Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 48]

EXTRACTED TEXT FROM PAGE:

1956]

UNIVERSITY OF ILLINOIS

45

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 office of the Comptroller of said University, such registration to be noted on the reverse side of the bonds by the said Comptroller 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 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 be 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 First National Bank of Chicago, in the City of Chicago, Illinois, or at the option of the holder, at the Chase Manhattan 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 P a r k Livingston 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) UNITED STATES OF AMERICA STATE OF ILLINOIS T H E BOARD O F TRUSTEES OF T H E UNIVERSITY O F ILLINOIS W O 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 1956 ( Series ) Number $1,000 T H E BOARD O F TRUSTEES OF T H E UNIVERSITY OF 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 Women's Residence Halls Revenue Bond Fund of 1956, 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 October I, 19. , and to pay interest on said sum from the date hereof until paid at the rate of per cent ( % ) per annum, payable April 1, 1957, and semiannually thereafter on the first days of April and October in each year until the maturity date hereof upon presentation and surrender of the interest coupons hereto attached as they subsequently become due, ( T o be inserted in Series " A " bonds) but no interest shall accrue on this bond after the maturity hereof unless this bond be presented for payment at maturity and be not then paid. ( T o be inserted in Series " B " bonds) and to pay interest at the rate of five per cent ( 5 % ) per annum on overdue principal, but no interest shall accrue on this bond after the maturity hereof unless this bond be presented for payment at maturity and be not then paid. 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 First National Bank of Chicago, in the City of Chicago, Illinois, or at the