Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 264]

EXTRACTED TEXT FROM PAGE:

1962]

UNIVERSITY OF ILLINOIS

219

and necessary and in the 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 1961, and all laws amendatory thereof and supplemental thereto; 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, The Board of Trustees of the University of Illinois on June 23, 1959, October 21, 1959, June 14, 1960, May 17, 1961, and May 24, 1962, respectively, duly adopted First, Second, Third, Fourth and Fifth 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 Resolution as supplemented by the First, Second, Third, Fourth and Fifth Supplemental Resolutions thereto, $24,296,000 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 1958, 1958, 1959, 1959, 1959, 1959, 1960, 1960, 1960, 1962, and Series Series A Series B Series A Series B Series C Series D Series A Series B Series C Series A Principal Amount $1,570,000 1,477,000 90,000 1,489,000 3,410,000 3,410,000 5,000,000 5,000,000 750,000 2,100,000

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 Sixth Supplemental Resolution thereto which additional Bonds are to be limited to the aggregate principal amount of $6,700,000 at any one time outstanding, $2,400,000 of which shall be known as "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1962, Series B (hereinafter called "1962 Series B Bonds") and $4,300,000 of which shall be known as "The Board of Trustees of the University of Illinois Housing Revenue Bonds of 1962, Series C" (hereinafter called "1962 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 THEREOF

SECTION 1.1. Pledge of Revenues. The pledge of the revenues (including the revenues to be derived from the operation of Project G hereinafter mentioned) contained in Section 5.01 of the Original Resolution and Section 1.1 of each of the First, Second, Third, Fourth and Fifth Supplemental Resolutions is hereby ratified and confirmed and all revenues to be derived from the operation of Project G are 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 additional 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 author-