Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 445]

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442

BOARD OF TRUSTEES

[June 23

First Supplemental Housing Revenue Bond Resolution Supplementing Resolution Approved December 17, 1958, and Creating $110,000 Housing Revenue Bonds of 1959, Series A, and $1,530,000 Housing Revenue Bonds of 1959, Series B. A RESOLUTION CREATING AND AUTHORIZING T H E ISSUF A U T H E N T I C A T I O N , A N D D E L I V E R Y O F $110,000 H O U S I N G R E V E N U E B O N D S O F 1959, S E R I E S A, A N D $1,530,000 H O U S I N G R E V E N U E B O N D S O F 1959, S E R I E S B, A N D S U P P L E M E N T I N G A R E S O L U T I O N D U L Y A D O P T E D BY T H E B O A R D O F T R U S T E E S O F T H E UNIVER S I T Y O F I L L I N O I S O N D E C E M B E R 17, 1958. WHEREAS, T h e Board of Trustees of the University of Illinois, on due consideration and investigation, does now find and determine that it is advisable and necessary and in the interests of the University of Illinois and the welfare of its students and faculty to construct and equip additional buildings and related facilities for the purpose of housing its students and staff; and WHEREAS, in order to provide such facilities it is advantageous to the University and necessary that the University borrow money and issue and sell revenue bonds under the provisions of paragraphs 48.1 through 48.7 of Chapter 144 of the Illinois Revised Statutes, 1957, and all laws amendatory thereof and supplemental t h e r e t o ; and WHEREAS, T h e Board of Trustees of the University of Illinois on December 17, 1958, did duly adopt a resolution (herein sometimes called "Original Resolution") providing for the issuance of revenue bonds and under the terms of said Original Resolution did create and issue an initial issue of Bonds in the aggregate principal amount of $3,150,000 consisting of Bonds designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1958, Series A," and " T h e Board of Trustees of the University of Illinois Housing Revenue Bonds of 1958, Series B," in the principal amounts of $1,625,000 and $1,525,000, respectively; and WHEREAS, T h e Board of Trustees of the University of Illinois now desires to create and to authorize the issue, authentication and delivery of an additional issue of Bonds under and in accordance with the Original Resolution as supplemented by this First Supplemental Resolution thereto which additional Bonds are to be limited to the aggregate principal amount of $1,640,000 at any one time outstanding, $110,000 of which shall be known as " T h e Board of Trustees of the University of Illinois Housing Revenue Bonds of 1959, Series A" (hereinafter called "1959 Series A Bonds") and $1,530,000 of which shall be known as "The Board of Trustees of the University of Illinois H o u s i n g Revenue Bonds of 1959, Series B " (hereinafter called "1959 Series B B o n d s " ) . Now, Therefore, Be It Resolved by The Board of Trustees of the University of Illinois: ARTICLE ONE

SUPPLEMENTARY PROVISIONS RELATING TO INCOME AND THE APPLICATION THEREOF

SECTION I . I . Pledge of Revenues. T h e pledge of the revenues (including the revenues to be derived from the operation of Project B hereinafter mentioned) contained in Section 5.01 of the Original Resolution is hereby ratified and confirmed and all revenues to be derived from the operation of Project B are hereby specifically pledged for the purposes mentioned in said Section 5.01 of the Original Resolution. SECTION 1.2. Supplementation of Revenues. It is hereby determined by the Board of Trustees and it is hereby covenanted that in view of the additional issue of Bonds to be outstanding it is necessary to supplement the revenues to be derived from the facilities by a further use of student tuitions which are authorized by law to be retained in the T r e a s u r y of the University and therefore the limitation contained in clause (b) of Section 5.03 of the Original Resolution be and the same is hereby increased by an amount equal to $35,000 so that such supplementation shall henceforth be an amount not to exceed in any one fiscal year the lesser of ( a ) an amount which when added to the revenues to be derived from the facilities will be sufficient to meet the annual operating expenses ot the facilities and to provide for the payments required to be made into the Bond and Interest Sinking F u n d established for the benefit of the Bonds m