Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 691]

EXTRACTED TEXT FROM PAGE:

680

BOARD OF TRUSTEES

[June 16

Article Ten — Miscellaneous

SECTION 10.01. Benefits of Bond Holders Limited to Parties. Nothing in this Resolution, expressed or implied, is intended or shall be construed to confer upon, or to give to, any person, firm, or corporation other than the University and the holders of the Bonds and of the coupons outstanding, any right, remedy, or claim under or by reason of this Resolution, and any covenants, stipulations, promises, and agreements in this Resolution contained by and on behalf of the University shall be for the sole and exclusive benefit of the University and of the holders of Bonds and of the coupons outstanding. SECTION 10.02. Successor Is Deemed Included in All References to Predecessor. Whenever in this Resolution or any resolution supplemental hereto either the University or the paying agent is named or referred to, such reference shall be deemed to include the successors or assigns thereof, and all the covenants and agreements in this Resolution contained by or on behalf of the University shall bind and inure to the benefit of the respective successors and assigns thereof whether so expressed or not. SECTION 10.03. Discharge of Resolution. If all of the outstanding Bonds shall have matured, or shall have been duly called for redemption and the redemption date thereof shall have arrived, and if the University shall have deposited with the depository in trust funds pursuant to this Resolution sufficient to pay and available for the payment of all amounts due on all Bonds then outstanding, including all principal, interest, and redemption premiums, if any, and provision shall also be made for paying all other sums payable hereunder by the University, then, notwithstanding that any Bonds or interest coupons shall not have been surrendered for payment, the pledge of the income provided for in this Resolution and all other obligations of the University under this Resolution shall cease and terminate except as hereinafter in the next succeeding paragraph provided. Any such funds held by the depository which have not been disbursed in the payment of Bonds and interest as aforesaid during the period of ten (10) years after the deposit referred to in the foregoing paragraph, shall be repaid to the University by the paying agent on written request of the University together with the schedule of the Bonds not paid or redeemed and thereupon the holder of any of the Bonds or coupons entitled to receive such payments, shall thereafter look only to the University for the payment thereof; provided, however, that the depository before being required to make such repayment, shall at the expense of the University, effect publication once a week for two successive weeks in a daily newspaper published in the English language, and have a general circulation in the City of Chicago, State of Illinois, and also by a similar publication in the Borough of M a n h a t t a n in the City and State of New York, a notice to the effect that said moneys have not been so applied and that after a date named in said notice, any unclaimed balance of said moneys then remaining will be refunded to the University. No Bond or appurtenant coupon shall, after maturity thereof either according to its terms or through call of such Bond for earlier redemption, be deemed to be •outstanding provided that moneys in the requisite amount for the payment thereof shall have been deposited with the depository, as trust funds, and are available for payments of such Bond or coupon upon demand. SECTION 10.04. Execution of Documents by Bond Holders. Any request, declaration, or other instrument which this Resolution may require or permit to be signed and executed by Bond holders may be in one or more instruments of similar tenor, .and shall be signed or executed by Bond holders in person or by their attorneysin-fact appointed in writing. Except as otherwise herein expressly provided, the fact and date of the execu-