Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 207]

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204

BOARD OF TRUSTEES

[December 17

W i t h respect to housing facilities, the computation of estimates provided for in this definition shall be based on an assumed occupancy of not more than 95% of the housing facilities in question. All computations of Net Income Available for Debt Service shall be made by the Comptroller of the University, who shall certify thereto, and whose certificate shall be accompanied by a certificate signed by an independent public accountant or firm of independent public accountants (which accountant's certificate may state that it is made in reliance on information supplied by the University and that they have made no independent examination of the books and records of the University in connection therewith) stating that they know of no reason why such computation is incorrect. Net income for the purposes of this definition shall be determined by deducting from the gross revenues or estimated gross revenues for the period in question, all operating expenses or estimated operating expenses for such period. The term "operating expenses" shall mean and include all reasonable expenses of operation and maintenance of the facilities, including without limiting the generality of the foregoing, salaries, wages, cost of materials, supplies, insurance, light, heat, power and reasonable repairs necessary to properly maintain such facilities (including reasonable reserves therefor), taxes (if a n y ) , fees and expenses of the Trustee and paying agents and any expenses required to be paid pursuant to this Resolution but excluding depreciation, capital replacements and improvements and all general administrative expenses of the University. The term "owner" or "holder" whenever employed herein with respect to a Bond which shall be registered as to principal or fully registered without coupons shall mean the person, firm or agency in whose name such Bond shall be registered and, whenever employed herein with respect to a coupon Bond which shall not be registered as to principal or a coupon, shall mean the bearer of such Bond or coupon. The term "Resolution" shall mean this Resolution as originally adopted or as it may from time to time be supplemented, modified or amended by any resolution supplemental hereto, pursuant to the provisions hereof. The term "student tuitions" shall mean only the general student tuition charges of the University and shall not include special student fees, service charges or funds derived from any other sources. The term "Trustee" shall mean T h e First National Bank of Chicago or its successor for the time being as Trustee hereunder. The term "University Counsel" shall mean the attorney or firm of attorneys from time to time designated by the Board of Trustees. ARTICLE TWO

AUTHORIZATION, DESIGNATION, FORM, EXECUTION, AUTHENTICATION, EXCHANGE, AND REGISTRATION OF BONDS

SECTION 2.01. Limitation of Issue and Equality of Bonds. This resolution shall constitute a continuing agreement to secure the full and final payment in the manner herein provided for the principal and interest on all Bonds which may from time to time be authenticated, delivered and issued hereunder. T h e aggregate principal amount of Bonds which may be so authenticated, delivered and issued hereunder is not limited except as restricted by law or by the provisions hereof. All Bonds at any time issued and outstanding hereunder, regardless of series, shall be equally and ratably secured hereby without preference, priority or distinction. SECTION 2.02. Initial Project and Purpose of Initial Issue of Bonds. The initial project (hereinafter designated "Project A " ) to be acquired, constructed, equipped, and completed hereunder is described in a general way as: 1. One story Central Food Stores Building (for the purpose of servicing all University residence halls) to be located south of Stadium Drive and east of the Illinois Central Railroad in Champaign, Illinois; 2. One story Snack Bar and Service Building (containing facilities for mail distribution and personal services for all University men's residence halls in the immediate area) to be located at Euclid and Gregory Drive in Champaign, Illinois; and 3. Apartments for 120 married students, to be located east of Orchard Street and south of Florida Avenue in Urbana, Illinois.