Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1464]

EXTRACTED TEXT FROM PAGE:

1962]

UNIVERSITY OF ILLINOIS SALE OF BONDS FOR ORCHARD DOWNS ADDITION

1461

(34) Bids were received at 11:00 a.m., May 24, 1962, for the sale of $2,100,000 of "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1962, Series A" to finance construction of the Orchard Downs Addition:

Company White, Weld, and Company, and Associates Eastman Dillon, Union Securities and Company John Nuveen and Company, and Associates F. S. Smithers and Company, and Associates B. J. Van Ingen and Company Price $2 080 008 00 2 091 915 00 2 080 000 00 2 081 184 00 2 080 369 20 Interest Rates 3M, 3 J 4 3.70, 3.80, 3 ^ 3,3^,3.60, 3M, Ws 3 J 4 3.60,3%, 3.80, 3% 4MA,33A, Effective Total Interest Interest Rates Cost 3.7302 $1 953 514 50 3.7656 3.7657 3.7894 3.81525 1 972 085 00 1 972 115 00 1 984 522 25 1 998 048 30

3^,3M

3.80, 3.85

3H,iV2,m,

The Vice-President and Comptroller recommended that the bonds be sold to White, Weld, and Company and Associates at a price of $2,080,008 plus accrued interest and at an effective interest rate of 3.7302, which represents the lowest interest cost to the University. On motion of Mr. Williamson, this recommendation was approved by the following vote: Aye, Mr. Clement, Mr. Dilliard, Mr. Harewood, Mr. Pogue, Mr. Swain, M r s . Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Hughes, Mr. Johnston, Mr. Kerner.

HOUSING REVENUE BONDS OF 1 9 6 2 , SERIES A

(35) The Vice-President and Comptroller presents the Fifth Supplemental Housing Revenue Bond Resolution supplementing the Resolution approved December 17, 1958, and creating $2,100,000 Housing Revenue Bonds of 1962, Series A, and recommends its adoption. He also recommends that the Board: Authorize the retention of the firm of Chapman and Cutler, Chicago, as counsel for the bond issue; Ratify and confirm the action of the Comptroller in advertising for the sale of bonds; Authorize the execution of the bonds by A. J. Janata, Secretary of the Board, by the facsimile signatures of the President of the Board, and by the facsimile signatures of Frances B. Watkins, Timothy W. Swain, Members of the Board; Authorize the Comptroller and Treasurer to deliver the Series A Bonds of 1962 to White, Weld, and Company, and Associates; Ratify and confirm all actions taken or to be taken by the officers and members of the Board in connection with the sale and delivery of the Bonds. I concur. On motion of Mr. Williamson, these recommendations were approved, authority was given as requested, and all actions taken or to be taken in connection with the sale and delivery of the bonds were confirmed. This action was taken by the following vote: Aye, Mr. Clement, M r . Dilliard, Mr. Harewood, Mr. Pogue, Mr. Swain, M r s . Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Hughes, Mr. Johnston, M r . Kerner.