Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 520]

EXTRACTED TEXT FROM PAGE:

1961]

UNIVERSITY OF ILLINOIS

51?

bv endorsement or otherwise in form approved by the University as to such actio", and ' n that case upon demand of the holder of any Bond outstanding at such effective date and presentation of his Bond for the purpose at the office of tne Comptroller of the University a suitable notation shall be made on such Bond by the University as to any such action. If the University shall so determine, new Bonds so modified as to conform to such action shall be prepared and delivered, and upon demand of the holder of any Bond then outstanding shall be ^changed at the office of the Comptroller of the University, without cost to any Bond holder, for Bonds then outstanding, upon surrender of such Bonds with all unmatured coupons, if any, appertaining thereto. SECTION 9,07. Exclusion of Bonds. Bonds owned or held by or for the account of the University shall not be deemed outstanding for the purpose of any vote or consent or other action or any calculation of outstanding Bonds in this Article provided for, and shall not be entitled to vote or consent or take any other action in this Article provided for. ARTICLE TEN

MISCELLANEOUS

SECTION 10.01. Benefits of Bond Holders Limited to Parties. Nothing in this Resolution, expressed or implied, is intended or shall be construed to confer upon, or to give to, any person, firm or corporation other than the University and the holders of the Bonds and of the coupons outstanding, any right, remedy or claim under or by reason of this Resolution, and any covenants, stipulations, promises and agreements in this Resolution contained by and on behalf of the University shall be for the sole and exclusive benefit of the University and of the holders of Bonds and of the coupons outstanding. SECTION 10.02. Successor Is Deemed Included in All References to Predtcessor. Whenever in this Resolution or any resolution supplemental hereto either the University or the paying agent is named or referred to, such reference shall be deemed to include the successors or assigns thereof, and all the covenants and agreements in this Resolution contained by or on behalf of the University shall bind and inure to the benefit of the respective successors and assigns thereof whether so expressed or not. SECTION 10.03. Discharge of Resolution. If alt of the outstanding Bonds shall have matured, or shall have been_ duly called for redemption and the redemption date thereof shall have arrived, and if the University shall have deposited with the depository in trust, funds pursuant to this Resolution sufficient to pay and available for the payment of all amounts due on all Bonds then outstanding, including all principal, interest and redemption premiums, if any, and provision shall also be made for paying all other sums payable hereunder by the University, then, notwithstanding that any Bonds or interest coupons shall not have been surrendered for payment, the pledge of the income provided for in this Resolution and all other obligations of the University under this Resolution shall cease and terminate except as hereinafter in the next succeeding paragraph provided. Any such funds held by the depository which have not been disbursed in the payment of Bonds and interest as aforesaid during the period of ten (10) years after the deposit referred to in the foregoing paragraph, shall be repaid to the University by the paying agent on written request of the University together with the schedule of the Bonds not paid or redeemed and thereupon the holder of any of the Bonds or coupons entitled to receive such payments, shall thereafter look only to the University for the payment thereof; provided, however, that the depository before being required to make such repayment, shall a t the expense of the University, effect publication once a week for two successive weeks in a daily newspaper published in the English language, and having a general circulation in the City of Chicago, State of Illinois, a notice to the effect 'hat said moneys have not been so applied and that after a date named in said notice, any unclaimed balance of said moneys then remaining will be refunded lo the University, No Bond or appurtenant coupon shall, after maturity thereof either accord|"S to its terms or through call of such Bond for earlier redemption, be deemed ° be outstanding provided that moneys in the requisite amount for the payment