Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 471]

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BOARD OF T R U S T E E S

[June 23

Resolution Authorizing $7,750,000 Assembly Hall Revenue Bonds, Series 1959 A R E S O L U T I O N A U T H O R I Z I N G A N D P R O V I D I N G F O R T H E ISSUANCE OF REVENUE BONDS FOR T H E PURPOSE OF PAYING THE COST O F ACQUIRING, CONSTRUCTING, EQUIPPING, ENLARGING OR I M P R O V I N G A N A S S E M B L Y H A L L I N T H E V I C I N I T Y O F FLORIDA A V E N U E AND FIRST S T R E E T IN T H E CITY OF CHAMPAIGN I L L I N O I S , BY T H E B O A R D O F T R U S T E E S O F T H E U N I V E R S I T Y OF I L L I N O I S , S E T T I N G F O R T H T H E T E R M S U N D E R W H I C H SUCH REVENUE BONDS ARE TO BE ISSUED, PROVIDING FOR THE RIGHTS OF T H E HOLDERS THEREOF, AND PROVIDING FOR THE ACQUISITION, CONSTRUCTION, AND EQUIPMENT O F SUCH FACILITIES, AND T H E MANAGEMENT, MAINTENANCE, IMPROVEMENT, AND OPERATION THEREOF. 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 required for the good and benefit of the University of Illinois and the best interests of its students and faculty to construct and equip an Assembly Hall (hereinafter sometimes called the "Project") having a seating capacity of approximately 18,500 persons; and WHEREAS, In order to produce the funds necessary to construct and equip said Project 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 thereto; 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 "Authorized Officer" shall mean the President, any Vice-President, the Secretary, any Assistant Secretary, the Treasurer or the Comptroller of the Board of Trustees, or any other person authorized by resolution of the Board of Trustees, to perform the act or sign the document in question. T h e 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. T h e term "Bonds" shall mean and include any and all bonds of all series, issued under this Resolution. 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. T h e term "facilities" shall mean the Project and all additional facilities financed pursuant to this Resolution, the cost of which is paid in whole or in part through the issuance of Bonds. T h e 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. T h e 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 issued and delivered but which