Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 982]

EXTRACTED TEXT FROM PAGE:

1956]

UNIVERSITY OF ILLINOIS

979

in the City of Chicago, Illinois, or at the option of the holder, at the Chase Manhattan Bank, in the City of New York, New York. This bond is one of an authorized issue of One Million Three Hundred Thousand Dollars ($1,300,000), all of like date and of the denomination of $1,000 each, numbered from I through 1300, and bonds numbered 1021 through 1300 are subject to redemption as a whole or in part, prior to their maturity, in inverse numerical order, on any interest payment date at par and accrued interest; bonds numbered 226 through 1020 are subject to redemption prior to maturity, in the inverse order in which they are numbered, on any interest payment date on or after April I, 1066, as a whole or in part, at par and accrued interest, and a premium of two and one-half per cent ( 2 j 4 % ) of the principal amount thereof if redeemed on April 1, 1066, or on any interest payment date thereafter up to and including October 1, 1970; as a whole or in part, at par and accrued interest, and a premium of two per cent ( 2 % ) of the principal amount thereof if redeemed on April 1, 1971, or on any interest payment date thereafter up to and including October 1, 1975; as a whole or in part, at par and accrued interest, and a premium of one and one-half per cent ( 1 ^ % ) of the principal amount thereof if redeemed on April I, 1976, or on any interest payment date thereafter up to and including October 1, 1980; as a whole or in part, at par and accrued interest, and a premium of one per cent ( 1 % ) of the principal amount thereof if redeemed on April 1, 1081, or on any interest payment date thereafter prior to maturity. Priority as to redemption shall extend to bonds numbered 1021 through 1300 inclusive. Notice of redemption of any or all of said bonds shall be published once not less than thirty days prior to the date of redemption, such publication to be made in one newspaper published and of general circulation in the City of Chicago and also in a financial journal published in the English language in the City and State of New York, and when this bond or any of the bonds of such authorized issue shall have been called for redemption, interest thereon shall cease from and after the specified redemption date. This bond and the series of which it forms a part is issued under authority of an Act of the General Assembly of the State of Illinois, entitled "An Act to authorize the Board of Trustees of the University of Illinois to acquire by purchase or otherwise, construct, equip, complete, operate, control and manage student residence halls, staff housing facilities, dormitories, health and physical education buildings, or other revenue producing building or buildings, defining the duties of such Board with respect to operation and maintenance thereof, charge fees or rates for the use thereof, and providing for and authorizing the issue of bonds for the purpose of defraying the cost of construction, acquisition or equipment of any such building or buildings payable only from the revenues derived from the operation thereof, or, when authorized by the Board of Trustees, payable from such revenues as supplemented by University income authorized by law to be retained in the University treasury and applied to such purpose and for the refunding of any such bonds," approved June 30, 1945, L. 1045, p. 1753; title as amended by Act approved July 21, 1947, L, 1947, p. 1738, and by Act approved June 30, 1955, L- 1955, p. 796, and all other laws supplementary thereto, and a resolution duly adopted by T h e Board of Trustees of the University of Illinois for the purpose of defraying the cost of constructing and equipping certain revenue producing buildings of said University in the City of Champaign, Illinois, consisting of two additional units to the Men's Residence Halls, located at Fourth and Peabody Drive in the City of Champaign, Illinois. This bond is payable, both as to principal and interest, only from the revenues derived from the operation of said revenue producing buildings constructed, completed, and equipped with the proceeds of this bond issue, and student fees and tuition authorized by law to be retained in the University treasury, but not in excess of $56,250 annually, and 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