Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 343]

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340

BOARD OF TRUSTEES

[February 15

Bonds of 1956, of The Board of Trustees of the University of Illinois in the principal amount of $1,300,000 for the purpose of providing funds necessary to construct, complete, and equip additional units of the Men's Residence Halts in the City of Champaign, Illinois, fixing the date, maturities, form, and other details of said Bonds, and making covenants and provisions for the payment of said_ Bonds and the interest thereon, which resolution is hereinafter called "Original Resolution"; and WHEREAS, The Board of Trustees of the "University of Illinois, subject to the concurrence of the holders of at least sixty-five (65) per cent of the bonds outstanding, now desires to amend said Original Resolution to provide for more complete investment of the funds in the Bond and Interest Sinking Fund Account created under said Original Resolution: Now, Therefore, Be J/ and It Hereby Is Resolved by The Board of Trustees of the University of Illinois, as follows: SECTION 1. That said Original Resolution be amended by adding the following sentence at the end of and to Sub-Section (b) of Section 6 of said Original Resolution: Funds of the Bond and Interest Sinking Fund Account held for payments of principal and interest required during the next succeeding twelve (12) mouths (excluding funds held for the payment of principal and accrued interest thereon of Bonds which have matured and excluding funds held for the payment of principal and accrued interest thereon and redemption premiums, if any, OH Bonds called for redemption but unpaid) may be invested by the Comptroller from time to time iu United States Government securities maturing in such manner that at all times sufficient securities will mature not later than ten (10) days prior to each of the next two succeeding interest payment dates to meet the interest and principal payments becoming due on each of said dates. SECTION 2. This resolution and the amendment herein authorized to said Original Resolution shall become effective upon the date of the consent of the holders of sixty-five (65) per cent of the outstanding bonds is received in accordance with the provisions of Section 12 of said Original Resolution. In all respects not inconsistent with this first amendatory resolution, the Original Resolution is hereby ratified, approved, and confirmed. A resolution providing for authorization for additional investment of funds of the Bond and Interest Sinking Fund Account of the Women's Residence Halls Revenue Bonds of 1956 and providing for amendment of a resolution authorizing the issue of Women's Residence Halls Revenue Bonds of 1956 duly adopted by The Board of Trustees of the University of Illinois on September 18, 1956, WHEREAS. The Board of Trustees of the University of Illinois on September 18, 1956, did duly adopt a resolution authorizing the issue of Women's Residence Halls Revenue Bonds of 1956 of The Board of Trustees of the University (it Illinois in the principal amount of $3,100,000 for the purpose of providing funds necessary to construct, complete, and equip an addition to the Lincoln Avenue Residence in the City of Urbana, Illinois, fixing the date, maturities, form, and other details of said Bonds, and making covenants and provisions for the payment of said Bonds and the interest thereon, which resolution is hereinafter called "Original Resolution"; and WHEREAS, The Board of Trustees of the University of Illinnis, subject to the concurrence of the holders of at least sixty-five (65) per cent of the bonds outstanding, now desires to amend said Original Resolution to provide for more complete investment of the funds in the Bond and Interest Sinking Fund Account created under said Original Resolution: Now, Therefore Be It and It Hereby Is Resolved by The Board of Trustees of the University of Illinois, as follows: SECTION 1. That said Original Resolution be amended by adding the following sentence at the end of and to Sub-Section (b) of Section 6 of said Origins. Resolution: Fuuds of the Bond and Interest Sinking Fund Account held for payment? of principal and interest required during the next succeeding twelve (12) months