Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 670]

EXTRACTED TEXT FROM PAGE:

1976]

UNIVERSITY OF ILLINOIS

659

of the Registration Agent in the City of Chicago, Illinois, such registration to be noted on the back hereof. After such registration no transfer hereof 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 thereof. This bond and all other bonds of this issue shall have all of the qualities of securities under the Illinois Uniform Commercial Code, and during such time as this bond is payable to bearer the same and each of the the coupons hereto appertaining may be negotiated by delivery by any person having possession thereof, and The Board of Trustees of the University of Illinois, any paying agent, the Registration Agent, and any other person 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 hereof for all purposes and shall not be affected by any notice to the contrary whether this bond or any coupon appertaining hereto be overdue or not. T h e bonds of this series are issuable as coupon bonds registrable as to principal only in the denomination of $5,000 and as registered bonds without coupons in the denomination of $5,000 or a multiple thereof. Each fully registered bond without coupons shall be of a single maturity. T h e coupon bonds and the registered bonds without coupons are interchangeable for bonds of the same interest rate and maturity upon presentation thereof for such purpose by the holder or registered owner at the office of the Registration Agent in the City of Chicago, Illinois, and upon payment of charges and otherwise as provided in the Resolution. The rights and obligations of the University and of the holders of the bonds may be modified or amended at any time with the consent of T h e Board of Trustees of the University of Illinois and of the holders of sixty-six and two-thirds percent (66%%) in principal amount of outstanding bonds in the manner, to the extent, and upon the terms and conditions provided in the Resolution; provided that no such modification or amendment shall (i) extend the maturity of or reduce the interest rate on or otherwise alter or impair the obligation of the University to pay the principal, interest, or redemption premiums at the time and place and at the rate and in the currency provided therein of any bond without the expressed consent of the holder, or (ii) permit the creation of any mortgage or pledge or lien on the facilities, or upon any income therefrom or other funds pledged or held under the Resolution, except as permitted by the Resolution, other than the lien and pledge created thereunder, or (iii) permit the creation by T h e Board of Trustees of the University of Illinois of any preference or priority of any bond or bonds over any other bond or bonds or coupon or coupons over any other coupon or coupons, or (iv) reduce the percentage in principal amount of bonds required for the affirmative vote or written consent to an amendment or modification without the consent of the holder of this bond; all as more fully set forth in the Resolution. The 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 facilities, as provided for in and by said Resolution, and to establish from time to time rules, rents, fees, and other charges for the use of said facilities and to maintain and collect rents, fees, and other charges for the use of the facilities as will, when supplemented with Hospital Revenues to the extent provided in the Resolution, provide revenue