Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 271]

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BOARD OF TRUSTEES

[October 17

Illinois duly adopted December 17, 1958, as supplemented by First, Second, Third, Fourth, Fifth and Sixth Supplemental Resolutions thereto duly adopted June 23, 1959, October 21, 1959, June 14, 1960, May 17, 1961, May 24, 1962, and October 17, 1962, respectively (said Bond Resolution as so supplemented being herein referred to as the "Resolution"), for the purpose of providing funds for paying the cost of constructing and equipping student and staff housing and related facilities. Said Resolution, among other things, provides for the issuance of additional bonds pursuant thereto in the manner and upon the terms and conditions more fully set forth therein. The bonds of this Series are redeemable prior to maturity as a whole or in part on October 1, 1972, or on any interest payment date thereafter in the inverse order in which they mature at the option of The Board of Trustees of the University of Illinois at par and accrued interest to the date of redemption and a premium as follows: three per cent ( 3 % ) of the principal amount thereof if redeemed October 1, 1972 through April 1, 1977; two and one-half per cent (2^2%) of the principal amount thereof if redeemed October 1, 1977 through 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 (Wi%) 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 oE 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, T h e Board of Trustees of the University of Illinois, or the State of Mi-