Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 810]

EXTRACTED TEXT FROM PAGE:

1947]

UNIVERSITY OF ILLINOIS (Form of Bond) U N I T E D STATES OF AMERICA

STATE OF ILLINOIS

809

UNIVERSITY OF ILLINOIS ILLINI UNION BUILDING REVENUE BOND Number $1,000 K N O W ALL M E N BY T H E S E P R E S E N T S , that the University of Illinois, a body corporate and politic, for value received, hereby promises to pay to bearer, or if this bond be registered as hereinafter provided, then to the registered holder hereof, solely from the special fund of said University, as hereinafter mentioned, and not otherwise, the principal sum of One Thousand Dollars ($1,000) on October I, 19 , and to pay interest on said sum from the date hereof until paid at the rate of per cent ( ) per annum, payable April 1, 1948 and semi-annually thereafter on the first days of April and October in each year, until maturity hereof, in accordance with and upon presentation and surrender of the annexed interest coupons as they severally become due. Both principal and interest of this bond are hereby made payable in lawful money of the United States of America at The Northern Trust Company, in the City of Chicago and State of Illinois. This bond is one of an authorized issue of Four Hundred Twenty-five Thousand Dollars ($425,000), all of like date, tenor and effect, except as to rate of interest, maturity and redemption privilege, and is issued under authority of an Act of the Legislature of the State of Illinois, entitled "An Act to authorize the Board of Trustees of the University of Illinois to provide for the payment and termination of any trust created by and between the Board of Trustees and any person or corporation pursuant to any law involving any building used by said University for student social activities or educational purposes, or for the acquiring or reacquiring of property or interest in property used by said University for student social activities or educational purposes and conveyed in connection with the creation of such trust by said Board of Trustees pursuant to any existing law, levy and collect service charges, rates or rentals for the use thereof, to complete the construction of or equip any such buildings, defining the duties of said Board with respect to operation and maintenance and construction thereof, and providing for and authorizing the issue of bonds to defray the cost thereof payable solely from the revenues derived from the operation of any such building or buildings and for the refunding of any such bonds," approved May 17, 1941, as amended, and a resolution duly adopted by the Board of Trustees of the University of Illinois, for the purpose of defraying the cost of terminating an existing trust and reacquiring the interest in the Illini Union Building located on the campus of the University of Illinois, in the City of Urbana, Illinois, conveyed pursuant to said existing trust entered into between the Board of Trustees of the University of Illinois and the University of Illinois Foundation, a non-profit corporation duborganized under the Laws of the State of Illinois, and is payable solely from the net revenue to be derived from the operation of said building, and not otherwise, and this bond and the series of which it forms a part do not constitute an indebtedness of said University or of the State of Illinois within any constitutional or statutory limitation, and neither the taxing power nor the general credit of said University or the State of Illinois is pledged to the payment of this bond or the interest thereon. Under said Act of the Legislature of the State of Illinois and the said resolution adopted pursuant thereto, the net revenue derived from the operation of said building shall be deposited with The Northern Trust Company, in the City of Chicago, Illinois, under a Deposit Agreement entered into between the Board of Trustees of the University of Illinois and the said Bank, and used only for the purpose of paying the fees and expenses of such Depositary, principal of, premium if any and interest on the bonds of said University that are issued under authority of said Act of the Legislature of the State of Illinois and the resolution of the