Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 237]

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234

BOARD OF TRUSTEES

[December 21

on information supplied by the University and that they have made no Independent examination of the books and records of the University in connection therewith) stating that they know oE no reason why such computation is incorrect. The term "operating expenses" shall mean and include all reasonable expenses of operation and maintenance of the facilities, including without limiting the generality of the foregoing, salaries, wages, cost of materials, supplies, insurance, light, heat, power, reasonable repairs necessary to property maintain such facilities (including reasonable reserves therefor), taxes (if a n y ) , fees and expenses of the depository and paying agents and any expenses required to be paid pursuant to this Resolution but excluding depreciation, provisions for the Improvement and Replacement Reserve hereinafter provided, professional services and activities conducted in the Health Center Building1, and all general administrative expenses of the University, T h e term "owner" or "holder'' whenever employed herein with respect to a Bond which shall be registered as to principal or fully registered without coupons shall mean the person, firm or agency in whose name such Bond shall be registered and, whenever employed herein with respect to a coupon Bond which shall not be registered as t o principal or a coupon, shall mean the bearer of such Bond or coupon. The term Paying Agent" shall mean the Continental Illinois National Bank and Trust Company of Chicago or its successors in the City of Chicago, Illinois, and shall also mean the Chemical Bank New York Trust Company or its successors in the Borough of Manhattan and City and State of New York. T h e term "depository" and the term "Registration Agent" shall mean the Continental Illinois National Bank and Trust Company of Chicago or its successor in the City of Chicago, Illinois. The term "Resolution" shall mean this Resolution as originally adopted or as it may from time to time be supplemented, modified or amended by any resolution supplemental hereto, pursuant to the provisions hereof. The term "student service charge" shall mean any student fee or portion thereof assessed against students enrolled in the University for the general use of the facilities (whether assessed as a separate charge or as a specific allocation of a multi-purpose fee or charge), but shall not include general student tuitions or student fees assessed for any other purpose. ARTICLE TWO

AUTHORIZATION', DESIGNATION, FORM, EXECUTION, EXCHANGE AND REGISTRATION OF BONDS

SECTION 2.01, Limitation of Issue and Equality of Bonds. This resolution shall constitute a continuing agreement to secure trie ful! and final payment in the manner herein provided for the principal and interest on all Bonds which may from time to time be delivered and issued hereunder. The aggregate principal amount of Bonds which may be so delivered and issued hereunder is noi limited except as restricted by law or by the provisions hereof. All Bonds at any time issued and outstanding hereunder, regardless of series, shall be equally and ratably secured hereby without preference, priority or distinction. SECTION 2.02. Project and Purpose of Initial Issue of Bonds. The initial project (hereinafter called the "Project") to be acquired, constructed, eijuipy«i and completed hereunder is described in a general way a s : 1. An addition to the south of the present lllini Union Building, including relocation of general university utilities in order to clear the site, and certain other improvements to said Mini Union Building. 2. An addition to McKinley Hospital, located at 1109 South Lincoln Avenue, Urbana, Illinois, to be used as a Student Health Center. The estimated cost of said Project is $7,950,000, exclusive of land and tlw estimated cost of each portion of said Project is more lully set forth in the plaits and specifications therefor on file with the University Architect, It is hereby determined that in order to produce the funds necessary to construct and equip the Project, that the University borrow the sum of Seveu Million Nine Hundred Fifty Thousand Dollars ($7,950,000) and in evidence thereof to issue its lllini Union and Health Center Bonds hereunder in said principal amount. SECTION 2.03. Terms of Series A and B of i960 Bonds. The Bonds to I* initially issued hereunder shall be substantially in the form and of the tenor and