Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 219]

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BOARD OF TRUSTEES

[January 13

Illinois and the said Bank, and used only for the purpose of paying the fees and expenses of such Depositary, principal of 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 Board of Trustees, hereinabove referred to, and which are payable by their terms only from the net revenue of said women's residence halls located at 1005 South Lincoln Avenue, in the City of Urbana, Illinois. It is hereby certified and recited that all acts, conditions and things required to be done precedent to and in the issuance of this bond by the Constitution and Statutes of the State of Illinois, and the applicable resolutions of said Board of Trustees of the University of Illinois, have been done and have happened and have been performed in regular and due form and time as required by law and that provision has been made for depositing the net revenue derived from the operation of said buildings with the said T h e N o r t h e r n T r u s t Company, to be applied in the manner as hereinabove set forth. This bond is one of an authorized issue of $800,000, all of like date and of the denomination of $1,000 each, numbered from 1 to 800, inclusive, and said bonds are subject to redemption as a whole or in part in the inverse order in which they are numbered, prior to maturity, on any interest payment date on or after April 1, 1952, and up to and including October 1, 1953, at par and accrued interest and a premium of three per cent ( 3 % ) of the principal amount thereof, and a premium of two per cent ( 2 % ) of the principal amount thereof if redeemed on April 1, 1954, or on any interest payment date thereafter up to and including October I, 1958, and a premium of one percent ( 1 % ) of the principal amount thereof if redeemed on April 1, 1959, or on any interest payment date thereafter before maturity. Notice of redemption of any or all of said bonds shall be published once not less than thirty days prior to date of redemption; such publication to be made in one newspaper published and of general circulation in the City of Chicago, 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 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 office of the Depositary hereinabove mentioned, 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 thereof. 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 said University 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. Said 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 the Board of Trustees of said University of Illinois, authorizing the issue of this bond and the series of which it forms a part and as provided in the Deposit Agreement hereinabove referred to, and hereby irrevocably obligates itself to deposit the net revenue derived from the operation of said women's residence halls with the said Depositary, to administer the said net revenue as