Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 500]

EXTRACTED TEXT FROM PAGE:

1961]

UNIVEESITY OF ILLINOIS

m

ARTICLE THREE

MISCELLANEOUS

SHn'iOH 3.1. Application of Bond Proceeds. The Board of Trustees hereby determines that Project E will become revenue producing on or about September 30 1962 and therefore that portion of the proceeds of the 1960 Series B Bonds and I960 Series C Bonds representing the interest accrued on such Bouds to the date of payment therefor shall, together with an amount equal to the interest to accrue on such Bonds through September 30, 1962 be deposited with the Trustee in the Bond and Interest Sinking Fund account as required by Section 6.01 of the Resolution. t The balance of satd proceeds of the 1960 Series B Bonds and the 1960 Series C Bonds shall, as required by Section 6.01 of the Resolution, be deposited in a (Kink or hanks which are members of the Federal Deposit Insurance Corporation and shall be accounted for as one or more separate funds. The application of the funds in such accounts and the disposition thereof shall in all respects comply with all the terms and provisions of Article Six of the Resolution, subject to the terms and provisions of any contract or agreement permitted by or contemplated in aid Article Six between The Board of Trustees and any original purchaser of such Bonds. SECTION 3.2. Interpretation and Construction. This Fourth Supplemental Resolution is supplemental to and is adopted in accordance with Sections 2.06 and 4.02 of the Resolution. In all respects not inconsistent with this Fourth Supplemental Resolution, the Resolution is hereby ratified, approved and confirmed, and all of the definitions, terms, covenants and restrictions of the Resolution shall be applicable to the additional Bonds authorized by this Fourth Supplemental Resolution and the proceeds thereof except as otherwise expressly provided. All of the terms and provisions of this Fourth Supplemental Resolution shall be deemed to be a part of the terms and provisions of the Resolution, and the Resolution and this Fourth Supplemental Resolution shall be read, taken and construed as one and the same instrument. In executing or authenticating any Bond authorized by this Fourth Supplemental Resolution the Trustee and each officer, agent or employee of the University shall be entitled to all of the privileges and immunities afforded to them under the terms of the Resolution. SECTION 3.3. Resolution Effective on Passage, This resolution shall become effective upon its passage.

S T U D E N T SERVICES BUILDING BONDS

(32) The Vice-President and Comptroller submits the following recommendation relating to the issue of the Board of Trustees of trie University of Illinois Student Services Building Bonds: That the bonds in the amount of $1,350,000 be sold to John Nuveen and Company and Associates at a price of $1,335,224,25 and at an eflective interest iate of 3.9033 per cent which represents the lowest interest cost to the University; That the bonds be executed by facsimile signatures of Frances B. Watkins awl Timothy W. Swain, members of the Board, by the facsimile signature of Kenney E. Williamson, President of the Board, and by the signature of A. J. Janata, Secretary of the Board; That the firm of Chapman and Cutler be retained as bond counsel for this issue; Hiat tile Board ratify and confirm all actions taken or to he taken by the officers and members of the Board in connection with sale and delivery of the wnds; and That the resolution submitted herewith be adopted. I concur. . On motion of Mr, Swain, the Board adopted the following resolution by record vote. Those voting aye, M r . Clement, Mr. Dilliard, Mr, Harewood, Mr. Hughes, M r . Pogue, Mr. Swain, M r s . Watkins, Mr. Williamson; those voting no, n o n e ; absent, M r . Johnston, Mr. Kerner, Mr. Wilkins.