Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1027]

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1024

BOARD OF TRUSTEES

[October 21

Second Supplemental H o u s i n g Revenue Bond Resolution Supplementing Resolution Approved December 17, 1958, and Creating $3,450,000 Housing Revenue Bonds of 1959, Series C, and $3,450,000 Housing Revenue Bo'nrk of 1959, Series D. A R E S O L U T I O N C R E A T I N G A N D A U T H O R I Z I N G T H E I S S U E All T H E N T I C A T I O N A N D D E L I V E R Y O F $3,450,000 H O U S I N G REVENUF B O N D S O F 1959, S E R I E S C, A N D $3,450,000 H O U S I N G R E V E N U E BONDS O F 1959, S E R I E S D A N D S U P P L E M E N T I N G A R E S O L U T I O N DULY A D O P T E D BY T H E B O A R D O F T R U S T E E S O F T H E U N I V E R S I T Y OF I L L I N O I S O N D E C E M B E R 17, 1958. WHEREAS, T h e Board of Trustees of the University of Illinois, on due consideration and investigation, does now find and determine that it is advisable and necessary and in the interests of the University of Illinois and the welfare of its students and faculty to construct and equip additional buildings and related facilities for the purpose of housing its students and staff; and WHEREAS, in order to provide such facilities it is advantageous to the University and necessary that the University borrow money and issue and sell revenue bonds under the provisions of paragraphs 48.1 through 48.7 of Chapter 144 of the Illinois Revised Statutes 1957, and all laws amendatory thereof and supplemental thereto; and WHEREAS, The Board of Trustees of the University of Illinois on December 17, 1958 did duly adopt a resolution (herein sometimes called "Original Resolution") providing for the issuance of revenue bonds and under the terms of said Original Resolution did create and issue an initial issue of Bonds in the aggregate principal amount of $3,150,000 consisting of Bonds designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1958, Series A," and "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1958, Series B," in the principal amounts of $1,625,000 and $1,525,000, respectively; and WHEREAS, T h e Board of Trustees of the University of Illinois on June 23, 1959, did duly adopt a First Supplemental Resolution providing for the issuance of revenue bonds and under the terms of the Original Resolution as supplemented thereby (said Original Resolution as so supplemented by said First Supplemental Resolution being herein sometimes called the "Resolution") did create and issue additional Bonds in the aggregate principal amount of $1,640,000 consisting of Bonds designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1959, Series A," and "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1959, Series B," in the principal amounts of $110,000 and $1,530,000 respectively; and WHEREAS, The Board of Trustees of the University of Illinois now desires to create and to authorize the issue, authentication and delivery of an additional issue of Bonds under and in accordance with the Resolution as supplemented by this Second Supplemental Resolution thereto, which additional Bonds are to be limited to the aggregate principal amount of $6,900,000 at any one time outstanding, $3,450,000 of which shall be known as "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1959, Series C" (hereinafter called "i959 Series C Bonds") and $3,450,000 of which shall be known as "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1959, Series D (hereinafter called "1959 Series D Bonds"). Now, Therefore, Be It Resolved by T h e Board of Trustees of the University of Illinois: ARTICLE ONE

SUPPLEMENTARY PROVISIONS RELATING TO INCOME AND THE APPLICATION THEREOF

SECTION I . I . Pledge of Revenues. T h e pledge of the revenues (including the revenues to be derived from the operation of Project C hereinafter mentioned; contained in Section 5.01 of the Original Resolution and Section 1.1 of the Hrst Supplemental Resolution is hereby ratified and confirmed and all revenues to D derived from the operation of Project C are hereby specifically pledged for tne purposes mentioned in said Section 5.01 of the Original Resolution. SECTION 1.2. Supplementation of Revenues. It is hereby determined by the