Repository: UIHistories Project: Book - Housing Bond Issue of 1952 [PAGE 5]

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which may be selected bj the bidder subject to the approval oi the University. N.uue of such paying agent must be .submitted for approval within thre< days bids have been received and opened. II the bidder docs not submit for approval the name of the paving agent within said three days, the University will select the paying agent and depositary. Proceeds of lid bonds together with other funds will be used to complete the construction of additions to the Men's Residence Halls located at Fourth and

In <r\ Drive, C h a m p a i g n , Illinois, for r e d e e m i n g o u t s t a n d i n g M e n ' s R< aia Malls revenue homh of 1948, in the principal a m o u n t of $ 2 3 3 , 0 0 0 , and for

remodeling Busey and Evans Halls ( w o m e n ' s residences) located at 1111-1115

West Nevada, Urbana, Illinois.

Said bonds will be issued in a c c o r d a n c e with the a u t h o r i t y g r a n t e d to the Board of Trustees of the University of Illinois by an Act e n t i t l e d : AN A C T to authorize the Board of Trustees of the University of Illinois to acquire by purchase or otherwise, construct, equip, complete, operate, control and manage student residence halls, staff housing facilities, dormitories, health and physical education buildings, or other revenue producing building or buildings, defining the duties of such Board with respect to operation and maintenance thereof, charge fees or rates for the use thereof, and providing for and authorizing the issue of bonds for the purpose of defraying the cost of construction, acquisition or equipment of any such building or buildings, payable solely from the revenues derived from the operation thereof, and for the refunding of any such bonds. Approved June 30, 1945. L. 1945, p. 1753; title as amended by Act approved July 21, 1947.

Said bonds will be callable on 30 days' notice on any interest d a t e at the following dates a n d prices: Noncallable to F e b r u a r y 2 8 , 1 9 5 7 ; callable as a whole, or in part, on any interest p a y m e n t d a t e on or after M a r c h 1, 1957, to and including September 1, 1960, at 104; callable as a whole, or in p a r t , on any interest paym e n t d a t e on or after M a r c h 1, 1 9 6 1 , to a n d including S e p t e m b e r 1, 1964, at 1 0 3 ; callable as a whole or in p a r t , on any interest p a y m e n t d a t e on or after M a r c h 1, 1965, to and including S e p t e m b e r 1, 1968, at 1 0 2 ; callable as a whole, or in part, on any interest p a y m e n t d a t e on or after M a r c h 1, 1969, to and including September 1, 1972, at 1 0 1 ; callable as a whole or in part, on any interest p a y m e n t d a t e on M a r c h 1, 1973, a n d thereafter prior to m a t u r i t y , at par. Bonds shall be called in inverse order of their maturities. If less t h a n all of any m a t u r i t y is to be called for redemption at any time, then the bonds of such maturity to be called and redeemed shall be selected by lot in any usual manner. In the opinion of counsel, interest will be exempt from all federal income taxes u n d e r existing rules, regulations, and decisions. Said bonds will be payable solely from the revenues derived from the operation of the present M e n ' s Residence Halls, located at 1215 South F o u r t h and from the operation of Buscy-Evans Halls for w o m e n . Street. C h a m p a i g n , and the additional units thereto now in the process of construction,