Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 314]

EXTRACTED TEXT FROM PAGE:

1985]

UNIVERSITY OF ILLINOIS

303

conformity with the intents and purposes of these resolutions shall be and the same are hereby in all respects, ratified, confirmed, and approved. O n m o t i o n of M r . L o g a n , t h e s e r e c o m m e n d a t i o n s w e r e a p p r o v e d by the f o l l o w i n g v o t e : Aye, M r s . D a y , M r . F o r s y t h , M r s . G r a v e n h o r s t , M r . H a h n , M r . H o w a r d , M r . L o g a n , M r . M a d d e n , M r s . S h e p h e r d , Miss S m i t h ; no, n o n e ; absent, Governor T h o m p s o n . ( T h e student advisory vote was: Aye, M r . L a m m , M r . P i t t m a n ; no, none.)

Report of Actions on Series 1985A Bonds and Authorizations with Respect to Series 1985B Bonds (Construction Engineering Research Laboratory)

(20) The president reports that: (1) the $2,700,000 University of Illinois Revenue Bonds, Series 1985A (U.S. Army Corps of Engineers Construction Engineering Research Laboratory) have been sold and delivered to Allstate Insurance Company and a wholly owned subsidiary, at a rate of 9.70 percent; (2) the Construction Engineering Research Laboratory has been conveyed by the University of Illinois Foundation to the board; (3) the Lease, No. DACA-23-5-68-213, as supplemented, among the board, the Foundation, and the United States of America, acting through the U.S. Army Corps of Engineers, has been executed by and assigned to the board; and (4) provision has been made for the payment of the outstanding bonds of the Foundation. In order to: (a) provide funds for a $1,650,000 addition to the Construction Engineering Research Laboratory; (b) supplement the debt-service reserve established by the Series 1985A bond resolution; (c) pay issuance costs; and (d) provide for interest during construction, it is necessary to issue a second bond series, Series 1985B, in an amount not to exceed $2,050,000. With respect to that bond series, the president, with the concurrence of the appropriate administrative officers, recommends the following: 1. Approval of the Private Placement Memorandum for the Board of Trustees of the University of Illinois Revenue Bonds, Series 1985B (U.S. Army Corps of Engineers Construction Engineering Research Laboratory) (the "Series 1985B Bonds"). 1 2. Adoption of a resolution authorizing and providing for the issuance of Revenue Bonds, Series 1985B (U.S. Army Corps of Engineers Construction Engineering Research Laboratory) of the Board of Trustees of the University of Illinois, prescribing all the details of said bonds and providing for the security and payment thereof.1 3. Approval of the Bank of Illinois in Champaign as the depositary for the construction fund created in the resolution referred to in paragraph 2, above. 1 4. Authorization for the comptroller, with the concurrence of the president of the University, to award the sale of such Series 1985B Bonds in an amount not to exceed $2,050,000, with a final maturity of April 1, 1996, and a maximum average rate not in excess of 9 percent. 5. Ratification and confirmation of all actions taken or to be taken by the officers and members of the board in connection with the sale and delivery of the Series 1958B Bonds to the purchasers.

1 A copy is filed with the secretary of the board for record, and the appropriate officers of the board are hereby authorized and directed to execute the same in the name of 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 or officers of the board executing the same, his or their 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 thereof presented to this meeting, they shall first be approved hy the Executive Committee of the board, to which authority for such approval is delegated by the board.