Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 983]

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980

BOARD OF TRUSTEES

[March 23

Chicago office of the Comptroller of said University, located at 1853 West Polk Street, 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. 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, howsoever such possession may have been acquired, 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 and any paying agent 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 interest coupons appertaining hereto as the absolute owner thereof for all purposes. The Board of Trustees of the University of Illinois hereby covenants with the holder of this bond that it will keep and perform all the covenants and agreements in the resolution adopted by it, authorizing the issuance of this bond and the series of which it forms a part, and hereby irrevocably obligates itself to administer the said income and revenue derived from the operation of said buildings, as provided for in and by said resolution, and to establish from time to time parietal rules, rents and charges for the use of said buildings and to maintain and collect rents and charges and to withhold student fees and tuition sufficient to pay the reasonable cost of operating, maintaining, insuring, and repairing of said buildings, and pay the principal of and interest upon all revenue bonds which by their terms are payable from such revenues, until all of such bonds have been paid in full, both as to principal and interest. I t is hereby certified and recited and declared that all acts, conditions, and things required to exist, to happen and to be performed, precedent to and in the issuance of this bond, have existed, have happened, and have been performed in due form, time, and manner, as required by law and the applicable resolutions of The Board of Trustees of the University of Illinois, and that provision has been made for setting aside the income and revenue to be derived from the operation of said buildings to be applied in the manner hereinabove set forth. I N W I T N E S S W H E R E O F , The Board of Trustees of the University of Illinois has caused this bond to be signed by its President and two members thereof, the corporate seal of the University of Illinois to be hereto affixed, and attested by its Secretary, and has caused the interest coupons hereto attached to be executed by the facsimile signatures of said President and Secretary, which said officials by the execution of this bond do adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, and this bond to be dated as of the first day of April, 1956. T H E BOARD O F T R U S T E E S O F THE UNIVERSITY OF ILLINOIS ByPresident Member Member