Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 984]

EXTRACTED TEXT FROM PAGE:

1956]

Attest: Secretary

UNIVERSITY OF ILLINOIS

981

( F o r m of Interest Coupon) Number.. — $

O n the first day of _ , 19 (unless the bond to which this coupon is a t t a c h e d has theretofore been called for p a y m e n t and payment made or provided f o r ) , The Board of Trustees of the University of Illinois will pay to b e a r e r , solely out of the fund specified in the bond to which this coupon is attached, t h e sum of Dollars ($. ) in lawful m o n e y of the U n i t e d States of A m e r i c a at the First National Bank of Chicago, in the City of Chicago, Illinois, or at the option of the holder, at the Chase Manhattan Bank, in the City of New York, New York, for interest due that day on its University of Illinois Dormitory Revenue Bond of 1956, Series , dated April 1, 1956. Number H. B. Megran President, Board of Trustees A. J. Janata Secretary, Board of Trustees ( F o r m of Registration) Signature of University Comptroller

Date of Registration

In Whose Name Registered

SECTION 5. That upon the issuance of the said revenue bonds herein provided for, there be and there is hereby established a fiscal year for the operation of said buildings, and such fiscal year shall commence the first day of July of each year and end the last day of the next succeeding June, and all of the revenues derived from the operation of said buildings shall be set aside as collected in a separate account and fund, apart from all other funds of said University, which is hereby created and designated as "Dormitory Revenue Bond Fund of 1956," and the University covenants that all revenues, income, receipts, profits, rates, rents, charges, fees, and returns derived from the operation of said buildings shall be deposited in such fund and shall be used only in paying the reasonable cost of operating and maintaining said buildings, including, without thereby limiting the generality of the foregoing, salaries, wages, cost of materials, supplies, insurance, and the reasonable repair necessary to maintain said buildings properly, for the creation and maintenance of a sinking fund, as hereinafter provided for the payment of the principal and interest of the revenue bonds herein provided for, which by their terms are payable solely from the revenues derived from the operation of said buildings and from student fees and tuition, all as hereinafter provided in Section 6 of this resolution. The word "repair" as used in this resolution shall be construed to refer only to such repairs as are necessary to keep the buildings in proper condition for use and occupancy or are so certified to he necessary to remedy some physical condition which would otherwise impair or endanger the use and occupancy thereof and the security of the bonds hereby authorized, and all other bonds that may hereafter be authorized, which by their terms are payable from the revenues derived from the operation of said buildings.