Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1466]

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1962]

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

1463

SECTION 1.2. Supplementation of Revenues. It is hereby determined by the Board of Trustees and it is hereby covenanted that in view of the additional issue of Bonds to be outstanding it is necessary to supplement the revenues to be derived from the facilities by a further use of student tuitions which are authorized by law to be retained in the Treasury of the University and therefore the limitation contained in clause (b) of Section 5.03 of the Original Resolution as supplemented by Section 1.2 of each of the First, Second, Third and Fourth Supplemental Resolutions be and the same is hereby increased by an amount equal to $50,000 so that such supplementation shall henceforth be an amount not to exceed in any one fiscal year the lesser of (a) an amount which when added to the revenues to be derived from the facilities will be sufficient to meet the annual operating expenses of the facilities and to provide for the payments required to be made into the Bond and Interest Sinking Fund established for the benefit of the Bonds in subsection (b) of Section 5.02 of the Original Resolution, or (b) $860,000 plus such additional sums as may be specified in any other resolution supplemental to the Resolution as supplemented hereby, creating or authorizing the issuance of additional Bonds. ARTICLE TWO

1962 SERIES A BONDS AND THE ISSUANCE THEREOF

SECTION 2.1. Project F and Purpose of Issue of Bonds. The project (hereinafter designated "Project F " ) to be acquired, constructed, equipped and completed pursuant to this Fifth Supplemental Resolution is described in a general way as: Apartments for 160 married students, to be known as Orchard Downs Addition, to be located south of the Orchard Downs Apartments (item 2 of Project D as described in the Third Supplemental Resolution). The estimated cost of said Project F is $2,100,000 exclusive of land and exclusive of any pro rata share of the University power and heating plant serving the Project, but including the cost of extending utilities to the Project. The estimated cost of each portion of said Project F is more fully set forth in the plans and specifications therefor on file with the Comptroller of the University. It is hereby determined that in order to produce the funds necessary to construct and equip Project F that the University borrow the sum of $2,100,000 and in evidence thereof to issue its Housing Revenue Bonds hereunder in said principal amount. SECTION 2.2. Terms of 1962 Series A Bonds. There is hereby created and authorized an additional series of Bonds to be issued under the Resolution as supplemented by this Fifth Supplemental Resolution to be substantially in the form and of the tenor and purport hereinafter set forth and limited to the aggregate principal amount of Two Million One Hundred Thousand Dollars ($2,100,000) at any one time outstanding, which shall be designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1962, Series A" (hereinafter called "1962 Series A Bonds"). The 1962 Series A Bonds shall be issued as negotiable coupon Bonds dated April 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 issued 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 April 1, 1962. Each fully registered Bond without coupons shall be of a single maturity. Fully registered Bonds without coupons, shall be numbered m such manner satisfactory to the Trustee as may be designated by the Comptroller and shall be issued in denominations of $1,000 or multiples thereof, shall bear interest from April 1, 1962, payable semiannually on the first days of April and October in each year until paid, commencing October 1, 1962, at the rates provided Mow and shall mature in the following amounts on October 1 of the following years: