Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 866]

EXTRACTED TEXT FROM PAGE:

i936l

UNIVERSITY OF ILLINOIS

86 3

will equal the aggregate amount of interest which will accrue on said Bonds on or before January 1, 1937. Within a period of not more than three days prior to the first day of January and July of each year prior to the Completion Date (as hereinafter defined), the Bank shall withdraw from Construction Fund B and pay into the Bond Fund an amount which (together with the moneys then held in the Bond Fund for the interest becoming due on said Tanuary first or July first as the case may be) will equal the amount of interest upon the Bonds becoming due and payable on said January first or July first as the case may be. 4. Moneys in either or both of the Construction Funds shall be paid out, disbursed and withdrawn (except as provided in Section 3 hereof) only as follows: A. F r o m time to time during the construction of the Project, the University and the Foundation may withdraw money from Construction Fund A for the purposes provided in Section 1 hereof and from Construction Fund 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form approved by said parties and the Government, which shall state specifically the Fund from which the money is to be withdrawn, and of: (1) A voucher which shall: ( a ) Be signed on behalf of the University by its Director of the Physical Plant and its Comptroller and be signed on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 I n d e n t u r e ; (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.