Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 619]

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BOARD OF TRUSTEES

[April l8

said Deed in Trust being recorded in the office of the Recorder of Deeds of Cook County, Illinois, on April 8, 1936, as Document No. 11789162 in Book 32782 of Records at Page 371. The Board hereby approves all the provisions, covenants, and conditions contained in said Deed in Trust. Section 2. The Board hereby ratifies and approves all action taken on its behalf in the execution and delivery of the following Trust Agreement dated as of April 7, 1936, between it, the University of Illinois Foundation, and the United States of America: (The Trust Agreement was presented here.) The Board hereby approves all the provisions, covenants, and conditions contained in said Trust Agreement. Section 3. The Board hereby ratifies and approves all action taken on its behalf in the execution and delivery of the following Construction Fund Agreement, dated as of April 7, 1936, between it, the University of Illinois Foundation as Trustee under the Medical and Dental College Building Trust, and First National Bank of Chicago: (The printed copy of the Construction Fund Agreement follows.) CONSTRUCTION FUND AGREEMENT AGREEMENT (herein called the "Construction Fund Agreement") dated the 7th day of April, 1936, by and between T H E BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS (herein called the "University"), a duly organized and existing public corporation in the State of Illinois, party of the first part, and the UNIVERSITY OF ILLINOIS FOUNDATION (herein called the "Foundation"), a duly organized and existing private non-profit corporation in the State of Illinois, not personally, but as trustee under the Trust Agreement hereinafter described of even date herewith, party of the second part, and THE FIRST NATIONAL BANK OF CHICAGO (herein called the "Bank"), a national banking association, organized and existing under the laws of the United States of America and authorized by law to accept and execute trusts, with its principal office in the City of Chicago, Illinois, party of the third part. WHEREAS, the United States of America, acting through the Federal Emergency Administrator of Public Works (herein called the "Government") has made an offer (herein called the "Offer") to aid in financing the construction of a Medical and Dental College Building in Chicago, Illinois (herein called the "Project") by making a grant to the University in an amount of 45% of the cost of the Project upon completion, but not to exceed in any event the sum of $366,000, and by purchasing from the Foundation certain bonds (herein called the "Bonds") of the Foundation in the aggregate principal amount of $1,091,000, secured by an indenture (herein called the "Indenture") to a trustee for the holders of such Bonds (herein called the "bondholders' trustee") all upon the terms and conditions stated in said Offer and subject to the rules and regulations contained and set forth in P.W.A. Form No. 166, July 22, 1935, as amended to date; and WHEREAS, said Offer of a grant has been duly accepted by the University and said Offer (the term "Offer" as used herein shall denote the present Offer or any superseding offer made and accepted in lieu hereof) of a loan will be open for acceptance by the Foundation after its appointment under a Trust Agreement (herein called the "Trust Agreement") of even date herewith between the University, the Foundation, and the Government, known as the Medical and Dental College Building Trust; and WHEREAS, said Offer provides that the amount paid on account of the grant and the proceeds of the sale of the Bonds (or if no Bonds are to be sold, the amount provided for the Project in lieu of such Bond proceeds) shall be deposited in a construction account or accounts held by a depositary satisfactory to the Government, the Bank being satisfactory to the Government as such depositary; and WHEREAS, the University and the Foundation desire that such moneys shall be deposited with the Bank and shall be held by a Bank and disbursed