Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 1091]

EXTRACTED TEXT FROM PAGE:

1046

BOARD OF TRUSTEES

[February 19

HOUSING REVENUE BONDS OF 19 6 4 , SERIES A AND B (23) Bids were received at 11:00 a.m., February 19, 1964, for the sale of $1,440,000 Housing Revenue Bonds of 1964, Series A, and $2,660,000 Housing Revenue Bonds of 1964, Series B, to finance construction of the Graduate Residence Halls Unit 3, The Vice-President and Comptroller recommends that the Series A Bonds be sold to F . S. Smithers and Company, N e w York, and Associates at a price of $1,437,681.60 plus accrued interest and at an effective interest rate of 3.6564 per cent which represents the lowest interest cost to the University, and that $1,480,000 of Series B bonds maturing in 1966 through 1993 be sold to F . S. Smithers and Company and Associates at par plus accrued interest and at an effective interest rate of 3.564 per cent. The Series B Bonds are awarded on the basis of the lowest interest cost to the University for the largest number of bonds bid upon. A tabulation of the bids received is presented and a copy has been filed with the Secretary of the Board for record. The Vice-President and Comptroller presents a Loan Agreement (Contract No. H(402)-1795) with the Federal Housing and Home Finance Agency and recommends that he be authorized to execute it. I n accordance with the provisions of the Loan Agreement, he recommends that $1,180,000 Series B Bonds maturing in 1994 through 2003 be sold to the Housing and H o m e Finance Agency at par and accrued interest and at an interest rate of 3S/i per cent. The Vice-President and Comptroller also presents the Seventh Supplemental Housing Bond Resolution supplementing the Resolution approved December 17, 1958, and creating $1,440,000 Housing Revenue Bonds of 1964, Series A, and $2,660,000 Housing Revenue Bonds of 1964, Series B, and recommends its adoption. H e further recommends that the Board: (1) authorize the execution of the bonds by A. J. Janata, Secretary of the Board, by facsimile signatures of the President of the Board, and by the facsimile signatures of Frances B. Watkins and Timothy W . Swain, members of t h e B o a r d ; and (2) ratify and confirm all actions taken or to be taken by the officers and members of the Board in connection with the sale and delivery of the bonds to t h e purchasers indicated above. I concur. O n m o t i o n of M r . J o h n s t o n , these r e c o m m e n d a t i o n s w e r e approved and the Seventh Supplementary Housing Bond Resolution was adopted by t h e following vote: A y e , M r . Clement, M r . Dilliard, M r . H u g h e s , Mr. Johnston, M r . Page, M r . Pogue, M r . Swain, Mrs. Watkins, Mr. Williamson; no, n o n e ; absent, M r . Jones, M r . K e r n e r . Seventh Supplemental Housing Revenue Bond Resolution

A RESOLUTION CREATING AND AUTHORIZING THE ISSUE, AUTHENTICATION, AND DELIVERY OF $1,440,000 HOUSING REVENUE BONDS OF 1964, SERIES A, AND $2,660,000 HOUSING REVENUE BONDS OF 1964, SERIES B, AND FURTHER SUPPLEMENTING A RESOLUTION D U L Y ADOPTED BY T H E BOARD OF TRUSTEES OF T H E UNIVERSITY OF ILLINOIS ON DECEMBER 17, 1958.

WHEREAS, T h e 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 in t h e interests of the University of Illinois and the welfare of its students and faculty to construct and equip additional buildings and related facilities for the purpose of housing its students and staff; and WHEREAS, in order to provide such facilities 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 48.7 of Chapter 144 of the Illinois Revised Statutes 1963, and all laws amendatory thereof and supplemental t h e r e t o ; and WHEREAS, T h e Board of Trustees of the University of Illinois on December 17, 1958, did duly adopt a resolution (herein sometimes called "Original Resolution") providing for the issuance of revenue bonds; and WHEREAS, T h e Board of Trustees of the University of Illinois on June 23, 1959, October 21, 1959, J u n e 14, I960, May 17, 1961, May 24, 1962, and October 17, 1962, respectively, duly adopted First through Sixth Supplemental Resolutions for