Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 1099]

EXTRACTED TEXT FROM PAGE:

1054

BOARD OF TRUSTEES

[February 19

order in which they mature at the option of T h e Board of Trustees of the University of Illinois at par and accrued interest to the date of redemption and a premium as follows: Four per cent ( 4 % ) of the principal amount thereof if redeemed April 1, 1974 through October 1, 1978; three per cent (3%) of the principal amount thereof if redeemed April 1, 1979 through October 1, 1983; two per cent (2%) of the principal amount thereof if redeemed April 1, 1984 through October 1, 1988; one and one-half per cent ( l y £ % ) of the principal amount thereof if redeemed April 1, 1989 through October 1, 1993; one per cent (1%) of the principal amount thereof if redeemed April 1, 1994 through October 1, 1998; and without premium if redeemed April 1, 1999 or thereafter. Notice of redemption of any or all of said bonds shall be published once a week for two successive calendar weeks, the first such publication to be not less than thirty days prior to the date of redemption, such publication to be made in one daily newspaper printed in the English language and published and of genera! circulation in the City of Chicago, Illinois, and also in a financial newspaper printed in the English language and published and of general circulation in the Borough of Manhattan, City and State of New York, and when this bond or any of the bonds of such authorized issue shall have been duly called for redemption, interest thereon shall cease from and after the specified redemption date if redemption monies are available for the payment of all bonds called for redemption. This bond and the series of which it forms a part is issued under the authority of T h e Board of Trustees of the University of Illinois to issue and sell revenue bonds under the provisions of paragraphs 48.1 through 48.7 of Chapter 144 of the Illinois Revised Statutes, 1963, and all laws amendatory thereof and supplemental thereto and the Resolution above referred to. This bond is payable, both as to principal and interest, only from the revenues required to be credited to the Housing Revenue Bond Fund as provided in the Resolution, which revenues are to be derived from (1) the operation of the revenue producing facilities constructed, completed, and equipped with the proceeds of this bond issue, bonds heretofore issued pursuant to the Resolution and additional bonds which may hereafter be issued pursuant to the Resolution, (2) student tuitions authorized by law to be retained in the University treasury, but not in excess of $1,220,000 annually plus such additional sums as may be specified in any supplemental resolution creating or authorizing additional bonds to be issued pursuant to the Resolution as so supplemented, and (3) certain existing revenue producing buildings of the University after the prior payment of other indebtedness to the extent set forth in the Resolution. This bond and the series of which it forms a part do not constitute an indebtedness of said University of Illinois, The Board of Trustees of the University of Illinois, or the State of Illinois within any constitutional or statutory limitation, and neither the taxing power nor the general credit of said University, of said Board of Trustees or of the State of Illinois is pledged to the payment of this bond or the interest thereon. Subject to the provisions for registration and transfer contained herein and in the Resolution, this bond and all other bonds of this issue shall have all of the qualities of negotiable instruments, and shall be transferable by the registered owner at the principal office of the Trustee in the City of Chicago, Illinois, upon surrender and cancellation of this bond and thereupon a new registered bond without coupons of the same principal amount, interest rate and maturity will be issued to the transferee as provided in the Resolution, upon payment of the transfer charges therein prescribed. T h e Board of Trustees of the University of Illinois, the Trustee and any other person may treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes and shall not be affected by any notice to the contrary whether this bond be overdue or not. T h e bonds of this series are issuable as coupon bonds registrable as to principal only in the denomination of $5,000 and as registered bonds without coupons in the denomination of $5,000 or a multiple thereof. Each fully registered bond without coupons shall be of a single maturity. T h e coupon bonds and the registered bonds without coupons are interchangeable for bonds of the same interest rate and maturity upon presentation thereof for such purpose by the holder or registered owner at the principal office of the Trustee in the City of