Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 268]

EXTRACTED TEXT FROM PAGE:

1962]

UNIVERSITY OF ILLINOIS

223

April 1, 1982; two per cent ( 2 % ) of the principal amount thereof if redeemed October 1, 1982 through April 1, 1987; one and one-half per cent ( 1 ^ % ) of the principal amount thereof if redeemed October 1, 1987 through April 1, 1992; one per cent ( 1 % ) of the principal amount thereof if redeemed October 1, 1992 through April 1, 1997; and without premium if redeemed October 1, 1997 or thereafter. (1962 Series C Bonds Only) The period at the end of the foregoing paragraph shall be deleted in the 1962 Series C Bonds and a semicolon substituted therefor and the following proviso added to the end of said paragraph. [provided, however, that the bonds of this series maturing in the years 1997 through 2002 shall be redeemable prior to their maturity at the option of The Board of Trustees of the University of Illinois, either in whole or in part, on any interest payment date at the principal amount thereof plus accrued interest to the date of redemption and without premium]. 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 general 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 The 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, 1961, 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 $1,110,000 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. This bond shall pass by delivery unless it is registered as to principal in the name of the holder on the books of registration of said University kept at the office of the Trustees in Chicago, Illinois, such registration to be noted on the back hereof. After such registration no transfer hereof shall be valid unless made on such books by the registered holder in person or by attorney duly authorized in writing and similarly noted hereon, but this bond may be transferred in like manner to bearer, and thereupon transferability by delivery shall be restored and it may again from time to time be registered or transferred to bearer as before. Such registration, however, shall not restrict the negotiability of the coupons hereto appertaining, but such coupons shall be transferable by delivery merely and payable to the bearer hereof. Subject to the provisions for registration and transfer, this bond and all other bonds of this issue shall have all of the qualities of negotiable instruments, and during such time as this bond is payable to bearer, the same and each of