Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 669]

EXTRACTED TEXT FROM PAGE:

1972]

UNIVERSITY OF ILLINOIS

659

ments due on the dates and in the amounts set forth in Exhibit " B " hereto and bearing interest on the unpaid balance from time to time outstanding at a rate of four and eighty-five hundredths per cent (4.85%) per annum payable semiannually on October 1, and April 1 in each year hereafter and at maturity. Now Therefore Be It, and It Hereby Is, resolved by The Board of Trustees of the University of Illinois, that the Comptroller and Secretary of this public corporation be and they hereby are, authorized for and in the name of, and on behalf of, this public corporation: 1. T o enter into an amendment of the Term Lease, and the Building Sublease, or to enter into a supplemental agreement with Foundation to provide for an adjustment in the rental under the presently existing sublease between University and Foundation to correspond with the semiannual payments of principal and interest in the approximate amount of Three Hundred Fifty Thousand Dollars ($350,000.00) each, and to service the indebtedness of the Foundation to the Bank; and to provide for possible additional rental payments to be made on October 1 of each year upon the following basis: a. The University will establish a reserve for repairs, replacements, and improvements, and will add to this reserve on each June 30, the sum of One Hundred Thousand Dollars ($100,000.00) or the net income from the previous fiscal year, whichever is less. If less than One Hundred Thousand Dollars ($100,000.00) is added to the reserve in any fiscal year, an additional amount shall be added in the next fiscal year to bring the payments up to a total of One Hundred Thousand Dollars ($100,000.00) per year. On October 1 of each year the University will pay to the Foundation (as additional rent) the net income for the immediate preceding fiscal year, after deducting debt service and the payment into the reserve for repairs, replacements, and improvements. However, the additional rent may be reduced by prior years' deficits not made up or by any amount needed to bring the cumulative additions to the reserve for repairs, replacements, and improvements up to One Hundred Thousand Dollars ($100,000.00) per year. b. T h e University shall retain its option to purchase the buildings and facilities and terminate said Term Lease at any time by paying to the Foundation a sum adequate to permit the Foundation to retire its then existing obligations incurred for this project. 2. T o sign, execute, acknowledge, and deliver any and all other documents and instruments deemed necessary or desirable by said Comptroller and said Secretary to accomplish the purposes herein set forth. O n m o t i o n of M r . S w a i n , t h e f o r e g o i n g r e s o l u t i o n w a s a d o p t e d .

Date October 1,1972 April 1, 1973 October 1,1973 April 1,1974 October 1,1974 April 1,1975 October 1,197S April 1, 1976 October 1,1976 April 1,1977 October 1,1977 April 1,1978 October 1,1978 April 1,1979 October 1,1979 April 1,1980 October 1,1980 April 1,1981 October 1,1981 April 1,1982

Principal Amount $ 245 000 150 000 153 000 157 000 161 000 165 000 169 000 173 000 177 000 181 000 186 000 190 000 195 000 200 000 205 000 209 000 215 000 220 000 225 000 4 924 000