Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1077]

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1074

BOARD OF TRUSTEES

[November 18

handling charge for fuel will permit recovery of the costs, estimated at not more than $40,000, within five to ten years. Funds in the airplane replacement reserve can be used to finance the cost of these improvements, which will be installed by University personnel. Recommendations for equipment purchases will be submitted to the Board of Trustees in the usual manner. I concur.

On motion of Mr. Swain, this recommendation was approved. Mr. Johnston voted no.

FIRST AMENDATORY RESOLUTION TO RESOLUTION AUTHORIZING MEN'S RESIDENCE HALLS REVENUE BONDS OF 1 9 5 7 (7) T h e Vice-President and Comptroller recommends, and I concur, that the following resolution be adopted: A R E S O L U T I O N P R O V I D I N G F O R A U T H O R I Z A T I O N F O R ADDIT I O N A L I N V E S T M E N T OF F U N D S O F T H E BOND AND INTEREST S I N K I N G F U N D A C C O U N T O F T H E M E N ' S R E S I D E N C E HALLS R E V E N U E B O N D S O F 19S7 A N D P R O V I D I N G F O R A M E N D M E N T OF A R E S O L U T I O N A U T H O R I Z I N G T H E I S S U E O F M E N ' S RESIDENCE H A L L S B O N D S O F 1957 D U L Y A D O P T E D BY T H E BOARD OF T R U S T E E S O F T H E U N I V E R S I T Y O F I L L I N O I S O N M A R C H 12, 1957. WHEREAS, T h e Board of Trustees of the University of Illinois on March 12, 1957, did duly adopt a resolution authorizing the issue of Men's Residence Halls Revenue Bonds of 1957, of T h e Board of Trustees of the University of Illinois in the principal amount of $6,750,000.00 for the purpose of providing funds necessary to construct, complete, and equip additional units of the Men's Residence Halls in the City of Champaign, Illinois, fixing the date, maturities, form, and other details of said Bonds, and making covenants and provisions for the payment of said Bonds and the interest thereon, which resolution is hereinafter called "Original Resolution"; and WHEREAS, T h e Board of Trustees of the University of Illinois, subject to the concurrence of the holders of at least sixty-five (65) per cent of the bonds outstanding, now desires to amend said Original Resolution to provide for more complete investment of the funds in the Bond and Interest Sinking Fund created under said Original Resolution: Now, Therefore, Be It and It Hereby Is Resolved by T h e Board of Trustees of the University of Illinois, as follows: SECTION I . T h a t said Original Resolution be amended by adding the following sentence at the end of and to Sub-Section (b) of Section 6 of said Original Resolution: Funds of the Bond and Interest Sinking Fund Account held for payments of principal and interest required during the next succeeding twelve (12) months (excluding funds held for the payment of principal and accrued interest thereon of Bonds which have matured and excluding funds held for the payment of principal and accrued interest thereon and redemption premiums, if any, on Bonds called for redemption but unpaid) may be invested by the Depositary from time to time by written orders of the Comptroller in United Slates Government securities maturing in such manner that at all times sufficient securities will mature not later than ten (10) days prior to each of the next two succeeding interest payment dates to meet the interest and principal payments becoming due on each of said dates. SECTION 2. This resolution and the amendment herein authorized to said Original Resolution shall become effective upon the date the consent of the holders of sixty-five (65) per cent of the outstanding bonds is received m accordance with the provisions of Section 12 of said Original Resolution. In all respects not inconsistent with this first amendatory resolution, the Original Resolution is hereby ratified, approved, and confirmed. O n m o t i o n of M r . J o h n s t o n , t h e f o r e g o i n g r e c o m m e n d a t i o n was a d o p t e d b y t h e f o l l o w i n g v o t e : A y e , M r . C l e m e n t , M r . Harewood, M r . H e r r i c k , M r . J o h n s t o n , M r . S w a i n , M r s . W a t k i n s , M r . Wilkins, M r . W i l l i a m s o n ; n o , n o n e ; a b s e n t , M r . H u g h e s , M r . P o g u e , Mr. Stratton.