Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 330]

EXTRACTED TEXT FROM PAGE:

i9S7]

UNIVERSITY OF ILLINOIS

327

Halls Revenue Bond Fund of 1957, as hereinafter provided for, and not otherwise, the sum of O N E T H O U S A N D D O L L A R S ($1,000) 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, on April i, 10.... and to pay interest on said sum from the date hereof until paid at the rate of per cent ( % ) per annum, payable October 1, 1957, and semiannually thereafter on the first days of April and October in each year until paid and until the maturity date hereof upon presentation and surrender of the interest coupons hereto attached as they subsequently become due. Both principal hereof and interest hereon are hereby made 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. This bond is one of an authorized issue of Six Million Seven Hundred Fifty Thousand Dollars ($6,750,000), all of like date and of the denomination of $1,000 each, numbered from A i through A3750 and B i through B3000, and bonds maturing on April 1 of each of the years 1968 to 1997, inclusive, shall be redeemable prior to maturity, as a whole or in part on April 1, 1967, or on any interest payment date thereafter in the inverse order in which they mature, at the option of The Board of Trustees of the University of Illinois at par and accrued interest, and a premium as follows: four per cent ( 4 % ) of the principal amount thereof if redeemed April 1, 1967, through October 1, 1971; three per cent (3%) of the principal amount thereof if redeemed April I, 1972, through October 1, 1976; two per cent ( 2 % ) of the principal amount thereof if redeemed April 1, 1977, through October I, 1981; one per cent ( 1 % ) of the principal amount thereof if redeemed April 1, 1982, through October 1, 1986; no premium if redeemed on April 1, 1087, 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 also in a financial journal published in the English language in the City and State of New York, 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 the authority of an Act of the General Assembly of the State of Illinois, entitled "An Act to authorize the Board of 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 other revenue producing building or buildings, defining 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 only from the revenues derived from the operation thereof, or, when authorized by the Board of Trustees, payable from such revenues as supplemented by University income authorized by law to be retained in the University treasury and applied to such purpose and for the refunding of any such bonds," Approved June 30, 1945, L. 1945, p. 1753; title as amended by Act approved July 21, 1047, L. 1947, p. 1738, and by Act approved June 30, 1955, *-• 1055> P- 790, and all other laws supplementary thereto, and a resolution duly adopted by T h e Board of Trustees of the University of Illinois for the purpose of defraying the cost of constructing and equipping additional units of the Men's Residence Halls located at the southeast corner of First Street and Gregory Drive >n the City of Champaign, Illinois. This bond is payable, both as to principal and interest, only from the revenues