Repository: UIHistories Project: Book - Housing Bond Issue of 1952 [PAGE 22]

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Ithcmnlncxn < l five m ,„, annum. Such I |. i,,,,,,, > ' , .„i,is RIHI onl) from ihc revenue* derived from the operation ol a n v l, huildinn '• buiMmRs acquired npleted structed 01 equipped with h bond8 sha11 r l b ,!„• p »«« ' •""' '"" " ' " " ' > • :dg« oi suffi, i cn , „, ,,,,. „n such budding 01 buildings so acquired, completed, constructed

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hh h*vc all the qualities of negotiable instrument* under th< j iNN \| hant 1 tin Nc -liable Instrument Law. Said B J rrustccs shall have power from time to time to execute and i c n t s h c r c u n d c r l,) deli> '• a bank or trust company authorized \r the laws tli itau >r of the United States of America, to accept and execute n the S Such trust agreements may contain anv provision for th< tl

jcp sit with I rrUStCC t h e r e u n d e r a m i the disposition of the proceeds of th<

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bonds ssued un< the provisions of this Act and secured thereby, and icl 1 l l , , n a I u l l,1( p, . s tl P ^ * enforcement of the rights and remedi and tin- holders of such bonds as the Board of Trust m; : said lYusti b) act approved July 21, 1947. L. 1947, p. 1738. a novc. As amend< Execution of bonds — Registration — Payment of bonds solely from revenue — Rc< "id of bonds issued.] > 2. All such bonds shall be signed by th< ; President and an) t\s members of the Board of Trustees and shall have th seal of th in sit) affixed thereto A\\(\ shall be attested by the Secretary of ich B id of [Yustecs, and in case an) officer or member of the Board of

TrUSU S who shall have signed Or a t t e s t e d a n y such bonds, shall (ease to be such offii r, or m e m b e r ol the Board of T r u s t e e s , before such bonds shall have

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d by the Board of Trustees, such bonds ma\ nevertheless be validl) 1 B : I. Said B tul of Trustees ma\ provide for registration as L! of an) of such bomb. All interest coupons shall be authenticated imile s natures of the President and Secret a r\ of the Board of the Univcrsit) of Illinois. Such bonds shall be payable solely and

tl venu( » a n y sm h b u i l d i n g or b u i l d i n g s a n d shall in no case f

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hai u d e b t a g a i n s t t h e S t a t e of Illinois o r t h e B o a r d of U n i v e r s i t ) of Illinois, a n d s u c h fact shall b e plainl) stated o n

i 1 id. hall furnish a r e c o r d of all b o n d s issued u n d e r this of Trust(

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of Public Accounts. As amended b) act approved June 22, . HP,. No. (29. iution of Board of Trustees — Contents — Pledge of revenues.] l( rmination b) the Board of Trustees to acquire, complete, .n • idem resident c hall, stall housing fat ility, dormitory, I r i | U l a t j o n building, oi other revenue producing buildinj th< B I of I rustcc shall adopt a resolution des< ribing in a »}, mtcmplatcd project, the estimated cost thereof, and fix the th« maturit) oi maturities, the interest rate, and all details .\ Sm h r olution shall contain such covenants and rcstru < ol additional bondi that mas thercaftci be issued pa) and profit! derived from the operation ol an) such n b. il med ncc< ON ... advisable foi the awuran i i,„e! ihrrcli) authorised, and such n olution shall pled