Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 263]

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BOARD OF TRUSTEES

[ O c t o b e r 17

W h e n t h e B o a r d r e c o n v e n e d , a t 1 : 4 0 p . m . , t h e s a m e m e m b e r s of t h e B o a r d a n d officers o f t h e U n i v e r s i t y w e r e p r e s e n t a s r e c o r d e d a t the b e g i n n i n g of t h e s e m i n u t e s . HOUSING REVENUE BONDS OF 1 9 6 2 . SERIES B AND C (23) Eight bids were received at 11:00 a.m. today (October 17, 1962) in the Ulini Center, LaSalle Hotel, Chicago, for the sale of $2,400,000 of Housing Revenue Bonds of 1962, Series B, and six bids were received at the same time for certain maturities of $4,300,000 Housing Revenue Bonds, Series C, to finance construction of the Illinois Street Residence Halls. T h e Vice-President and Comptroller recommends that the Series B bonds be sold to Wertheim and Company, 1 Chase Manhattan Plaza, New York, New York, and L. F . Rothschild and Company, 120 Broadway, N e w York, New York, at a price of $2,377,392 plus accrued interest and at an effective interest rate of 3.4867 per cent; that $390,000 of Series C bonds maturing in 1965 through 1972 be sold to Smith, Barney, and Company and Associates at a price of $390,287.82 plus accrued interest and at an effective interest rate of 2.7723 per cent; and that $790,000 Series C bonds maturing in 1973 through 1982 be sold to Wertheim and Company and L. F . Rothschild and Company at a price of $791,003.30 plus accrued interest and at an effective interest rate of 3.172 per cent. These bids represent the lowest interest cost to the University. Submitted herewith are schedules of all bids received, copies of which have been filed with the Secretary of the Board for record. T h e Vice-President and Comptroller presents a Loan Agreement (Contract No. H (402)-697) with the Federal Housing and Home Finance Agency and recommends that he be authorized to execute it. In accordance with the provisions of the Loan Agreement, he recommends that $3,120,000 Series C bonds maturing in 1983 through 2002 be sold to the Housing and Home Finance Agency at par and accrued interest and at an interest rate of 3^g per cent. T h e Vice-President and Comptroller also presents the Sixth Supplemental Housing Bond Resolution supplementing the Resolution approved December 17, 1958, and creating $2,400,000 Housing Revenue Bonds of 1962, Series B, and $4,300,000 Housing Revenue Bonds of 1962, Series C, 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 the Board, 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 the purchasers indicated above. The President of the University concurs in all the foregoing recommendations. O n m o t i o n of M r . J o h n s t o n , t h e s e r e c o m m e n d a t i o n s w e r e a p p r o v e d and t h e Sixth Supplemental Housing Bond Resolution supplementing t h e R e s o l u t i o n a p p r o v e d D e c e m b e r 17, 1 9 5 8 , a n d c r e a t i n g $ 2 , 4 0 0 , 0 0 0 H o u s i n g R e v e n u e B o n d s o f 1962, S e r i e s B , a n d $ 4 , 3 0 0 , 0 0 0 H o u s i n g R e v e n u e B o n d s of 1962, S e r i e s C , w a s a d o p t e d , t h i s a c t i o n b e i n g t a k e n by t h e following vote of r e c o r d : Aye, M r . Clement, M r . Dilliard, M r . Hughes, M r . Johnston, M r . Pogue, M r . Swain, M r s . Watkins, M r . Williamson; no, none; absent, M r . K e r n e r , M r . Wilkins. Sixth S u p p l e m e n t a l H o u s i n g Revenue B o n d Resolution

A RESOLUTION CREATING AND AUTHORIZING THE ISSUE, DELIVERY OF $2,400,000 HOUSING REVENUE BONDS OF $4,300,000 HOUSING REVENUE BONDS OF 1962, SERIES C, MENTING A RESOLUTION DULY ADOPTED BY THE BOARD UNIVERSITY OF ILLINOIS ON DECEMBER 17, 1958. AUTHENTICATION, AND 1962, SERIES B, AND AND FURTHER SUPPLEOF TRUSTEES OF THE

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