Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 502]

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[961]

UNIVERSITY OF ILLINOIS

499

The term "Resolution" shall mean this Resolution as originally adopted or as it may from time to time be supplemented, modified or amended by any resolution supplemental hereto, pursuant to the provisions hereof. The term "student service charge" shall mean any student fee or portion thereof assessed against students enrolled in the University for the general use of the facilities (whether assessed as a separate charge or as a specific allocation of a multi-purpose fee or charge), but shall not include general student tuitions or student fees assessed for any other purpose, ARTICLE TWO

AUTHORIZATION, DESIGNATION, FORM, EXECUTION, EXCHANGE AND REGISTRATION OF BONDS

SECTION 2.01. Limitation of Issue of Bonds. This Resolution shall constitute a continuing agreement to secure the full and final payment in the manner herein provided for the principal and interest on all Bonds which may from time to time be delivered and issued hereunder. The aggregate principal amount of Bonds which may initially be so delivered and issued hereunder is limited to the principal sum of $1,350,000. All Bonds at any time issued and outstanding hereunder, shall be equally and ratably secured hereby without preference, priority or distinction. SECTION 2.02. Project and Purpose of Bonds. The Project to be acquired, constructed, equipped and completed hereunder is described in a general way as a five-story building located at 610 East John Street, Champaign, Illinois, and used as administrative facilities for student services. The estimated cost of said Project is $1,350,000, exclusive of land and the esfimated cost of each portion of said Project is more fully set forth in the plans and specifications therefor on file with the University Architect. It is hereby determined that in order_ to produce the funds necessary to construct and equip the Project, that the University borrow the sum of One Million Three Hundred Fifty Thou sand Dollars ($1,350,000) and in evidence thereof to issue its Student Services Building Bonds hereunder in said principal amount. SECTION 2.03. Terms of Bonds. The Bonds to be initially issued hereunder shall be substantially in the form and of the tenor and purport hereinafter set forth and limited to the aggregate principal amount of One Million Three Hundred Fifty Thousand Dollars ($1,350,000) at any one time outstanding, and shall be designated "The Board of Trustees of the University of Illinois Student Services Building Bonds." The Bonds shall be issued as negotiable coupon bonds dated April 1, 1961, registrable as to principal in the denomination of $1,000 or as fully registered Bonds without coupons, dated as of the interest payment date to which interest was last paid, next preceding the date of issue, unless issued on an interest payment date on which interest was paid, in which case they shall be dated as of the date of issue, or unless issued prior to October 1, 1961, in which case they shall be dated April 1, 1961. Each fully registered Bond without coupons shall be of a single maturity. Fully registered Bonds without coupons shall be numbered in such manner as may be designated by the Comptroller and shall be issued in denominations of $1,000 or multiples thereof. Bonds shall bear interest from April 1, 1961, payable semi-annually on the first days of April and October in each year until paid, commencing October 1, 1961, at the rates provided below and shall mature in the following amounts on October 1, of the following years: Maturity Daks 196* f%5 1«6 W67 £968 1«9 970 971 W2 W82 Principal Amount 810,000 10,000 10,000 20,000 20,000 30,000 35,000 35,000 40,000 55000 Interest Rate VA% 4W% 4^% 4>£% Qi% iX% V4% 3H% 3Ji% 3H% Maturity Dates 1973 1974 1975 1976 1977 1978 1979 1980 1981 1987 Principal Amount J40.000 40,000 45.000 45,000 45,000 50,000 50,000 50,000 55,000 70,000 Interest Rate 3%%

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