Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 527]

EXTRACTED TEXT FROM PAGE:

624

BOARD OF TRUSTEES

[March 13

of the University of Illinois that it is necessary and for the best interests of the University of Illinois that it borrow the sum of $4,600,000 to construct, rehabilitate, complete and fully equip the revenue producing buildings described in the preambles hereof, located and to be located on the property described in the preambles of this resolution in the City of Chicago, Illinois, and in evidence thereof issue its revenue bonds in the principal amount of $4,600,000. SECTION 2. T h a t said bonds shall be designated "University of Illinois Colleges of Dentistry, Medicine, and Pharmacy Revenue Bonds, Series of 1951." T h e said revenue bonds shall bear date of April 1, 1951, shall be numbered 1 through 4600, shall be of the denomination of $1,000 each, bonds numbered 1 to 465, inclusive, shall bear interest at the rate of three and one-fourth per cent ( 3 / 4 % ) per annum, bonds numbered 466 to 2045, inclusive, shall bear interest a t the rate of two and one-half per cent ( 2 j 4 % ) per annum, and bonds numbered 2046 to 4600, inclusive, shall bear interest at the rate of two and threefourths per cent (254%) per annum, payable October 1, 1951, and semi-annually thereafter on the first days of April and October of each year and until the principal thereof shall have been fully paid, and said bonds shall mature on April 1 of each of the years and in amounts as follows: Serial Numbers Principal Date of Both Inclusive Amount Maturity 1 to n o ?uo,ooo April 1, 1954 i n to 225 115,000 April i, 1955 226 to 345 120,000 April 1, 1956 346 to 465 120,000 April 1, 1957 466 to 590 125,000 April 1, 1958 591 to 720 130,000 April 1, 1959 721 to 855 135.°°° April 1, i960 856 to 990 135,000 April 1, 1961 991 to 1130 140,000 April 1, 1962 1131 to 1270 140,000 April 1, 1963 1271 to 1415 145,000 April 1, 1964 1416 to 1565 150,000 April 1, 1965 1566 to 1720 155,000 April 1, 1966 1721 to 1880 160,000 April 1, 1967 1881 to 2045 165,000 April I, 1968 2046 to 2210 165,000 April I, 1969 2211 t o 2380 170,000 .April I, 1970 2381 to 2555 I75.0O0 April 1, 1971 2556 to 2735 180,000 April I, 1972 2736 to 2920 185,000 April 1, 1973 2921 to 3110 190,000 April I, 1974 3111 to 3305 I95.000 April I, 1975 3306 to 3505 200,000 April 1, 1976 3506 t o 3710 205,000 April 1, 1977 3711 to 3925 215,000 April 1, 1978 3926 to 4145 220,000 April 1, 1979 4146 to 4370 225,000 April I, 1980 4371 to 4600 230,000 April 1, 1981 provided, however, that said bonds shall be redeemable as a whole or in part, prior to their maturity, in the inverse order in which they mature, on any interest payment date at the option of T h e University of Illinois on or after April 1, 1956, and up to and including October 1, i960, at par and accrued interest, and a premium of two and one-half per cent (2*^%) of the principal amount thereof; at par and accrued interest, and a premium of two per cent ( 2 % ) of the principal amount thereof if redeemed on April 1, 1061, or on any interest payment date thereafter up to and including October 1, 1970; at par and accrued interest, and a premium of one per cent ( 1 % ) of the principal amount thereof if redeemed on April I, 1971, 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 usual manner.