Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 876]

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i93 6 I

UNIVERSITY OF ILLINOIS

873

(1) To exercise all or any part or combination of the powers herein granted; to make covenants other than and in addition to the covenants herein expressly authorized, of like or different character; to execute all instruments necessary or convenient in the exercise of the powers herein granted or in the performance of its covenants or duties, which may contain such covenants and provisions, in addition to those above specified as the Government or any purchaser of the Bonds of said Foundation may require; to make such covenants and to do any and all such acts and things as may be necessary or convenient or desirable in order to secure its Bonds, or, in the absolute discretion of said Foundation, as will tend to make the Bonds more marketable notwithstanding that such covenants, acts or things may not be enumerated herein. Provided, however, that in no event shall any holders of Bonds or any bondholders' trustee have the right or power to forfeit or obtain title to the Project through foreclosure proceedings or otherwise. 3.03. In addition to the other powers conferred upon the Foundation hereunder, the Foundation is empowered to borrow money from the Government (the term "Government" as used in this agreement shall mean the United States of America acting by or through the Federal Emergency Administrator of Public W o r k s or by or through any other Federal agency or official authorized to exercise the powers and authority now reposed in the Administrator of Public W o r k s or to act in his behalf) for or in aid of the Project, and to this end, to comply with such conditions as may be attached to the financing or aid of the Government. The Foundation may accept the Offer of the Government to purchase Bonds of the Foundation and may comply with all the terms and conditions of said Offer and of the Rules and Regulations of the Federal Emergency Administration of Public Works. It is the purpose and intent of this agreement to authorize the Foundation to enter into any and all agreements, and do any and all things, necessary or desirable to secure the financial aid or cooperation of the Government, in the undertaking, construction, maintenance or operation of the Project; provided, however, that in no event shall the Government or any holders of Bonds or any bondholders' trustee have the right or power to forfeit or obtain title to the Project through foreclosure proceedings or otherwise.

ARTICLE FOUR CONCERNING THE FOUNDATION AND I T S GENERAL POWERS HEREUNDER

4-01. The Foundation shall have all the powers necessary or convenient to carry out and effectuate the purposes and provisions of this Trust Agreement, including the following powers in addition to others herein granted: (a) To own, hold, and improve real or personal property; to construct, reconstruct, improve, alter and repair the Project; to hold, manage, operate and use the Project. (b) To lease or rent the Project or any of the accommodations, lands, buildings, structures or facilities embraced in the Project and to establish and revise (subject to the obligations hereinabove imposed on the Foundation) the rents or charges therefor. (c) To insure or provide for the insurance of the Project and any real or personal property held in this trust or of the operations of the Foundation, as trustee hereunder, against such risks as the Foundation may deem advisable. ( d ) To invest any funds held in reserves or sinking funds, or any funds not required for immediate disbursement, in direct obligations of the United States of America or obligations unconditionally guaranteed as to both principal and interest by the United States of America or in other marketable securities eligible as security for the deposit of trust funds under Federal Reserve Board regulations; and to purchase the Bonds issued by it as trustee hereunder at a price not more than that at which same are redeemable on the next interest payment date. (e) To execute all instruments and contracts and to do all things necessary or convenient to carry out the powers conferred by such trust agreement.