Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 208]

EXTRACTED TEXT FROM PAGE:

1958]

UNIVERSITY OF ILLINOIS

205

The estimated cost of said Project A is $3,150,000 exclusive of land and exclusive of any pro rata part of the University power and heating plant serving the project and the estimated cost of each portion of said Project A 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 A, that the University borrow the sum of Three Million One Hundred Fifty Thousand Dollars ($3,150,000), and in evidence thereof to issue its Housing Revenue Bonds hereunder in said principal amount. SECTION 2.03. Terms of Series A Bonds and Series B Bonds. The Bonds to be initially issued hereunder shall be substantially in the form and of the tenor and purport hereinafter set forth and shall be limited to the aggregate principal amount of Three Million One Hundred Fifty Thousand Dollars ($3,150,000) at any one time outstanding, One Million Six Hundred Twenty-Five Thousand Dollars ($1,625,000) of which shall be designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds o"f 1958, Series A" (hereinafter called "Series A Bonds"), and the remaining One Million Five Hundred TwentyFive Thousand Dollars ($1,525,000) principal amount thereof shall be designated "The Board of Trustees of The University of Illinois Housing Revenue Bonds of 1958, Series B" (hereinafter called "Series B Bonds"). The Series A Bonds and the Series B Bonds shall be issued as negotiable coupon bonds dated October 1, 1958, 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 I, 1959, in which case they shall be dated October 1, 1958. 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 may be designated by the Comptroller and shall be issued in denominations of $1,000 or multiples thereof, shall bear interest from October 1, 1958, payable semi-annually on the first days of April and October in each year until paid, commencing April 1, 1959, at the rates provided below and shall mature in the following amounts on October 1 of the following years: Year of Maturity i960 1961 1962 1963 1964 1965 1966 1967 1968 1969 197° 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 Series A Bonds Amount Interest Rate $ 15,000 10 % 20,000 10 % 20,000 10 % 20,000 10 % 25,000 10 % 25,000 10 % 25,000 10 % 30,000 5 % 35,ooo 3.5% 35,ooo 3.5% 35,ooo 3.5% 40,000 3.5% 40,000 3.7% 40,000 3.7% 40,000 3.7% 45,ooo 3.7% 45,ooo 3.8% 45,ooo 3.8% 50,000 3.8% 50,000 3.8% 50,000 3.9% 55,ooo 3.9% 55,ooo 3.9% 60,000 3.9% 60,000 4 % 65,000 4 % 65,000 4 % Series B Bonds Amount Interest Rate $ 15,000 3% 15,000 3% 15,000 3% 20,000 3% 20,000 3% 20,000 3% 25,000 3% 25,000 3% 30,000 3% 30,000 3% 35,ooo 3% 35,ooo 3% 35,ooo 3% 40,000 3% 40,000 3% 40,000 3% 40,000 3% 45,ooo 3% 45,ooo 3% 45,ooo 3% 50,000 3% 50,000 3% 55,ooo 3% 55,ooo 3% 60,000 3% 60,000 3% 65,000 3%