, 1961.