Repository: UIHistories Project: Board of Trustees Minutes - 1992 [PAGE 284]

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272

BOARD OF TRUSTEES

(June 11

Sources:1 Original Principal Amount of Bonds Construction Fund Earnings Accrued Interest Total Sources Uses:1 Project Costs Refunding Escrow Capitalized Interest Debt Service Reserve Deposit Issuance Costs Underwriter's Discount Original Issue Discount Bond Insurance Total Uses

$44 925 540 135 $45 600 586 598 870 917 110 424 -0^ 95 $45 600 $25 14 2 1

000 000 000 000 000 000 000 000 000 000 000 000

With respect to the bonds, they are issuable as fully registered bonds and do not constitute an obligation of the State of Illinois, or of individual members, officers, or agents of the Board of Trustees, but are payable solely by the board from net revenues of the Auxiliary Facilities System and from student tuition and fees, as well as certain other funds pledged to pay principal of, redemption premium, if any, and interest on the bonds. All legal matters incidental to the authorization and issuance of the bonds by the board; the Official Statement; and the Bond Resolution have been approved by Chapman and Cutler, bond counsel, Chicago, Illinois. Certain legal matters will be passed upon by Hopkins & Sutter, underwriter's counsel, Chicago, Illinois. The president, with the concurrence of appropriate administrative officers, recommends: 1. Approval of the Official Statement for the bonds;2 2. Adoption of the Fourth Supplemental System Revenue Bond Resolution;2 3. Approval of the form of the Bond Purchase Agreement with Morgan Stanley & Co., Inc. as representatives of the purchasers, wherein the purchasers jointly and severally, agree to purchase from the board and the board agrees to sell to the purchasers all (but not less than all) of the bonds in aggregate original principal amount not exceeding $48,000,000. The price at which the bonds will be purchased from the University by the Underwriters will not be less than 99 percent of the price at which the bonds will be offered to the public, and the all-in cost of borrowing for the issue will not exceed 6.25 percent;2 4. Approval to seek and purchase bond insurance at a rate not to exceed .30 percent of total debt service, if such purchase is deemed economically beneficial following consultation with financial advisor and underwriters; 5. Approval to use one million dollars ($1,000,000) in savings from the advance refunding to supplement project budgets previously approved by the board; 6. Ratification and confirmation of all actions taken or to be taken by the

Subject to change. A copy is filed with the secretary of the board for record and the appropriate officers of the board are hereby authorized and directed to execute the same in the name and on behalf of the board in substantially the form presented to this meeting, or with such changes as may be approved by the officer or officers of the board executing the same, his or their execution thereof to constitute conclusive evidence of the board's approval of all changes from the form thereof presented to this meeting; provided, however, that if any such changes constitute a substantial change in the form thereof presented to this meeting they shall first be approved by the Executive Committee of the board to which authority for such approval is delegated by the board.

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