Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 329]

EXTRACTED TEXT FROM PAGE:

326

BOARD OF TRUSTEES

[March 12

1971; three per cent ( 3 % ) of the principal amount thereof if redeemed April 1, 1972, through October 1, 1976; two per cent ( 2 % ) of the principal amount thereof if redeemed April I, 1977, through October I, 1981; one per cent ( 1 % ) of the principal amount thereof if redeemed on April 1, 1982, through October i, 1986; no premium if redeemed on April I, 1987, 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 given by publication at least once not less than thirty days prior to the date of redemption, such publication to be made once in one newspaper published and of general circulation in the City of Chicago and also in a financial journal published in the English language in the City and State of New York, and such notice of redemption shail with substantial accuracy ( a ) designate the date and place of redemption, such place to be at the American National Bank and Trust Company of Chicago, in the City of Chicago, Illinois, or at the option of the holder thereof at the Chemical Corn Exchange Bank, in the City of New York, New York, and (b) designate the numbers and the aggregate principal amount of said bonds, and ( c ) state that on the designated date of redemption said bonds will be redeemed by payment of principal thereof and accrued interest thereon to date of redemption, plus the applicable redemption premium, and that from and after the designated redemption date interest in respect of all bonds so called for redemption shall cease. That such bonds and coupons shall be payable to bearer; provided, however, that such bonds may be subject to registration as to principal at any time prior to maturity in the name of the holder thereof on the books of registration of said University to be kept in the Chicago Business Office of said University, such registration to be noted on the reverse side of the bonds by the Vice President and Comptroller of said University and thereafter the principal of such bonds shall be payable only to the registered holder, his legal representative or assign. Such registered bonds shall be transferred to another registered holder or back to bearer only upon presentation to the Vice President and Comptroller with a legal assignment duly acknowledged or approved. Registration of any such bonds shall not affect the negotiability of the coupons thereto attached, but such coupons shall be transferable by delivery merely. SECTION 3. That both principal of and interest on such revenue bonds shall he payable in any coin or currency which, on the respective dates of payment of such principal and interest, is legal tender for the payment of debts due the United States of America, at the American National Bank and Trust Company of Chicago, in the City of Chicago, Illinois, or at the option of the holder, at the Chemical Corn Exchange Bank, in the City of New York, New York. SECTION 4. That said bonds shall be executed for and on behalf of The Board of Trustees of the University of Illinois by its President and by Timothy W Swain and Frances B. Watkins, who are members thereof, and attested by the Secretary thereof, under the seal of the University of Illinois, and the interest coupons attached to said bonds shall be executed by the facsimile signatures of said President and Secretary, who by the execution of said bonds shall adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, and said bonds and coupons shall be in substantially the following form: ( F o r m of Bond) U N I T E D STATES OF AMERICA STATE OF ILLINOIS T H E B O A R D O F T R U S T E E S O F T H E U N I V E R S I T Y O F ILLINOIS 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 1957 ( Series ) NUMBER $1,000 T H E B O A R D O F T R U S T E E S O F T H E U N I V E R S I T Y O F ILLINOIS, a body corporate, created and established under the laws of the State of Illinois, for value received promises to pay to bearer, but only out of the Men's Residence