Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 1100]

EXTRACTED TEXT FROM PAGE:

1964]

UNIVERSITY OF ILLINOIS

1055

Chicago, Illinois, and upon payment of charges and otherwise as provided in the Resolution. T h e rights and obligations of the University and of the holders of the bonds may be modified or amended at any time with the consent of The Board of Trustees of the University of Illinois and of the holders of sixty-six and twothirds per cent (662/3%) in principal amount of outstanding bonds in the manner, to the extent, and upon the terms and conditions provided in the Resolution; 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, interest or redemption premiums, if any, 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, or (ii) permit the creation of any mortgage or pledge or lien on the facilities, or upon any income therefrom or other funds pledged or held under the Resolution, except as permitted by the Resolution, other than the lien and pledge created thereunder, or (iii) permit the creation by T h e Board of Trustees of the University of Illinois of any preference or priority of any bond or bonds over any other bond or bonds or coupon or coupons over any other coupon or coupons, or (iv) reduce the percentage in principal amount of bonds required for the affirmative vote or written consent to an amendment or modification without the consent of the holder of this bond; all as more fully set forth in the Resolution. T h e Board of Trustees of the University of Illinois hereby covenants with the holder of this bond that it will keep and perform all the covenants and agreements in the Resolution adopted by it, authorizing the issuance of this bond and the series of which it forms a part, and hereby irrevocably obligates itself to administer the said income and revenue derived from the operation of said facilities, as provided for in and by said Resolution, and to establish from time to time parietal rules, rents, and charges for the use of said facilities and to maintain and collect rents and charges and to withhold student tuitions, sufficient to pay the reasonable cost of operating and maintaining said facilities, and pay the principal of and interest upon all revenue bonds which by their terms are payable from such revenues, until all of such bonds have been paid in full, both as to principal and interest. It is hereby certified and recited and declared that all acts, conditions, and things required to exist, to happen, and to be performed, precedent to and in the issuance of this bond, have existed, have happened, and have been performed in due form, time, and manner, as required by law and the applicable resolutions of The Board of Trustees of the University of Illinois, and that provision has been made for setting aside the income and revenue to be derived from the operation of said facilities to be applied in the manner hereinabove set forth. I N W I T N E S S WHEREOF, T h e Board of Trustees of the University of Illinois has caused this bond to be executed by the facsimile signatures of its President and two of its members, the corporate seal of the University of Illinois to be hereto affixed (or a facsimile thereof to be reproduced hereon), and attested by its secretary, and this bond to be dated as the 1st day of , 19 T H E BOARD OF T R U S T E E S OF T H E UNIVERSITY OF ILLINOIS Attest: Secretary Member ARTICLE THREE

MISCELLANEOUS

By President Member

SECTION 3.1. Application of Bond Proceeds. T h e Board of Trustees hereby determines that Project H will become revenue producing on or about September 30, 1965 and therefore that portion of the proceeds of the 1964 Series A Bonds and 1964 Series B Bonds representing the interest accrued on such Bonds to the