Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 583]

EXTRACTED TEXT FROM PAGE:

572

BOARD O F

TRUSTEES

[May 8

1. Approval of the Official Statement for the Board of Trustees of the University of Illinois Auxiliary Facilities System Revenue Bonds, Series 1986 (Refunding and Improvement) (the "Bonds"). 1 2. Adoption of a Resolution authorizing and providing for the issuance of the bonds, and supplementing resolutions duly adopted by the Board of Trustees of the University of Illinois dated September 20, 1984, and June 20, 1985. 1 3. Approval of the Bond Purchase Agreement with John Nuveen & Co. Incorporated and Stifel, Nicolaus & Company Incorporated, as representatives of the purchasers, wherein the purchasers, jointly and severally, agree to purchase from the board and the board agrees to sell to the purchasers all (but not less than all) of the bonds, dated as of their date of issuance and delivery, in an aggregate original principal amount as determined by the comptroller, maturing no later than April 1, 2009, and bearing interest at a rate or rates such that the gross debt service of the system after the issuance of Series 1986 bonds will not exceed its current amount in any Fiscal Years 1987 through 2009.' 4. Approval of the Escrow Agreement with the First National Bank of Chicago, Chicago, Illinois, to serve as Escrow Agent, as defined in the Bond Resolution. 1 5. Authorization of the First National Bank of Chicago, Chicago, Illinois, to be the depositary for the construction fund defined in the Resolution referred to in paragraph (2). 6. Approval of the Contract for Professional Services with Chapman and Cutler to serve as bond counsel in connection with the issuance of the bonds. 1 7. Authorization for the comptroller of the board to give notice of the advance refunding by the board of certain outstanding revenue bonds of the board payable from the net revenues of the Auxiliary Facilities System of the University of Illinois. 8. 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 bonds to the purchasers. 9. T h a t the comptroller and other authorized officers of this 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 the Official Statement, the Bond Resolution, the Escrow Agreement, and the Contract of Purchase 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 these resolutions shall be and the same are hereby, in all respects, ratified, confirmed, and approved.

On motion of Mr. Howard, these recommendations were approved by the following vote: Aye, Mrs. Day, Mr. Forsyth, Mrs. Gravenhorst, Mr.

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 th name and on behalf of the board is 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 by the Executive Committee of the board, to which authority for such approval is delegated by the board. 1 A copy has been filed with the secretary of the board for recora.