Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 621]

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6l8

BOARD OF TRUSTEES

[April

l8

A for the purposes provided in Section I hereof and from Construction F u n d B for the purposes provided in Section 2 hereof, but only upon receipt by the Bank of a duly executed order of the Foundation and the University in the form approved by said parties and the Government, which shall state specifically the Fund from which the money is to be withdrawn, and of: (1) A voucher which shall: ( a ) be signed on behalf of the University by its Director of the Physical Plant and its Comptroller and be signed on behalf of the Foundation by its Executive Director; (b) H a v e endorsed thereon or be accompanied by a written approval of the State Director of the Federal Emergency Administration of Public W o r k s for the State of Illinois (herein called the "State Director ( P . W . A . ) " ) or such other representative as the Government from time to time may designate for such purpose; (c) State that such expenditures or indebtedness have not formed the basis of any previous withdrawals; ( d ) State that no default has occurred and is subsisting under the Offer or, in the event that any Bonds are sold, under the Bonds or the Indenture; (e) State that such voucher covers no items representing payment or reimbursement on account of any retained percentages which the University or the Foundation is, at the date of such voucher, entitled to retain; ( f ) State that the amount remaining in Construction Funds A and B (or, if no Bonds are sold, in only Construction Fund A) after such withdrawal, plus an amount equal to the aggregate amount of the Grant estimated to be payable in cash and not yet paid (the estimated amount of the Grant shall be approved by the State Director ( P . W . A . ) prior to the first withdrawal from such Construction Funds and the amount so approved shall be considered as the estimated amount of the Grant until changed at the request or with the approval of the Government), plus the proceeds of the Bonds still to be purchased by the Government (or if no Bonds are to be sold, plus the money to be provided for the Project by the University and the Foundation) will be sufficient to pay for the completion of the Project in accordance with the plans and specifications which shall have been delivered to and approved by the Government, and with the estimate made by the Government at the time the aforesaid application was approved and to pay the aggregate amount of interest which will accrue on or before the last day of the month in which it is estimated the Completion Date will occur; and (g) State in reasonable detail the purpose or purposes for which such expenditures have been made or such indebtedness incurred and that such expenditures have been made or such indebtedness incurred in connection with the construction of the Project. (2) Waivers of liens executed by mechanics, materialmen, contractors, subcontractors and any other persons who might, under the laws of Illinois, have any liens, or inchoate liens upon the Project and the site thereof, in and by which waivers said persons: ( a ) When partly paid, shall waive, to the extent of such payments, all rights to assert liens upon the Project and the site thereof for all work, labor, services or materials furnished for the Project; and (b) W h e n finally paid, shall finally waive all rights to assert liens upon the Project and the site thereof for all work, labor, services, or materials furnished for the Project. (3) An opinion of counsel satisfactory to the Bank (which counsel may be counsel for the University or the Foundation) which shall: ( a ) State that the land, right-of-ways, easements, franchises, and property, for the acquisition or construction of which said expenditures shall have been made or indebtedness incurred, shall immediately after