Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 518]

EXTRACTED TEXT FROM PAGE:

1961]

UNIVERSITY OF ILLINOIS

515

(c) By action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the holders of Bonds. flo remedy conferred hereby upon any holder of Bonds is intended to be exclusive of any other remedy, Out each such remedy is cumulative and in addition to every other remedy and may be exercised without exhausting and without reganl to any other remedy conferred hereby,' No waiver of any default or breach of duty or contract by the holder of any Bond shall extend to or shall affect any subsequent defaults or breach of duty or contract or shall'impair any rights or remedies thereon. No delay or omission of the holder of any Bond to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein. Every substantive right and every remedy conferred upon ihe holders of Bonds may be enforced and exercised from time to time and as often as may be deemed expedient. In case any suit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and then discontinued or abandoned, or shall be determined adversely to the holders of Bands, then, and in every such case, the University and the holders of Bonds shall be restored to their former positions and rights and remedies as if no such suit, action or proceeding had been brought or taken. ARTICLE NINE

MODIFICATION AND AMENDMENT OF THE RESOLUTION

SECTION 9.01, Amendment by Consent of Bond Holders. This Resolution and the rights and obligations of the University and of the holders of the Bonds and coupons may be modified or amended at any time by resolution supplemental hereto adopted by the Board of Trustees pursuant to the affirmative vote of the holders of sixty-six and two-thirds per cent ( 6 6 ^ % ) in principal amount of all oi the Bonds then outstanding at a meeting of Bond holders held in accordance with this Article, or with the written consent without a meeting, given as provided in Section 9.04, of the holders of sixty-six and two-thirds per cent (66^%) in principal amount of all of the Bonds then outstanding; 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 University to pay the principal or interest or redemption premiums at the time and place and at the rate and in the currency provided therein^ of any Bond without the express consent of the holder of snch Bond, or (ii) permit the creation by the University of any mortgage or pledge or lien on the facilities, or upon any income therefrom or other funds pledged or held hereunder, except as permitted by this Resolution, other than the lien and pledge created by this Resolution, or (iii) permit the creation of a preference or priority of any Bond or Bonds over any other Bond or Bonds or coupon or coupons, or (iv) reduce the percentages of Bonds required for the affirmative vote or written consent to an amendment or modification, without the written consent of holders of all Bonds. SECTION 9.02. Bond Holders' Meetings. The University may at any time call a meeting of the holders of Bonds. Every such meeting shall be held at such place in the City of Chicago, State of Illinois, as may be specified in the notice calling such meeting. Written notice of such meeting, stating the place and time of the meeting and in general terms the business to be submitted, shall be given by the University to the holders of _ all Bonds outstanding hereunder by registered or certified mail, postage prepaid, not less than thirty (30) nor more than sixty (60) days before such meeting, to each registered owner of Bonds then outstanding, at his address, appearing upon the books of registration, and in the went there shall then be outstanding any coupon Bonds which shall not be registered as to principal such notice shall also be published by the University at [ Q r r e * * e c ' t ^ o r t w o ^ successive weeks in a daily newspaper published jn the English language and having a general circulation in the Gty of Chicago, ,K ?* Illinois, the first publication to be not less than thirty (30) nor more thin sixty (60) days prior to the meeting; provided, however, that< in any case *nere publication shall be required as hereinbefore set forth the mailing of such notice shall in no case be a condition precedent to the validity of any action taken at any such meeting.