Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 331]

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328

BOARD OF TRUSTEES

[March i 2

derived from the operation of said revenue producing buildings constructed, completed, and equipped with the proceeds of this bond issue, and student fees and tuition, but not in excess of $297,000 annually, authorized by law to be retained in the University treasury, 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 nor 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 Chicago Business Office of said University, located at 833 South Wood Street, Chicago, Illinois, such registration to be noted on the back hereof. After such registration no transfer thereof 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 transferred in like manner to bearer, and thereupon transferability by delivery shall be restored and it may again from time to time be registered or transferred to bearer as before. Such registration, however, shall not restrict the negotiability of the coupons hereto appertaining, but such coupons shall be transferable by delivery merely and payable to the bearer hereof. This bond and all other bonds of this issue shall have all of the qualities of negotiable instruments, and during such time as this bond is payable to bearer, the same and each of the coupons hereto appertaining may be negotiated by delivery by any person having possession thereof, howsoever such possession may have been acquired, and any holder who shall have taken this bond while so payable to bearer or any of said coupons from any person for value and without notice shall thereby acquire absolute title to this bond or to such coupons, as the case may be, free of any defenses enforceable against any prior holder and free from all equities and claims of ownership of any such prior holder, and T h e Board of Trustees of the University of Illinois and any paying agent may deem and treat the bearer of this bond, or, if registered, the person in whose name it is registered, and the bearer of any interest coupons appertaining hereto as the absolute owner thereof for all purposes. T h e Board of Trustees of the University of Illinois hereby covenants with the holder of this bond that it will keep and perform all the covenants and agreements in the resolution adopted by it, authorizing the issuance of this bond and the series of which it forms a part, and hereby irrevocably obligates itself to administer the said income and revenue derived from the operation of said buildings, as provided for in and by said resolution, and to establish from time to time parietal rules, rents, and charges for the use of said buildings and to maintain and collect rents and charges and to withhold student fees and tuition sufficient to pay the reasonable cost of operating, maintaining, insuring, and repairing of said buildings, and pay the principal of and interest upon all revenue bonds which by their terms are payable from such revenues, until all of such bonds have been paid in full, both as to principal and interest. It is hereby certified and recited and declared that all acts, conditions, and things required to exist, to happen, and to be performed, precedent to and in the issuance of this bond, have existed, have happened, and have been performed in due form, time, and manner, as required by law and the applicable resolutions ot T h e Board of Trustees of the University of Illinois, and that provision has been made for setting aside the income and revenue to be derived from the operation ct said buildings to be applied in the manner hereinabove set forth. I N W I T N E S S W H E R E O F , The Board of Trustees of the University of Illinois has caused this bond to be signed by its President and two members thereof, the corporate seal of the University of Illinois to be hereto affixed, and attested by its Secretary, and has caused the interest coupons hereto attached to be executed by the facsimile signatures of said President and Secretary, which saw officials by the execution of this bond do adopt as and for their own proper signatures their respective facsimile signatures appearing on said coupons, and this bono to be dated as of the 1st day of April, 1957.