Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 492]

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UKIVERSITY OF ILLINOIS ARTICLE TWO

489

I960 SERIES B BONDS AND 1960 SERIES C BONDS, AND THE ISSUANCE THEREOF

SECTION 2.1, Project E and Purpose of Issue of Bonds, The project (hereinafter designated "Project E " ) to be acquired, constructed, equipped and completed pursuant to this Fourth Supplemental Resolution is described in a general way as* A residence hall to be located at_ the southwest corner of Lincoln and Pennsylvania Avenues, Urbana, Illinois, consisting of four housing buildings for approximately 1044 single undergraduate students, grouped around a central administration, dining and lounge building, sometimes known as the Pennsylvania Avenue Residence. The estimated cost of said project E is $5,750,000 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 E 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 toproduce the funds necessary to construct and equip Project E that the University borrow the sum of $5,750,000 and in evidence thereof to issue its Housing Revenue Bonds hereunder in said principal amount. SECTION 22. Terms of 1960 Series B Bonds and 1960 Series C Bonds. There is hereby created and authorized two additional series of Bonds to be issued under the Resolution as supplemented by this Fourth Supplemental Resolution to l>e substantially in the form and of the tenor and purport hereinafter set forth and limited to the aggregate principal amount of Five Million Seven Hundred Fifty Thousand Dollars ($5,750,000) at any one time outstanding, Five Million Dollars ($5,000,000) of which shall be designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1960, Series B" (hereinafter called "1960 Series B Bonds"), and the remaining Seven Hundred Fifty Thousand Dollars ($750,000) principal amount thereof shall be designated "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1960, Series C" (hereinafter called "1960 Series C Bonds"). The I960 Series B Bonds and the 1960 Series C Bonds shaJi be issued as negotiable coupon Bonds dated October 1, 1960, 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 nrior to April 1, 1961, in which case they shall be dated October 1, I960. Each ttilly registered Bond without coupons shall be of a single maturity. Fully registered Bonds without coupons, shall be numbered in 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 October 1.1960, payable semi-annually on the first days of April and October in each year until paid, commencing April 1, 1961, at the rates provided below and sball mature in the following amounts on October 1 of the following years: Year of Maturity 1963 1964 1965 I'M 967 968 1969 19'0 "I 972 973 ''4 1975 1960 Series B Bonds Amount Interest Rate $30,000 3H% 40,000 3H% 40,000 3}i% 40,000 3J^% 40,000 3^% 40,000 3M% 40,000 3U% 50,000 3M% 50,000 3>4% 50,000 3H% 50,000 3^% 50,000 3U% 60,000 3H% 1960 Series C Bonds Amount Interest Rate $40,000 4% 40,000 4% 40,000 4% 40,000 4% 40,000 3%% 50,000 3M% 50,000 3W% 50,000 3j3% 50,000 3W& 50,000 3U% 60,000 3)i% 60,000 3%% 60,000 3%%