Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 206]

EXTRACTED TEXT FROM PAGE:

1958]

UNIVERSITY OF ILLINOIS

203

WHEREAS, F o r the purpose of issuing and selling said revenue bonds on the most advantageous basis, it is necessary that the same be secured by a pledge of the revenues of any and all such facilities of the University of Illinois, as hereinafter defined; Now, Therefore, Be It Resolved by The Board of Trustees of the University of Illinois: ARTICLE ONE

DEFINITIONS

Unless the context otherwise requires, the terms defined in this Article One shall for all purposes of this Resolution and of any resolution supplemental hereto, have the meanings herein specified, the following definitions to be equally applicable both to the singular and plural forms of any of the terms herein defined: The term "Authorised Officer" shall mean the President, any Vice-President, the Secretary, any Assistant Secretary, the Treasurer or the Comptroller of the Beard of Trustees, or any other person authorized by resolution of the Board of Trustees, to perform the act or sign the document in question. The term "Board of Trustees" and the term "University" shall mean The Board of Trustees of the University of Illinois, a body corporate, created and established under the laws of the State of Illinois. The term "Bond Counsel" shall mean counsel chosen by the University and satisfactory to the Trustee who is an attorney or firm of attorneys whose opinions as to the legality of municipal bonds or public securities issued by the State of Illinois, or agencies, institutions or political subdivisions thereof, are generally acceptable to purchasers of such securities. The term "Bonds" shall mean and include any and all bonds of all series, issued under this Resolution. The term "certified copy of a resolution" shall mean a copy of a resolution certified by the Secretary of the Board of Trustees to have been, by the requisite majority of the Board of Trustees, duly passed and adopted at a meeting thereof duly called and convened. The term "Comptroller" shall mean the Comptroller of the University or such other person as may at the time be the acting chief fiscal officer of the University. The term "facilities" shall mean all facilities financed pursuant to this Resolution, the cost of which is paid in whole or in part through the issuance of Bonds and the existing facilities mentioned in Section 5.01 from and after the date of payment in full of the currently outstanding obligations originally issued to finance the cost of construction thereof. The term "fiscal year" shall mean the twelve month accounting period established by the University for its academic operations, which currently is the period from July I through the following June 30. The term "Net Income Available for Debt Service" shall mean at any date as of which the amount thereof is to be determined the sum of (a) The average net income for the two preceding fiscal years of all revenue producing facilities pledged for the payment of Bonds and used and occupied during all of said preceding two fiscal years; plus ( b ) The net income during the preceding fiscal year of all revenue producing facilities pledged for the payment of Bonds and used and occupied during all of said preceding fiscal year but not during all of the two preceding fiscal years; plus (c) The estimated annual net income of all revenue producing facilities for the account of which Bonds have been authenticated and delivered but which are under construction or for which a full fiscal year's operating experience is not available; plus (d) The estimated annual net income of revenue producing facilities not then completed, the cost of which is to be financed through the proceeds of the sale of additional Bonds at the time proposed to be issued; plus (e) The maximum dollar amount of student tuitions pledged or to be pledged to supplement the revenues of the facilities for the payment of all Bonds then outstanding and then to be issued; plus ( f ) The income during the preceding fiscal year from investments of funds in the Bond and Interest Sinking Fund.