Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 598]

EXTRACTED TEXT FROM PAGE:

1963]

UNIVERSITY OF ILLINOIS

553

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 their maturity at the option of the Board of Trustees, either in whole or in part on any interest payment date on and after, but not prior to April 1, 1971, solely from surplus moneys in the Congress Circle Bond Fund, after the debt service reserve provided in Section 5.02 of the Resolution has been fully established and all provisions of Section 5.02 of the Resolution have been met and all deficiencies made up, in the inverse order in which they mature, at the principal amount thereof, together with interest accrued to the date of redemption plus a premium equal to the following percentages of such principal amount if redeemed during the following periods respectively: Period of Redemption Applicable Premium April 1, 1971 through October 1, 1972 3% April 1, 1973 through October 1, 1977 2% April 1, 1978 through October 1, 1982 1% April 1, 1983 and thereafter without premium. The bonds of this series are also redeemable (under circumstances not included in the foregoing paragraph), either in whole or in part, prior to their 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: Period of Redemption Applicable Premium April 1, 1973 through October 1, 1977 3% April 1, 1978 through October 1, 1982 2% April 1, 1983 through October 1, 1987 1% April 1, 1988 and thereafter 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 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, 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, or said Board of Trustees, or 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