Repository: UIHistories Project: Board of Trustees Minutes - 1980 [PAGE 32]

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BOARD OF TRUSTEES

[July 19

that the board planned to issue additional bonds (parity bonds) in the amount of approximately $35,500,000 in fiscal year 1979. Under the Bond Resolution previously adopted, parity bonds are of equal rank with the refunding bonds. The Auxiliary Facilities System was established through the issuance of Series A through M Bonds and it is now proposed to finance additional projects previously approved by the board through parity bonds to be issued as Series N. T h e proceeds of the Series N Bonds will be used: (1) for remodeling, repair, equipment replacement, and improvement of portions of the existing facilities; (2) for construction of certain facilities which will become part of the system including a multipurpose pavilion at the Chicago Circle campus, a residence hall at the Medical Center campus, and an addition to the Chicago Illini Union at the Medical Center campus; (3) to fund the debt service reserve account in an amount equal to the difference between the Maximum Annual Net Debt Service and the balance in such account at the time of delivery of the Series N Bonds; and (4) to pay certain expenses relating to the issuance of the Series N Bonds. It is anticipated that the proceeds to be received from the sale of the Series N Bonds (excluding accrued interest thereon to the date of delivery, which is to be deposited in the Bond and Interest Sinking Fund Account established by the Bond Resolution) will be applied as follows: T o pay the cost of the project $32 000 To fund the debt service reserve 3 740 T o pay estimated legal, financial, printing, and other expenses relating to the issuance of the Series N Bonds 125 Less interest income during construction (365 Principal Amount of Series N Bonds. . . $35 500 000 000 000 000) 000

The Official Statement for the Series N Bonds has been prepared by A. G. Becker, with the assistance of Chapman and Cutler, Bond Counsel, and the University staff. (A copy of the text of the statement is filed with the secretary of the board.) T h e statement has been reviewed and approved by Chapman and Cutler. The vice president for administration has recommended approval of the Official Statement for the University of Illinois Auxiliary Facilities System Revenue Bonds, Series N, and has requested authority to procure any necessary outside public accounting firm certifications, bond ratings, and other legally required documents in connection with the issue. I concur and recommend the adoption of the following resolution: The form of the Official Statement for University of Illinois Auxiliary Facilities System Revenue Bonds, Series N, presented to this meeting is hereby approved and the comptroller or the assistant comptroller of the board is hereby authorized and directed to execute the same in the name and on behalf of the board in substantially the form presented to this meeting, or with such changes as may be approved by the officer of the board executing the same, his execution thereof to constitute conclusive evidence of the board's approval of all changes from the form thereof presented to this meeting; provided, however, that if any such changes constitute a substantial change in the form of the Official Statement presented to this meeting, they shall first be approved by the Executive Committee of the board to which authority for such approval is delegated by the board.

The student advisory vote was: Aye, Miss Kooper, Mr. Sobotka, Mr. Watson; no, none. On motion of Mrs. Rader, the foregoing resolution was adopted by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Lenz,