Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1402]

EXTRACTED TEXT FROM PAGE:

1962]

U N I V E R S I T Y OF I L L I N O I S

1399

I further certify that the attached resolution is a true, correct, and exact copy of the original resolution adopted by The Board of Trustees of the University of Illinois at its legally convened meeting held on the day of , 19 , all as appears of record in my office. IN WITNESS WHEREOF I have hereunto set my hand and the seal of said University this day of , 19 Secretary as aforesaid

The foregoing resolution was adopted by the following vote: Aye, Mr. Clement, Mr. Dilliard, Mr. Harewood, Mr. Hughes, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Kerner.

RESOLUTION ON ASSEMBLY HALL BONDS PURCHASE AGREEMENTS

Mr. Swain offered the following resolution and moved its adoption:

Resolved by T h e Board of Trustees of the University of Illinois (hereinafter called the "University") as follows: WHEREAS, the University has heretofore determined that it is necessary to borrow money and issue and sell its revenue bonds in order to produce the funds necessary to make certain improvements, additions, and modifications i n t h e construction and equipping of the Assembly Hall, and the officers of the University have negotiated separate Bond Purchase Agreements (hereinafter sometimes called "Purchase Agreements") with Allstate Insurance Company and State Farm Mutual Automobile Insurance Company (said Insurance Companies being hereinafter sometimes referred to as "Purchasers"), providing for the sale to said Purchasers of $600,000 aggregate principal amount of Assembly Hall Revenue Bonds, Series 1962 (hereinafter called "Bonds") of the University to be issued under and entitled to the benefit of the provisions and having the characteristics specified in the First Supplemental Bond Resolution applicable thereto, heretofore adopted by this Board of Trustees this date, and WHEREAS, there are before this meeting copies of the form of Purchase Agreement to be entered into between the University and each of said Purchasers relative to the issue and sale by the University and the purchase by said Purchasers of the $600,000 aggregate principal amount of said Bonds, and WHEREAS, it appears to this Board of Trustees and the several members thereof that it would be desirable and for the best interests of the University to execute and deliver Purchase Agreements with said Purchasers substantially in the form now before this meeting and hereby approved, and to issue and sell the said Bonds in the aggregate principal amount of $600,000; Now, Therefore, Be It and It Is Hereby Resolved that the Comptroller of the University be and he is hereby authorized, empowered, and directed for and in the name on behalf of the University to execute and deliver separate Agreements with said Purchasers substantially in the form of the Purchase Agreements now before this meeting, with such changes therein as shall be approved by said Comptroller at the time of executing the same, providing for the issuance and sale to said Purchasers of $600,000 aggregate principal amount of the Bonds at a price of 101.425687 per cent of the principal amount thereof, plus accrued interest thereon from the date of said Bonds to the date of delivery thereof, or such other price as shall he determined on the date of delivery of said Bonds to provide a yield of 3.90 per cent in accordance with standard financial practice, and the execution and delivery of such Purchase Agreements by the Comptroller of the University shall constitute conclusive evidence of his approval of any departure therein from the form of Purchase Agreement now before this meeting and hereby approved. Resolved Further, that the proper officers of the University shall be and they are hereby authorized and directed to cause to be prepared an issue of $600,000 principal amount of the said Bonds having the characteristics, including sinking fund and redemption provisions, specified therefor in the Bond Resolution applicable thereto, heretofore adopted, and forthwith upon the execution and