Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 472]

EXTRACTED TEXT FROM PAGE:

1959]

UNIVERSITY OF ILLINOIS

469

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 University income authorized by law to be retained in the treasury of the University 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 Interest Reserve Account. For the purpose of this definition net income shall be determined by deducting from the gross revenues or estimated gross revenues for the period in question (which revenues shall include student service charges for the use of the facilities pledged for the payment of all Bonds then outstanding and then to be issued) all operating expenses or estimated operating expenses for such period. In the computation of estimates provided for in this definition, student service charges shall be based on the student enrollment during the immediately preceding fiscal year and other revenues and operating expenses shall be estimated in writing by an independent consulting engineer. All computations of Net Income Available for Debt Service shall be made by the Comptroller of the University who shall certify thereto. 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 therefore), taxes (if a n y ) , fees and expenses of the 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 "Paying Agent" shall mean Sears Bank and T r u s t Company or its successors in the City of Chicago, Illinois. The term "Project Site" shall mean that parcel of real estate situated in the State of Illinois, the County of Champaign and being a part of the North one-half of Section 19, Township 19 North and Range 9 East of the Third Principal Meridian, and being more fully bounded and described as follows: "Beginning at the intersection of the south property line of Florida Avenue and the east property line of First Street, said corner being 58.02 feet distant south of the 55.0 feet distant east of the northwest corner of said Section 19, and being marked with an iron pipe; thence, southerly along the east property line of First Street, and parallel to the west Range Line of said Section 19, a distance of 1221.94 feet to the north property line of St. Mary's road, said corner being marked with an iron pipe; thence, easterly along the north property line of St. Mary's road, a distance of 1384.69 feet to the west property line of F o u r t h Street, said corner being marked with an iron pipe; thence, northerly along the west property line of Fourth Street, a distance of 1225.93 feet to the south property line of Florida Avenue, said corner being marked with an iron pin; thence, westerly along the south property line of Florida Avenue, a distance of 1371.67 feet to the place of beginning, containing 38.725 acres, more or less, excepting the south 204.70 feet of the west 116.35 feet thereof." 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 service charge" shall mean any student fee or portion thereof assessed against students enrolled in the University for the general use of the facilities (whether assessed as a separate charge or as a specific allocation