Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 512]

EXTRACTED TEXT FROM PAGE:

1961]

UNIVERSITY OF ILLINOIS

509

fvitiK numbers of the Bonds to be redeemed. In any such selection by lot each Bond of a denomination in excess of $1,000 shall be given a separate number for each $1,000 of the principal amount thereof. SECTION 3.03. Deposit of Funds for Redemption. Said notice having been given, as above provided, the Bonds designated for redemption shall, on the date specified in such notice, become due and payable, at the then applicable redemption price, and on or before the day preceding the date fixed for redemption the University shall deposit with the American National Bank and Trust Company 0{ Chicago as depository, the redemption price of the Bonds called for redemption and accrued interest thereon to the date fixed for redemption. Upon such deposit having been made and on presentation, if required, of such Bonds in accordance with such notice at the place at which the same are expressed in such_ notice to be redeemable, with all appertaining coupons, if any, maturing after said redemption date, such Bonds shall forthwith after the making of such deposit be paid by the depository, on behalf of the University, at such redemption price. Such payment of the redemption nrice shall be made to the bearer of any such Bonds, unless it shall then be registered, in which case such payment shall be made to the registered owner. All unpaid interest installments rqtfesented by coupons which shall have matured on or prior to the date of redemption specified in such notice, shall continue to be payable to the bearers, severally and respectively, and the redemption price payable to the holders of Bonds presented for redemption shall not include such unpaid installments of interest unless coupons representing such installments shall be attached to the Bonds presented for redemption. SECTION 3.04. Effect of Redemption. If the amount necessary to redeem all of the Bonds called for redemption as aforesaid shall have been deposited with the paying agent, for the account of the holder or holders of such Bonds on or before tlie day preceding the date specified for such redemption, and the notice hereinbefore mentioned shall have been duly given, and all charges and expenses of the paying agent in connection with such redemption, or otherwise hereunder, shall have been fully paid or provided for, the University shall be privileged to consider such Bonds redeemed from the holder or holders thereof, and interest on such Bonds shall cease on the date specified for such redemption, and the University shall thereupon (subject to the provisions of Article Ten hereof) be discharged from and after the redemption date specified in such notice from further liability in respect of the Bonds so called for redemption, and thereafter such Bonds shall not be entitled to any benefit of or from this Resolution. In case any question shall arise as to whether any such notice shall have been sufficiently given, or such redemption effected, such question shall be decided by the paying agent, and the decision of the paying agent shall he final and binding upon all parties in interest. No holder of any Bond shall be entitled to any interest on money deposited for the redemption of Bonds, SECTION 3.05. Cancellation of Bonds. All Bonds redeemed and paid, as provided in this Article Three, shall, together with all coupons appertaining thereto, if any, b e cancelled by the University and no Bonds or coupons so redeemed shall lie reissued, nor shall any Bonds or coupons be issued in lieu thereof. ARTICLE FOUR

ISSUANCE OF BONDS

SECTION 4.01. Issuance of Initial Bonds. Bonds in the principal amount of One Million Three Hundred Fifty Thousand Dollars ($1,350,000) shall be executed on behalf of the Board of Trustees and delivered to or upon the written order of the Comptroller. SECTION 4.02. Issuance of Additional Bonds. After the issue and delivery of the Bonds herein authorized and provided for to the purchaser thereof, additional ^nds to share ratably and equally with the Bonds hereby authorized shall only "t issued in the event that additional funds are necessary to pay the cost of completing the Project herein provided for in accordance with the plans and specifications now on file in the office of the Physical Plant Department, Administration Building, Urbana, Illinois, and in the event additional funds are necessary * P?y the cost of completing the Project herein provided for, said Bonds shall ™' be issued until such time as the architects employed by the University for