Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 595]

EXTRACTED TEXT FROM PAGE:

550

BOARD OF TRUSTEES

[June 19

maturity at the option of the Board of Trustees on any interest payment date on and after, but not prior to April 1, 1973, in the inverse order in which they mature, at the principal amount thereof, together with the interest accrued thereon to the date fixed for redemption plus a premium of the following percentages of such principal amount if redeemed during the following periods respectively: April April April April 1, 1, 1, 1, Period of Redemption 1973 through October 1, 1977 1978 through October 1, 1982 1983 through October 1, 1987 1988 and thereafter without premium. Applicable Premium 3% 2% 1%

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 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, 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 Congress Circle Union 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 and additional bonds which may hereafter be issued pursuant to the Resolution, (2) the operation of any other revenue producing facilities which may subsequently be pledged pursuant to any supplemental resolution creating or authorizing additional bonds to be issued pursuant to the Resolution and (3) student service charges (as defined in the Resolution) for the use of the facilities. 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 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 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 Registration Agent in the City of 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 thereof. 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 the coupons hereto appertaining may be negotiated by delivery by any person having possession thereof, and any holder who shall have taken this bond while so payable to bearer or any of said coupons from any person for value and without notice shall thereby acquire absolute title to this bond or to such coupons, as the case may be, free of any defenses enforceable against any prior holder and free from all equities and claims of ownership of any such prior holder, and The Board of Trustees of the University of Illinois, any paying agent, the Registration Agent and any other person may deem and treat the bearer of this bond, or, if registered, the person in whose name it is registered, and the bearer of any