Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 511]

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508

BOARD OF TRUSTEES

[May 1?

SECTION 2,09. Registration Agettt. The American National Bank and Trust Company of Chicago, or its successor, in the City of Chicago, Illinois, is hereby appointed as the Registration Agent for the purpose of registering, transferring and exchanging the Bonds as in this Resolution provided and the Univtuta agrees to take all legal action necessary or proper to constitute said hank as the Registration Agent hereunder. ARTICLE THREE

REDEMPTION OF BONDS

SECTION 3.01. Publication of Notice. Whenever the University shall determine to exercise its right to redeem any Bonds issued hereunder and by their terms subject to redemption, notice of such redemption shall be published by the University in one daily newspaper printed in the English language and published and of general circulation in the City of Chicago, Illinois not less than 30 days prior to such redemption date. Such notice shall (a) designate the lime and place of such ^redemption; (b) if the Bonds to be redeemed are less than all of the Bonds of any maturity, designate the numbers, the maturity date or dates and the aggregate principal amount of such Bonds; and (c) state that on the designated date of redemption such Bonds will be redeemed by payment of the principal amount thereof (or for the portion thereof to be redeemed) and all unpaid interest accrued thereon to the date of redemption plus the applicable premium, it any, and that from and after such designated redemption date interest in respect of the Bonds (or portions thereof) so called for redemption shall cease. A cop;' of said notice shall be mailed by the University, postage prepaid, at least 30 days prior to the redemption date to all registered owners oi Bonds so to be redeemed at their last addresses appearing on the registration books of the University, but such mailing shall not be a condition precedent to the validity of the redemption of any Bond. In case any fully registered Bonds are to be redeemed in part only, said notice shail specify the respective portions of the principal amounts thereof to be redeemed (which shall be $1,000 or any multiple thereof) and shall state that payment of the redemption price shall, except as hereinafter specifically provided, be made only upon presentation of such fully registered Bonds for surrender in exchange for a coupon Bond or Bonds or a fully registered Bond or Bonds of the same maturity, of authorized denominations in aggregate principal amount equal to (he unredeemed portionof the principal amount thereof; and in such case, i( coupon Bonds or fully registered Bonds are so to be delivered in exchange, the University shall execute and deliver to or upon the written order of the register^ owner of any fully registered Bonds, a portion only of which is to be redeemed. and at the expense of the University, a new Bond or Bonds of the same maturity for the principal amount of the surrendered fully registered Bond less the principal amount thereof paid on surrender. In the event of the payment of a portion of the principal amount of any fully registered Bond registered in the name of any holder for the benefit of whom University shall elect that the provisions of this paragraph shall be applicable thereto (which election shall be subject to the condition that such holder shall first agree not to make any sale or transfer of any Bond or Bonds registered in its name without presentation of such Bond or Bonds for transfer and exchange), then in such event the University shall make payment to such Bond holder without requiring presentation of such Bond and, in lieu of delivering a new Bond or Bonds of an aggregate principal amount equal to the unredeemed portion of the principal amount of such Bond, the University shall, in its letter transmitting payment to such Bond bolder, instruct such holder to endorse such payment o n such Bond and a written representation from such holder to the University thai such payment has been so endorsed shall be conclusive evidence of such endorsement and payment. SECTION 3.02. Selection of Bonds for Redemption. In case the University shall have elected to redeem less than all of the outstanding Bonds of a sing]' maturity, the Bonds to be redeemed shall be selected by lot except as herein otherwise expressly provided. In each such instance the University _ shall, at lew five days before the date upon which the first publication of the notice of redemption hereinbefore mentioned is required to be made, draw by lot, from the outStanding Bonds of such maturity, in any manner deemed by it proper, the idcot'-