Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 218]

EXTRACTED TEXT FROM PAGE:

1949]

UNIVERSITY OF ILLINOIS

215

bearer may be registered again in the name of the owner with the same effect as the first registration thereof. Successive registrations and transfers as aforesaid may be made from time to time as desired. Registration of any of such bonds shall not affect the negotiability of the coupons thereto attached, but such coupons shall be transferable by delivery merely and payable to the bearer thereof. Said bonds shall be signed by the President and two members of the Board of Trustees of the University of Illinois, sealed with the corporate seal of said University, attested by the Secretary of said Board, and the interest coupons attached to said bonds shall be authenticated by the facsimile signatures of the President and Secretary of the Board of Trustees of the University of Illinois. SECTION 4. T h a t said bonds and coupons, and form for registration, shall be in substantially the following form: ( F o r m of Bond) UNITED STATES OF AMERICA

STATE OF ILLINOIS

UNIVERSITY OF ILLINOIS W O M E N ' S R E S I D E N C E H A L L S R E V E N U E B O N D O F 1949 K N O W A L L 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 , 194 , and to pay interest on said sum from the date hereof until paid at the rate of per cent ( % ) per annum, payable October I, 1049, 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 and the series of which it forms a part 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 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 solely from the revenues derived from the operation thereof, and for the refunding of any such bonds." Approved J u n e 30, 1945. L. 1945, p. 1753; title as amended by Act approved July 21, 1947, as amended, and all other Laws supplementary thereto, and a resolution duly adopted by the Board of Trustees of the University of Illinois for the purpose of defraying part of the cost of constructing new women's residence halls, located at 1005 South Lincoln Avenue in the City of Urbana, 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. U n d e r said Act of the Legislature of the State of Illinois and other L a w s supplementary thereto and the said resolution adopted pursuant thereto, the net revenue derived from the operation of said building shall be deposited with The Northern T r u s t Company, in the City of Chicago, Illinois, under a Deposit Agreement entered into between the Board of Trustees of the University of