| |
| |
Caption: Board of Trustees Minutes - 1950
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
898 BOARD OF TRUSTEES [September 29 or any corporation resulting from any merger, conversion or consolidation to which the Depositary, or any successor to it shall be a party, shall be the successor Depositary under this agreement without the execution or filing of any paper on the part of either of the parties hereto. SECTION 6. Nothing in this agreement expressed or implied is intended or shall be construed to confer upon any person, firm or corporation, other than the parties hereto and the holders of the said bonds and the coupons thereto appertaining, any right, remedy or claim, legal or equitable, under or by reason of this agreement or any covenant, condition or stipulation hereof. I N W I T N E S S W H E R E O F , said University of Illinois, acting by and through its Board of Trustees, has caused this agreement to be signed in its name by the President of the Board of Trustees and the Treasurer thereof and its corporate seal to be hereunto affixed and attested by the Secretary thereof, and said Marine National Exchange Bank of Milwaukee has caused this agreement to be signed in its corporate name by one of its Vice Presidents and its corporate seal to be hereunto affixed and attested by one of its Assistant Cashiers, all as of the day and year first above written. UNIVERSITY OF By ATTEST : ILLINOIS - President, Board of Trustees Treasurer, University of Illinois Secretary, Board of Trustees ATTEST : MARINE NATIONAL EXCHANGE BANK OF MILWAUKEE As Depositary By _ Assistant Cashier Vice President SECTION 7. Said University hereby covenants that proper books of record and account will be kept, in which full, true and correct entries will be made of all income, expenses and financial transactions of and in relation to the said staflf housing facilities, and that it will furnish to the Depositary and to the original purchasers of said bonds on or before October I in each year so long as any bonds remain outstanding a statement certified as correct by the Comptroller and Treasurer of the University, showing the gross operating revenues, the operating expenses, and the net revenues of said staff housing facilities for the twelve mouths' period ending on the next preceding June 30. SECTION 8. T h e University covenants that while any of the bonds authorized hereunder remain outstanding it will establish charges and fees for the use of said staflf housing facilities and all of the facilities thereof adjusted so as to provide revenues at all times sufficient to pay the reasonable cost of maintaining, operating, insuring and repairing the said staflf housing facilities, to pay the interest from time to time becoming due on the said bonds from time to time outstanding, and to provide for the payment of the principal of such bonds at maturity. SECTION 9. It is hereby covenanted and agreed that while any revenue bonds issued hereunder are outstanding no additional revenue bonds shall be issued which, by their terms, are payable from the revenues of said staff housing facilities, unless and until all revenue bonds issued pursuant to the terms of this resolution have been paid in full, both as to principal and interest, or until provision shall have been made for such payment in full. SECTION 10. Said University of Illinois hereby covenants and agrees with the holder or holders of the bonds herein proposed to be issued, or any of them, that it will punctually perform all duties with reference to said staflf housing facilities required by the Constitution and Laws of the State of Illinois, including the making and collecting of sufficient charges and fees for the use of said properties and all of the facilities thereof, and segregating the revenue thereof and the application of the income and revenue thereof, as provided by this resolution; and it hereby covenants and agrees not to sell, lease, loan, mortgage
| |
