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Caption: Board of Trustees Minutes - 1988
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244 BOARD OF TRUSTEES [April 9 projects associated with the terminal complex have completed a project budget with a distribution of costs to several funding sources. 5. On February 17, 1987, the Champaign County Board approved an Intergovernmental Agreement between the county and the University of Illinois to provide county revenue to the University to retire revenue bonds in the principal amount of $4,000,000, and the interest thereon, in twenty semiannual payments beginning no sooner than July 1, 1989, but no later than the scheduled fourth semiannual payment due to bondholders, subject to annual appropriations of the board. 6. Preliminary steps have been taken to prepare for a University Revenue Bond Issue in a principal amount sufficient: (a) to provide for the local share of the project ($6,600,000); (b) to pay for the costs of issuance; (c) to capitalize interest payments during construction; and (d) to establish debt service or other reserves that may be required by the bond resolution. The chancellor at the Urbana-Champaign campus and the vice president for business and iinance have recommended that the Board of Trustees approve and authorize the following: 1. Execution of the following agreement with the Champaign County Board. 2. Approval of the project budget as follows. 3. Designation of Chapman and Cutler to serve as bond counsel in connection with the issuance of the bonds. 4. Designation of John Nuveen & Co. Incorporated to serve as financial advisor in connection with the issuance of the bonds. 5. Authorization for the comptroller of the board, with the assistance of the bond counsel and financial advisor designated above, to proceed with: (a) discussions with various insurance companies with respect to obtaining a policy of bond insurance to secure the bonds; (b) submission to such bond rating agencies as shall be determined by the comptroller as shall be necessary and desirable in order to obtain a bond rating or bond ratings with respect to the bonds; and (c) preparation and distribution of a preliminary offering document with respect to the board and the bonds to potential purchasers of the bonds. 6. Ratification and confirmation of all actions taken or to be taken by the officers and members of the board in connection with the offering of the bonds to prospective purchasers. 7. That the comptroller and other authorized officers of the board be and they are hereby authorized and empowered to do and perform such other acts and things and to make, execute, and deliver all such other instruments and documents on behalf of this board as may be by them deemed necessary or appropriate to comply with or to evidence compliance with, the terms, conditions, or provisions of this authorization and all acts and things whether heretofore or hereafter done or performed by and of the officers of this board which are in conformity with the intents and purposes of this authorization shall be and the same are hereby in all respects ratified, confirmed, and approved. I concur. On motion of Mr. Hahn, the recommendations were approved by the following vote: Aye, Mr. Forsyth, Mrs. Gravenhorst, Mr. Hahn, Mr. Howard, Mrs. Shepherd, Miss Smith, Mr. Wolff; no, none; absent, Mr. Logan, Governor Thompson. (Mrs. Galder asked to be recorded as not voting.)
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