Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 1270]

EXTRACTED TEXT FROM PAGE:

I952]

UNIVERSITY OF ILLINOIS

I367

This bond is one of an authorized issue of One Million Seven Hundred Fifty Thousand Dollars ($1,750,000), all of like date and of the denomination of $1,000 each, numbered from 1 through 1750, and all of said bonds are subject to redemption, prior to maturity, as a whole or in part in the inverse order in which they mature on any interest payment date on or after March 1, 1957, and up to and including September 1, i960, at par and accrued interest, and a premium of four per cent (4%) of the principal amount thereof; at par and accrued interest, and a premium of three per cent (3%) of the principal amount thereof if redeemed on March 1, 1961, or on any interest payment date thereafter up to and including September 1, 1964; at par and accrued interest, and a premium of two per cent (2%) of the principal amount thereof if redeemed on March 1, 1965, or on any interest payment date thereafter up to and including September 1, 1968; at par and accrued interest, and a premium of one per cent (1%) of the principal amount thereof if redeemed on March 1, 1969, or any interest payment date thereafter up to and including September 1, 1972; at par and accrued interest if redeemed on March 1, 1973, or on any interest payment date thereafter prior to maturity. If funds are available to call and redeem some but not all of the said bonds of any maturity, the bonds to be called for redemption shall be selected by lot in any commonly followed manner. Notice of redemption of any or all of said bonds shall be published once not less than thirty days prior to the 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 and the series of which it forms a part is issued under authority of an Act of the General Assembly of the State of Illinois, entitled "An Act to authorize the Board o.f 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 oiher revenue producing building or buildings, denning 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 June 30, 1945, L. 1945, p. 1753; title as amended by Act approved July 21, 1947, 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 the cost of constructing, completing and equipping certain revenue producing buildings of said University in the Cities of Urbana and Champaign, Illinois, consisting of the completion of the now existing Men's Residence Halls and the construction of two additional units to the Men's Residence Halls, all located at Fourth and Gregory Drive in the City of Champaign, Illinois, the remodeling and equipping of the women's residences known as Busey Hall and Evans Hall, located at 1111-1115 West Nevada Street, Urbana, Illinois, and the refunding of the outstanding "Men's Residence Halls Revenue Bonds, Series of 1948," in the principal amount of $233,000. This bond is payable solely, both as to principal and interest from the revenues derived from the operation of said revenue producing buildings constructed, completed and equipped with the proceeds of this bond issue, and this bond and the series of which it forms a part do not constitute an indebtedness of said University of Illinois, the Board of Trustees of the University of Illinois, or the State of Illinois within any constitutional or statutory limitation, and neither the taxing power or the general credit of said University, of said Board of Trustees, or of the State of Illinois is pledged to the payment of this bond or the interest thereon. 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 Comptroller of said University, 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 trans-