Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 484]

EXTRACTED TEXT FROM PAGE:

1943]

UNIVERSITY OF ILLINOIS

48l

the laws of this State or of the United States of America, to accept and execute trusts in the State. Such trust agreements may contain any provision for the deposit with the Trustees thereunder and the disposition of the proceeds of the bonds issued under the provisions of this Act and secured thereby, and such provisions for the protection and enforcement of the rights and remedies of said Trustee and the holders of such bonds as the Board of Trustees may approve. SEC. 4. Upon the determination by the Board of Trustees to complete, construct or equip any student social center, student residence hall or building or buildings, or to pay and terminate any trust created by and between the Board of Trustees and any person, firm or corporation pursuant to any existing law involving any building used by the University for student social activities, student residence halls, or educational purposes, or to reacquire any property or interest in property used by said University for student social activities, student residence halls or educational purposes and conveyed in trust or for security by said Board of Trustees pursuant to any existing law, the Board of Trustees shall adopt a resolution describing in a general way the contemplated project, the estimated cost thereof, and fix the amount of bonds, the maturity or maturities, the interest rate, and all details in respect thereof. Such resolution shall contain such covenants and restrictions upon the issuance of additional bonds that may thereafter be issued payable from the rents, issues and profits derived from the operation of any building or buildings as may be deemed necessary or advisable for the assurance and payment of the bonds thereby authorized, and such resolution shall pledge for the maintenance and operation of any such building or buildings and for the payment of the principal of and interest upon such bonds, the revenues derived from the operation thereof. SECTION 2. T h e title of the said Act is amended to read as follows: " A n Act to authorize the Board of Trustees of the University of Illinois to provide for the payment and termination of any trust created by and between the Board of Trustees and any person or corporation pursuant to any law involving any building used by said University for student social activities or educational purposes, or for the acquiring or reacquiring of property or interest in property used by said University for student social activities or educational purposes and conveyed in connection with the creation of such trust by said Board of Trustees pursuant to any existing law, levy and collect service charges, rates or rentals for the use thereof, to complete the construction of or equip any such buildings, defining the duties of said Board with respect to operation and maintenance and construction thereof, and providing for and authorizing the issue of bonds to defray the cost thereof payable solely from the revenues derived from the operation of any such building or buildings and for the refunding of any such bonds."

Approved July 17, 1943 ELMER J. SCHNACKENBERG

DWIGHT H . GREEN, Governor

Speaker, President

House

of

Representatives

H U G H W . CROSS

of the Senate

HOUSE BILL 8 9 1 AN ACT making an appropriation for the University of Illinois. Be it enacted by the People of the State of Illinois, Assembly: represented in the General

SECTION I . There is hereby appropriated to the Board of Trustees of the University of Illinois, for personal services, the sum of Three hundred twenty thousand, two hundred sixty-two dollars ($320,262) or so much thereof as shall accrue to the State of Illinois under the provisions of an Act of Congress entitled, " A n Act to apply a portion of the proceeds of the public lands to the