Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1396]

EXTRACTED TEXT FROM PAGE:

1962]

U N I V E R S I T Y OF I L L I N O I S

1393

MENTING A RESOLUTION DULY ADOPTED BY THE BOARD OF TRUSTEES OF THE U N I VERSITY O F I L L I N O I S O N J U N E 2 3 , 1959.

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 make certain improvements, additions, and modifications in the construction and equipping of the Assembly Hall (the "Project") now in the process of construction; and WHEREAS, in order to provide funds for such improvements, additions, and modifications 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 1961, and all laws amendatory thereof and supplemental thereto; and WHEREAS, The Board of Trustees of the University of Illinois on June 23, 1959 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 $7,750,000 consisting of Bonds designated "The Board of Trustees of the University of Illinois Assembly Hall Revenue Bonds, Series 1959"; 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 $600,000 at any one time outstanding, to be known as "The Board of Trustees of the University of Illinois Assembly Hall Revenue Bonds, Series 1962" (hereinafter called "Series 1962 Bonds"). Now, Therefore, Be It Resolved by The Board of Trustees of the University of Illinois: ARTICLE ONE

SERIES 1962 BONDS AND THE ISSUANCE THEREOF

SECTION 1.1. Purpose of Issue of Series 1962 Bonds. The estimated cost of providing certain improvements, additions, and modifications to the Project deemed by The Board of Trustees to be necessary and desirable is $600,000, all as more fully set forth in change orders or in the plans and specifications therefor on file with the Comptroller of the University, and it is hereby determined that in order to produce the funds necessary to provide such improvements, additions, and modifications of the Project, that the University borrow the sum of Six Hundred Thousand Dollars ($600,000) and in evidence thereof to issue additional Assembly Hall Revenue Bonds hereunder in said principal amount. SECTION 1.2. Terms of Series 1962 Bonds. There is hereby created and authorized a series of Bonds to be issued hereunder which shall be substantially in the form and of the tenor and purport hereinafter set forth, to be designated "The Board of Trustees of the University of Illinois Assembly Hall Revenue Bonds, Series 1962" (hereinafter called "Series 1962 Bonds") and shall be limited to the aggregate principal amount of Six Hundred Thousand Dollars ($600,000) at any one time outstanding. The Series 1962 Bonds shall be issued as negotiable coupon bonds dated March 1, 1962, registrable as to principal in the denomination of $1,000 or as fully registered Bonds without coupons, dated as of the interest payment date to which interest was last paid, next preceding the date of issue, unless on an interest payment date on which interest was paid, in which case they shall be dated as of the date of issue, or unless issued prior to October 1, 1962, in which case they shall be dated March 1, 1962. Fully registered Bonds without coupons, shall be numbered in such manner as may be designated by the Comptroller and shall be issued in denominations of $1,000 or multiples thereof. The Series 1962 Bonds shall bear interest from March 1, 1962, payable semi-annually on the first days of April and October in each year until paid, commencing October 1, 1962, at the rate of four per cent ( 4 % ) per annum and shall be expressed to mature on October 1, 1985. The Series 1962 Bonds shall be redeemable prior to their maturity at the