Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 491]

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488

BOA.SD OF TRUSTEES

[May J?

"WHEREAS, The Board of Trustees of the University of Illinois oil December 17, 1958, did duly adopt a resolution (herein sometimes called "Original Resolution") providing for the issuance of revenue bonds; and WHEREAS, The Board of Trustees of the University of Illinois on June 23, 1959, October 21, 1959 and June 14, I960, respectively, duly adopted First, Second, and Third Supplemental Resolutions for the purpose of supplementing the Original Resolution and providing for the issuance of additional revenue bonds thereunder, and WHEREAS, there are now issued and outstanding under the Original Resolu. tion as supplemented by the First, Second, and Third Supplemental Resolutions thereto, $16,660,000 aggregate principal amount of Bonds designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds'' and having the further designations of year and series in the respective principal amounts as follows: Year and Series Principal Amount 1958, Series A $1,610,000 1958, Series B 1,510,000 1959, Series A 110,000 1959, Series B 1,530,000 1959, Series C 3,450,000 1959, Series D 3,450,000 1960, Series A 5,000,000 WHEREAS, The Board of Trustees of the University of Illinois now desires to create and to authorize the issue, authentication and delivery of an additional issue of Bonds under and in accordance with the Resolution as supplemented by this Fourth Supplemental Resolution thereto which additional Bonds are to be limited to the aggregate principal amount of $5,750,000 at any one time outstanding, $5,000,000 of which shall be known as "The Board of Trustees of. the University of Illinois Housing Revenue Bonds of 1960, Series B" (hereinafter called "1960 Series B Bonds') and $750,000 of which shall be known as "The Board of Trustees of the University of Illinois Housing Revenue Botidj of 1960, Series C* (hereinafter called "I960 Series C Bonds"). Now, Therefore, Be It Resolved by The Board of Trustees of the University of Illinois: ARTICLE ONE

SUPPLEMENTARY PROVISIONS RELATING TO INCOME AND THE APPLICATION THEREF

SECTION 1.1. Pledge of Revenues. The pledge of the revenues (including the revenues to be derived from the operation of Project E hereinafter mentioned) contained in Section 5.01 of the Original Resolution and Section 1.1 of each of the First, Second and Third Supplemental Resolutions is hereby ratified and canfirmed and all revenues to be derived from tbeoperation of Project E arc hereby specifically pledged for the purposes mentioned in said Section 5.01 of the Original Resolution. 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 additicnil 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 \2 of each of the First, Second and Third Supplemental Resolutions be and the same is hereby increased by an amount equal to $210,000 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) $810,000 plus such additional sums as may be specified in any other resolution supplemental to the Resolution as supplemented hereby, creating or authorizing the issuance ot additional Bonds.