Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 617]

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614

BOARD OF TRUSTEES

[April 18

DENTAL COLLEGE BUILDING TRUST, T H E CONVEYANCE OF CERTAIN PROPERTY IN TRUST, T H E EXECUTION OF A TRUST AGREEMENT AND A CONSTRUCTION FUND AGREEMENT AND OTHER ACTION TAKEN TO CONSUMMATE T H E PLAN FOR FINANCING THE CONSTRUCTION OF T H E MEDICAL AND D E N T A L COLLEGE BUILDING IN CHICAGO, ILLINOIS, AND FOR OTHER PURPOSES.

Be it resolved, by the Board of Trustees of the University of Illinois: Section I. T h e Board hereby ratifies and approves all action taken on its behalf in the execution and delivery of the following Deed in T r u s t dated April 7, 1936, whereby it conveyed the property to the University of Illinois Foundation as Trustee under the Medical and Dental College Building Trust: (The printed copy of the Deed in Trust follows.) DEED IN TRUST T H I S I N D E N T U R E W I T N E S S E T H , T h a t the grantor, T h e Board of Trustees of the University of Illinois, of the County of Champaign and the State of Illinois, for and in consideration of T e n Dollars, and other good and valuable considerations in hand paid, Conveys and W a r r a n t s unto the University of Illinois Foundation (herein called the "Foundation"), a non-profit corporation of Illinois, as trustee under the provisions of a trust agreement (herein called the "Trust Agreement") dated the 7th day of April, 1036, known as the Medical and Dental College Building Trust, the following described real estate (herein called the "Site") situated in the County of Cook and State of Illinois, to-wit: That part of Lot 3 in Subdivision (by Codwise and others) of the West half of the Southeast quarter of Section 18, Township 39 North, Range 14 East of the 3rd Principal Meridian (except 1 chain and 37 links along the west side) described as follows: Beginning at the southwest corner of S. Wood Street and W. Polk Street, and running thence west along the south line of said W. Polk Street a distance of 193.69 feet; thence south parallel to the west line of said S. Wood Street a distance of 152 feet; thence east parallel to the south line of said W. Polk Street a distance of 85.69 feet; thence south parallel to the west line of said S. Wood Street a distance of 18.60 feet; thence east parallel to the south line of said W. Polk Street a distance of 108 feet to the west line of said S. Wood Street; and thence north along the west line of said S. Wood Street a distance of 170.60 feet to the point of beginning; in the city of Chicago, Cook County, Illinois. TO H A V E A N D TO H O L D the said premises with the appurtenances for the uses and purposes in said T r u s t Agreement set forth, the purpose of said trust being, among other things, to cause a medical and dental college building (herein called the "Project") to be constructed upon the Site. Full power and authority is granted by said T r u s t Agreement to the Foundation, as trustee thereunder: (a) To construct the Project upon the Site and reconstruct, improve, alter and repair the P r o j e c t ; (b) To lease the Site and the Project for college, seminary, university or other exclusively public educational purposes and to renew and extend such leases; to contract to make such leases and to grant options to lease and options to renew leases; (c) To obtain by gifts, donations or otherwise, such funds as may be necessary to aid in financing the construction and completion of the Project; if in its sole discretion the Foundation determines that it is unable by gifts, donations or otherwise to obtain such funds, it is to issue its bonds in order to provide such funds as shall be necessary, together with any grant made by the United States of America, in order to complete the construction of the Project; such bonds, however, are not to be debts of T h e Board of Trustees of the University of Illinois or of the State of Illinois and neither said Board nor the State are to be liable thereon; (d) To secure its bonds (if any are to be issued) by an indenture to a trustee for the holders of such bonds (herein called the "bondholders' trustee"), in and by which indenture the Foundation may: