Any bonds or other securities may be repurchased by the Board out of any funds available for such purpose at a price of not more than the principal amount thereof and accrued interest, plus the amount of the premium, if any, which might on the next prior redemption date of such securities be paid to the holders thereof if such securities should be called for redemption on such date pursuant to their terms, and all securities so repurchased shall be cancelled; but if the securities may not be called for prior redemption at the University‘s or the Board’s option within 1 year from the date of their purchase, they may be repurchased without limitation as to price.