Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 487]

EXTRACTED TEXT FROM PAGE:

484

BOARD OF TRUSTEES

[June 23

provided further that the following conditions precedent are complied with at or prior to the time of issuance of such additional Bonds: (i) In the event additional Bonds are issued for the purposes indicated in clause A above to provide additional funds necessary to pay the cost of completing the Project, the Architects employed by the University for the construction of said Project have submitted a certificate to the Board of Trustees setting forth an itemized statement of the work completed to the date of said certificate, the cost thereof and an itemized statement of the work yet to be completed and the estimated cost of the work to be completed and such certificate of estimate shall be presented to and approved by said Board of Trustees preceding the adoption of any resolution authorizing the issuance of additional Bonds for such purpose, and (ii) In the event additional Bonds are issued for the purpose of paying the cost of equipping, enlarging or improving the Project as provided in clause B above, the Net Income Available for Debt Service shall be equal to or greater than one and twenty-five hundredths (1.25) times the maximum amount to become due in any succeeding fiscal year prior to June 30, 1984 for the purpose of making Fixed Sinking Fund payments and interest payments on the Bonds then outstanding hereunder and the Bonds then to be issued, less any Bonds which are to be redeemed or retired with the proceeds of such additional Bonds or concurrently with issuance thereof. All such additional Bonds shall be issued pursuant to a resolution supplemental hereto, duly adopted by the Board of Trustees, setting forth the form of such additional Bonds and the terms and conditions applicable thereto. Any additional Bonds issued in accordance with this Section shall mature not earlier than October 1, 1984, except that provisions may be made for a fixed sinking fund for the benefit of such additional Bonds having the effect of amortizing such additional Bonds over a period not shorter than the remaining life of any of the then outstanding Bonds. F o r the purpose of this Section any computation of Net Income Available for Debt Service prepared and certified by the Comptroller, setting forth in detail the computation thereof and demonstrating that it is equal to or greater than the amount required above shall be binding and conclusive upon the Board of Trustees and the holders of all Bonds then outstanding hereunder and then to be issued. ARTICLE FIVE

PROVISIONS RELATING TO INCOME AND APPLICATION THEREOF

SECTION 5.01. Assembly Hall Revenue Bond Fund. All revenues derived from the following sources are hereby pledged and shall be held in trust for the benefit of the Bond holders for the purpose of making the payments or deposits required to be made under subsections ( a ) , (b) and (c) of Section 5.02 of this Resolution: (1) the operation of the Project, (2) the operation of any other revenue producing facilities for the account of which additional Bonds may hereafter be issued; and (3) student service charges; and such revenues shall be deposited as collected in a general banking account of the University to the credit of a special fund which is hereby created and designated as the "Assembly Hall Revenue Bond F u n d " said account to be maintained in a bank which is a member of the Federal Deposit Insurance Corporation and the Board of Trustees convenants that all revenues, income, receipts, profits, rates, rents or charges derived from the operation of such facilities shall be so credited within three working days after receipt in the Assembly Hall Revenue Bond F u n d and shall be used as provided in Section 5.02 hereof. SECTION 5.02. Disposition of Assembly Hall Revenue Bond Fund. The funds in the Assembly Hall Revenue Bond F u n d shall be used in the manner and in the order hereinafter mentioned: ( a ) All current operating expenses shall first be paid from the Assembly Hall Revenue Bond Fund. ( b ) There are hereby created an Interest Account, Interest Reserve Account, a F i x e d Sinking F u n d Account and a Bond Retirement Account