Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 501]

EXTRACTED TEXT FROM PAGE:

498

BOARD OF TRUSTEES

[May

j;

A Resolution Authorising $1,350,000 Student Services Building Bonds

A RESOLUTION AUTHORIZING AND PROVIDING TOR THE ISSUAKCE OF REVENUE BONK FOR THE PURPOSE OF PAYING THE COST OF ACQUIRING, CONSTRUCTING, AND Eo'/tp. PING A STUDENT SERVICES BUILDING IN THE CITY OF CHAMPAIGN, ILLINOIS, BY THE BOARD OF TRUSTEES OF THE UNIVERSITY OF ILUNOIS, SETTING FORTH THE TERMS UNDER WHICH SUCH REVENUE BONDS ARE TO B E ISSUED, PROVIDING JOB THE RIGHTS OF THE HOLDERS THEREOF, AND PROVIDING FOE THE ACQUISITION, CONSTRUCTION, AND EQUIPMENT OF SUCH FACILITIES, AND THE MANAGEMENT, MAINTENANCE, IMPROVEMENT, AND OPERATION THEREOF.

WHEREAS, The Board of Trustees of the University of Illinois on due consideration and investigation does now find and determine that it is advisable and necessary and required for the good and benefit of the University of Illinois and the best interests of its students and faculty to construct and equip_ a Student Services Building (hereinafter sometimes called the "Building" or "Project"); and WHEREAS, in order to produce the funds necessary to construct and eqiib said Project it is advantageous to the University and necessary that the University borrow money and issue and sell revenue bonds under the provisions of paragraphs 48.1 through 487 of Chapter 144 of the Illinois Revised Statutes, 1959, and all laws amendatory thereof and supplemental thereto; Now, Therefore, Be It Resolved by The Board of Trustees of the University of Illinois: ARTICLE ONE

DEFINITIONS

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 b y 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 meau the Comptroller of the University or such other person as may at the time be the acting chief fiscal officer of (he University. The terms "facilities," "Project," and "Building" shall mean the Student Services Building to be located at 610 East John Street, Champaign, Illinois, 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 1 through the following June 30. 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, neat, power, reasonable repairs necessary to properly maintain suet facilities (including reasonable reserves therefor), taxes (if any), fees and expenses of the depository and paying agents and any expenses required to he (W pursuant to this Resolution but excluding depreciation, professional services and activities conducted in the Building, and all general administrative expenses oi the University. The term "owner" or "holder" whenever employed herein with respect to a Bond which shall he registered as to principal or fully registered without couP0^ shall mean the person, firm or agency in whose name such Bond shall be registers and, whenever employed herein with respect to a coupon Bond which shall not w registered as to principal or a coupon, shall mean the bearer of such Bom C coupon. ,, The terms "paying agent," "depository," and "Registration Agenr SMH mean the American National Bank and Trust Company of Chicago, or its successors, in the City of Chicago, Illinois.