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Caption: Board of Trustees Minutes - 1990
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266 BOARD OF TRUSTEES [May 9 Program in South and West Asian Studies, West European Studies, and the Office of International Programs and Studies. During the planning and construction of this building, which is located on Fifth Street near Chalmers, Champaign, it has come to be known as the "Area Studies and International Programs Building." T h e heads of those units which will occupy this facility have now recommended to the vice chancellor for academic affairs that it be officially designated as the "International Studies Building." Such a designation would be in accordance with Article V, Section 4(b) of the General Rules Concerning University Organization and Procedure, which states that "buildings should be named in such a way as to denote their general use as a matter of convenience to students as well as to visitors." O n motion of Ms. Reese, this recommendation was approved. By consensus, the board agreed that one roll call vote would be taken and considered the vote on each agenda item nos. 13 t h r o u g h 21 inclusive. T h e recommendations were individually discussed but acted upon at one time. ( T h e record of board action appears at the end of each item.) Auxiliary Facilities System Revenue Bonds, Series 1991 (13) T h e board, at its meetings on February 14, 1991, and March 14, 1991, took a number of actions leading towards the issuance of revenue bonds to finance improvements and enhancements to the Auxiliary Facilities System. These included authorizations to: 1. Employ John Nuveen & Co., Inc., as financial advisor. 2. Employ Chapman and Cutler as bond counsel. 3. Submit a number of projects to the Illinois Board of Higher Education (IBHE) for its approval as the intended improvements and enhancements to be funded by the sale of bonds. 4. Engage Morgan Stanley 8c Co., Inc., as senior managing underwriter. 5. Prepare a Preliminary Official Statement, a Bond Resolution, and any other documents needed to issue bonds. 6. Seek and secure ratings from the rating agencies. Since March 14, University staff, working in concert with the financial advisor, bond counsel, senior managing underwriter, and underwriter's counsel, have: 1. Prepared an Official Statement and a Bond Resolution for the Board of Trustees of the University of Illinois Auxiliary Facilities System Revenue Bonds, Series 1991 (the "Bonds"). 2. Engaged the firms of First Chicago Capital Markets, Inc., Paine Webber Incorporated, Guzman 8c Company, and Grigsby Brandford Powell Inc., as comanagers. 3. Met with bond rating agencies. 4. Developed a recommended structure for the bond issue. Also, at its April 2, 1991, meeting, the IBHE approved the projects as requested by the board. T h e estimated cost of these projects, including the acquisition and remodeling of Circle Court, is $82 million. One of the projects approved earlier by this board and the IBHE called for $2.1 million to be spent on acquiring land for recreation a n d / o r parking consistent with the UIC Master Plan. At this time, interest rates are such that an additional $3.5 million could be applied towards the purchase of land at UIC, bringing the project(s) to a total of $85.5 million, but with annual debt service within the limits of debt service previously discussed with the board. It is estimated that a par amount of Series 1991 bonds not exceeding $92 million will be issued and that the total sources and uses of funds will approximate:
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