Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 806]

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UNIVERSITY OF ILLINOIS

803

TRUST INDENTURE UNIVERSITY OF ILLINOIS FOUNDATION not personally, but as Trustee under the Medical and Dental College Building Trust to T H E FIRST NATIONAL BANK OF CHICAGO As Trustee THIS INDENTURE, dated as of the first day of July, A. D. 1936, made by and between T H E UNIVERSITY OF ILLINOIS 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 dated April 7, 1936 (hereinafter called "Foundation"), party of the first part, and T H E FIRST NATIONAL BANK OF CHICAGO, a national banking association duly organized and existing under the laws of the United States of America and authorized by law to accept and execute Trusts, with its office in the City of Chicago, Illinois, as Trustee (hereinafter called the "Trustee"), party of the second part, WITNESSETH: WHEREAS, The Board of Trustees of the University of Illinois (herein called the "University") and the United States of America entered into a Trust Agreement (herein called the "Trust Agreement"), dated April 7, 1936, known as the Medical and Dental College Building Trust, appointing the Foundation as Trustee thereunder, which appointment the Foundation accepted by joining in the execution of said Trust Agreement; and WHEREAS, the University has been duly authorized and empowered to execute said Trust Agreement and to exercise its rights and carry out its duties thereunder, all by virtue of an act of the Legislature of the State of Illinois entitled: "An Act to authorize The Board of Trustees of the University of Illinois to create trusts, to convey property in trust, to enter into trust agreements providing the powers and duties of the trustee and providing for the issuance of bonds by such a trustee and providing for the payment and securing thereof; to enter into year to year or other leases, to pledge for the performance of its obligations under such leases certain receipts and collections which the board is authorized by 'An Act to amend Section 6 of "An Act in relation to State Finance," approved June 10, 1919, as amended,' approved July 11, 1935, to retain in its own treasury, and to enter into covenants with the United States or any agency thereof and to take other action for the purpose of obtaining grants from the United States to aid in financing the construction and equipping of university, college or educational buildings on which said board shall be given a year to year or other lease or the privilege thereto"; and WHEREAS, there has been conveyed to the Foundation upon the trusts in the Trust Agreement set forth, the real estate hereinafter described and herein called the "Site"; and WHEREAS, the purpose of said Medical and Dental College Building Trust is, among other things, to cause a medical and dental college building to be constructed and equipped upon the Site and to be used for the purposes and upon the trusts set forth in said Trust Agreement; WHEREAS, the United States of America has heretofore agreed to aid in financing the construction and equipping of said medical and dental college building (herein called the "Project") by making a grant to the University (herein called the "Grant"), subject to the condition that the University deposit the moneys received on said Grant with the Trustee, said moneys to be held in Construction Fund A and to be disbursed for the purposes and in the manner provided in the Construction Fund Agreement hereinafter described; and