Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 688]

EXTRACTED TEXT FROM PAGE:

1976]

UNIVERSITY OF ILLINOIS

677

then due and payable, to the payment of the whole amount then owing and unpaid upon the Bonds for principal and interest, with interest on the overdue principal at the rate or rates of interest specified in the Bonds and on installments of interest at the rate now or hereafter provided by law, and in case such moneys shall be insufficient to pay in full the whole amount so owing and unpaid upon the Bonds, then to the payment of such principal and interest without preference or priority of principal over interest, or of interest over principal, or of any installment of interest over any other installment of interest, ratably to the aggregate of such principal and interest. SECTION 8.02. Rights of Holders of Bonds upon Default. Subject to any contractual limitations binding upon the holders of any of the Bonds (including any other limitations herein upon the exercise of any remedy to holders holding a specific proportion or percentage of die Bonds), any holder of Bonds shall have the right, for the equal benefit and protection of all holders of Bonds similarly situated: (a) By suit at law or proceedings in equity to compel observance by the University or by any of its officers, agents, and employees of any contract or covenant made by the University with the holders of Bonds and coupons as provided in this Resolution, and to compel die University and any of its officers, agents, and employees, to perform any duties required to be performed for the benefit of die holders of the Bonds or coupons as provided by diis Resolution, and to enjoin the University and any of its officers, agents, or employees from taking any action in conflict with any contract or covenant with the holders of the Bonds and coupons as provided by this Resolution; (b) By action or suit in equity to require the University to account as if it were the trustee of an express trust; or (c) By action or suit in equity to enjoin any acts or things which may be unlawful or in violation of the rights of the holders of Bonds. No remedy conferred hereby upon any holder of Bonds is intended to be exclusive of any other remedy, but each such remedy is cumulative and in addition to every other remedy and may be exercised widiout exhausting and widiout regard to any other remedy conferred hereby. No waiver of any default or breach of duty or contract by the holder of any Bond shall extend to or shall affect any subsequent defaults or breach of duty or contract or shall impair any rights or remedies thereon. No delay or omission of the holder of any Bond to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or acquiescence therein. Every substantive right and every remedy conferred upon die holders of Bonds may be enforced and exercised from time to time and as often as may be deemed expedient. In case any suit, action, or proceeding to enforce any right or exercise any remedy shall be brought or taken and dien discontinued or abandoned, or shall be determined adversely to the holders of Bonds, then, and in every such case, the University and the holders of Bonds shall be restored to their former positions and rights and remedies as if no such suit, action, or proceeding had been brought or taken. Article Nine — Modification and Amendment of the Resolution SECTION 9.01. Amendment by Consent of Bond Holders. This Resolution and the rights and obligations of the University and of the holders of the Bonds and coupons may be modified or amended at any time by resolution supplemental hereto adopted by the Board of Trustees pursuant to the affirmative vote of the holders of sixty-six and two-thirds percent (66%%) in principal amount of all of the Bonds then outstanding at a meeting of Bond holders held in accordance with this Article, or with the written consent without a meeting, given as provided in