Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1391]

EXTRACTED TEXT FROM PAGE:

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BOARD OF TRUSTEES

[June 14

T H E BOARD OF TRUSTEES O F THE UNIVERSITY OF ILLINOIS Attest: Secretary Member ARTICLE T H R E E

MISCELLANEOUS

By.

_ President Member

SECTION 3.1. Application of Bond Proceeds. T h e Board of Trustees hereby determines that Project D will become revenue producing on or about September 30, 1961, and therefore that portion of the proceeds of the i960 Series A Bonds representing the interest accrued on such Bonds to the date of payment therefor shall, together with an amount equal to the interest to accrue on such Bonds through September 30, 1961, be deposited with the Trustee in the Bond and Interest Sinking Fund Account as required by Section 6.01 of the Resolution. The balance of said proceeds of the i960 Series A Bonds shall, as required by Section 6.01 of the Resolution, be deposited in a bank or banks which are members of the Federal Deposit Insurance Corporation and shall be accounted for as one or more separate funds. The application of the funds in such accounts and the disposition thereof shall in all respects comply with all the terms and provisions of Article Six of the Resolution, subject to the terms and provisions of any contract or agreement permitted by or contemplated in said Article Six between the Board of Trustees and any original purchaser of such Bonds. SECTION 3.2. Interpretation and Construction. This Third Supplemental Resolution is supplemental to and is adopted in acordance with Sections 2.06 and 4.02 of the Resolution. In all respects not inconsistent with this Third Supplemental Resolution, the Resolution is hereby ratified, approved and confirmed, and all of the definitions, terms, covenants and restrictions of the Resolution shall be applicable to the additional Bonds authorized by this Third Supplemental Resolution and the proceeds thereof except as otherwise expressly provided. All of the terms and provisions of this Third Supplemental Resolution shall be deemed to be a part of the terms and provisions of the Resolution, and the Resolution and this Third Supplemental Resolution shall be read, taken and construed as one and the same insrument. In executing or authenticating any Bond authorized by this Third Supplemental Resolution the Trustee and each officer, agent or employee of the University shall be entitled to all of the privileges and immunities afforded to them under the terms of the Resolution. SECTION 3.3. Resolution effective upon its passage. Effective on Passage. This Resolution shall become President Attest: Secretary

STATE OF ILLINOIS 1 COUNTY OF CHAMPAIGN j

s s

I, , do hereby certify that I am the duly elected, qualified and acting Secretary of T h e Board of Trustee of the University of Illinois, and as such official have charge and custody of the minutes and records of said Board of Trustees. I further certify that the attached resolution is a true, correct and exact copy of the original resolution adopted by T h e Board of Trustees of the University of Illinois at its legally convened meeting held on the 14th day of June, i960, all as appears of record in my office. I N W I T N E S S WHEREOF I have hereunto set my hand and the seal of said University this day of , 19 Secretary as aforesaid.