Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 236]

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1960]

UNIVERSITY OF ILLINOIS

233

Now, Therefore, Be It Resolved by the Board of Trustees of the University of Illinois: ARTICLE ONE DEriHrriONs Unless the context otherwise requires, the terms denned in this Article One shall for all purposes of this Resolution and of any resolution supplemental hereto, have the meanings herein specified, the following definitions to be equally applicable both to the singular and plural forms of any of the terms herein defined: The term "Authorised Officer" shall mean the President, Secretary, Treasurer or Comptroller of the Board of Trustees, or any other person authorized by resolution of the Board of Trustees, to perform the act or sign the document in question. The term "Board of Trustees" and the term "University" shall mean The Board of Trustees of the University of Illinois, a body corporate, created and established under the laws of the State of Illinois. The term "Bonds" shall mean and include any and all bonds of all series, issued under this Resolution. The term "Comptroller" shall mean the Comptroller of the University or such other person as may at the time be the acting chief fiscal officer of the University. The term "facilities" shall mean the present Mini Union Building and the Project and all additional facilities financed pursuant to this Resolution, the cost of which is paid in whole or in part through the issuance of Bonds. The term "fiscal year" shall mean the twelve month accounting period established by the University for its academic operations, which currently is the period from July I through the following June 30, The term "Net Income Available for Debt Service" shall mean at any date as of which the amount thereof is to be determined the sum of (a) the average net income for the two preceding fiscal years of all revenue producing facilities pledged for the payment of Bonds and used and occupied during all of said preceding two fiscal years; plus (b) the net income during the preceding fiscal year of all revenue producing facilities pledged for the payment of Bonds and used and occupied during all of said preceding fiscal year but not during all of the two preceding fiscal years; plus (c) the estimated annual net income of all revenue producing facilities for the account of which Bonds have been issued and delivered but which are under construction or for which a full fiscal year's operating experience is not available; plus (d) the estimated annual net income of revenue producing facilities not then completed, the cost of which is to be financed through the proceeds of the sale of additional Bonds at the time proposed to be issued; plus (e) the income during the preceding fiscal year from investments of funds in the Illini Union and Health Center Bond and Interest Sinking Fund Account. For the purpose of this definition net income shall be determined by deducting from the gross revenues or estimated gross revenues for the period in question (which revenues shall include student service charges for the use of the facilities pledged for the payment of all Bonds then outstanding and then to be issued) all operating expenses or estimated operating expenses for such period and the amounts required to be credited to the Improvement and Replacement Reserve. In the computation of estimates provided for in this definition, student service charges shall be based on the student enrollment during the immediately preceding fiscal year and other revenues and operating expenses shall be estimated in writing by an independent consulting engineer. All computations of Net Income Available for Debt Service shall be made by the Comptroller of the university who shall certify thereto, and whose certificate shall be accompanied by a certificate signed by a nationally recognized firm of independent public accountants (which accountant's certificate may state that it is made in reliance