Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1028]

EXTRACTED TEXT FROM PAGE:

1959]

UNIVERSITY OF ILLINOIS

I025

Board of Trustees and it is hereby covenanted that in view of the additional issue of Bonds to be outstanding it is necessary to supplement the revenues to be derived from the facilities by a further use of student tuitions which are authorized by law to be retained in the Treasury of the University and therefore the limitation contained in clause (b) of Section 5.03 of the Original Resolution as supplemented by Section 1.2 of the First Supplemental Resolution be and the same is hereby increased by an amount equal to $300,000 so that such supplementation shall henceforth be an amount not to exceed in any one fiscal year the lesser of ( a ) an amount which when added to the revenues to be derived from the facilities will be sufficient to mtet the annual operating expenses of the facilities and to provide for the payments required to be made into the Bond and Interest Sinking Fund established for the benefit of the Bonds in subsection ( b ) of Section 502 of the Original Resolution, or (b) $450,000 plus such additional sums as may be specified in any other resolution supplemental to the Resolution as supplemented hereby, creating or authorizing the issuance of additional Bonds. ARTICLE TWO

1959 SERIES C BONDS AND 1959 SERIES D BONDS, AND THE ISSUANCE THEREOF

SECTION 2.1. Project C and Purpose of Issue of Bonds. The project (hereinafter designated "Project C") to be acquired, constructed, equipped and completed pursuant to this Second Supplemental Resolution is described in a general way as: A residence hall to be located at the northwest corner of Euclid Avenue and Peabody Drive, Champaign, Illinois, consisting of three housing buildings and one food service building for approximately 1494 single undergraduate students, sometimes known as the Peabody Drive Residence Halls, plus movable equipment for university residence halls. The estimated cost of said Project C is $6,900,000 exclusive of land and exclusive of any prorata share of the University power and heating plant serving the project and the estimated cost of each portion of said Project C is more fully set forth in the plans and specifications therefor on file with the Comptroller of the University. It is hereby determined that in order to produce the funds necessary to construct and equip Project C that the University borrow the sum of $6,900,000 and in evidence thereof to issue its Housing Revenue Bonds hereunder in said principal amount. SECTION 2.2. Terms of 1959 Series C Bonds and 1959 Series D Bonds, There is hereby created and authorized two additional series of Bonds to be issued under the Resolution as supplemented by this Second Supplemental Resolution to be substantially in the form and of the tenor and purport hereinafter set forth and limited to the aggregate principal amount of Six Million Nine Hundred Thousand Dollars ($6,900,000) at any one time outstanding, Three Million Four Hundred Fifty Thousand Dollars ($3,450,000) of which shall be designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1959, Series C" (hereinafter called "1959 Series C Bonds"), and the remaining Three Million Four Hundred Fifty Thousand Dollars ($3,450,000) principal amount thereof shall be designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1959, Series D " (hereinafter called "1959 Series D Bonds"). The 1959 Series C Bonds and the 1959 Series D Bonds shall be issued as negotiable coupon Bonds dated October 1, 1959, registrable as to principal in the denomination of $1,000 or as fully registered Bonds without coupons, dated as of the interest payment date to which interest was last paid, next preceding the date of issue, unless issued on an interest payment date on which interest was paid, in which case they shall be dated as of the date of issue, or unless issued prior to April 1, i960, in which case they shall be dated October 1, 1959. Each fully registered Bond without coupons shall be of a single maturity. Fully registered Bonds without coupons shall be numbered in such manner satisfactory to the Trustee as way be designated by the Comptroller and shall be issued in denominations of $1,000 or multiples thereof, shall bear interest from October 1, 1959, payable semiannually on the first days of April and October in each year until paid, commencing April i, ip6o) a t the rates provided below and shall mature in the following founts on October 1 of the following years: