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Caption: Board of Trustees Minutes - 1936
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i93 6 l UNIVERSITY OF ILLINOIS 801 Sec. 2. T h a t the Board has determined that the lease between it and the Foundation (as trustee under the Medical and Dental College Building T r u s t ) shall be in the form hereinafter set forth, with such rental, terms and conditions as a r e therein set forth, and has further determined to vest in the Foundation and in the bondholders' trustee the rights, powers and remedies provided for in said lease. T h e Board hereby approves the lease hereinafter set forth by and between the Foundation (as trustee under the Medical and Dental College Building T r u s t ) , as lessor, and the Board, as lessee, and hereby authorizes and directs the President of the Board, on behalf of the Board, to execute said instrument under the corporate seal of the Board, affixed and attested by the secretary of the Board. Sec. 3. By the terms of the T r u s t Agreement, the Board has agreed with the Government that if the Board shall lease the project at any time (whether or not pursuant to the exercise of the option conferred by the T r u s t Agreement) it would pledge and use for the payment of its rentals or the performance of its obligations under any such lease, its own receipts and collections which it is authorized by Senate Bill No. 542, approved July 11, 1935, to retain in its own treasury for the performance of any contract or undertaking with the Government in connection with any grant, advance, loan or contract for the erection of a building or buildings. Pursuant to said contract and undertaking with the Government, the Board hereby and in said lease covenants and agrees with the receipts and collections which it is authorized by said Senate Bill No. 542 to retain in its own treasury, as aforesaid, shall be paid forthwith into a special fund in its treasury which is hereby created and designated the "Medical and Dental College Building F u n d " (herein called the "Special F u n d " ) . T h e Board hereby and in said lease irrevocably pledges said Special Fund (and the receipts and collections which the Board is required to pay therein by said lease) for the payment of the rent and other sums payable under said lease as same become due and for the performance of its other obligations thereunder, all as more fully provided in the lease hereinafter set forth. T h e moneys in said Special Fund shall be held, disbursed and checked out only in the manner and for the purposes provided in said lease, so long as same shall continue in force. Sec. 4. T h e President of the Board is hereby authorized and directed to cause said lease, when executed and delivered, to be filed and recorded in the office of the recorder of deeds in Cook County, Illinois. Sec. 5. T h e President of the Board is hereby authorized and directed to make the following recital in said lease: "It is hereby certified, recited, and declared that all acts, conditions and things required to be done, happen, and exist precedent to and in the execution and delivery of this lease in order to make this lease a valid, binding, and legal instrument in accordance with its terms, have been done and have happened and do exist and have been performed in accordance with law." Sec. 6. T h a t the officers of the Board are hereby authorized and directed to do all acts and things required in and for the punctual and complete performance and observance of all the terms, covenants, conditions and agreements of said lease. Sec. 7. T h a t the officers of the Board are hereby authorized to renew, or permit to be renewed, said lease from time to time unless and until otherwise directed by a Resolution of the Board. Sec. 8. T h a t the lease hereinabove provided for shall be in substantially the following form, all of the terms, covenants, and conditions thereof being hereby approved. H. E. C U N N I N G H A M O. M. KARRAKER Secretary President Mr. Willard submitted the foregoing Resolution and a discussion thereof ensued. It was moved by Mr. Williams and seconded by Mr. Barrett that said Resolution be placed upon its passage. The roll was called upon the question of the adoption of the motion to place said Resolution upon its passage with the following result:
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