Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 499]

EXTRACTED TEXT FROM PAGE:

496

BOARD OF TRUSTEES

[June 23

be deemed to be covenants, stipulations, obligations and agreements of the University to the full extent authorized by law and permitted by the Constitution of the State of Illinois, and no covenants, stipulations, obligations or agreements contained herein shall be deemed to be a covenant, stipulation, obligation or agreement of any present or future officer, agent or employee of the University in his individual capacity, and no officer executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issue thereof. N o officer, agent or employee of the University shall incur any personal liability in acting or proceeding or in not acting or not proceeding in good faith, reasonably and in accordance with the terms of this Resolution and applicable law. SECTION 12.10. Resolution Effective come effective upon its passage. on Passage. This Resolution shall bePresident Attest: Secretary

STATE OF ILLINOIS ) COUNTY OF CHAMPAIGN] '

I, , do hereby certify that I am the duly elected, qualified and acting Secretary of T h e Board of Trustees of the University of Illinois, and as such official have charge and custody of the minutes and records of said Board of Trustees. I further certify that the attached resolution is a true, correct and exact copy of the original resolution adopted by T h e Board of Trustees of the University of Illinois at its legally convened meeting held on the day of _ , 19.- , all as appears of record in my office. I N W I T N E S S WHEREOF I have hereunto set my hand and the seal of said University this day of , 19 Secretary as aforesaid.

This resolution was adopted by the following vote: Aye, Mr. Clement, Mr. Harewood, Mr. Herrick, Mr. Hughes, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Stratton, Mr. Wilkins.

RESOLUTION ON ASSEMBLY HALL B O N D S P U R C H A S E AGREEMENTS

Mr. Swain, for the Finance Committee, offered the following resolution, and moved its adoption:

Resolved by The Board of Trustees of the University of Illinois (hereinafter called the "University") as follows: WHEREAS, The University has heretofore determined that it is necessary to borrow money and issue and sell its revenue bonds in order to produce the funds necessary to construct and equip an Assembly Hall, and the officers of the University have negotiated separate Bond Purchase Agreements (hereinafter sometimes called "Purchase Agreements") with fourteen Insurance Companies as follows: Allstate Insurance Company, Allstate Life Insurance Company, Continental Casualty Company, T h e Lincoln National Life Insurance Company, State Farm Mutual Automobile Insurance Company, State Farm Life Insurance Company, State Farm Fire and Casualty Company, Connecticut General Life Insurance Company, Country Life Insurance Company, General American Life Insurance Company, Nationwide Life Insurance Company, Nationwide Mutual Insurance Company, Mutual Trust Life Insurance Company, and North American Life Insurance Company of Chicago (said Insurance Companies being hereinafter sometimes referred to as "Purchasers"), providing for the sale to said Purchasers of $7,750,000 aggregate principal amount of Assembly Hall Revenue Bonds, Series