Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 590]

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1963]

UNIVERSITY OF ILLINOIS

545

by t h e f o l l o w i n g v o t e : A y e , M r . C l e m e n t , M r . D i l l i a r d , M r . J o h n s t o n , Mr. P o g u e , M r . S w a i n , M r s . W a t k i n s , M r . W i l l i a m s o n ; n o , n o n e ; absent, M r . H u g h e s , M r . K e r n e r , M r . P a g e . Resolution Authorizing $10,800,000 Congress Circle Union Bonds, Series A and B of 1963 $6,800,000 Congress Circle Union Bonds of 1963, Series A $4,000,000 Congress Circle Union Bonds of 1963, Series B

A RESOLUTION AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF REVENUE BONDS FOR THE PURPOSE OF PAYING T H E COST OF ACQUIRING, CONSTRUCTING, AND E Q U I P PING THE CONGRESS CIRCLE U N I O N BUILDING AND PARKING FACILITIES I N THE CITY OF CHICAGO, ILLINOIS, BY THE BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS, SETTING FORTH T H E TERMS UNDER W H I C H S U C H REVENUE BONDS A R E To B E ISSUED, PROVIDING FOR THE R I G H T S OF THE HOLDERS THEREOF, AND PROVIDING FOR THE ACQUISITION, CONSTRUCTION, AND EQUIPMENT OF S U C H 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 Union Building, and to construct parking facilities on the Congress Circle campus of the University. (Said Union Building and parking facilities are hereinafter sometimes called the "building," "facilities" or " P r o j e c t " ) ; and WHEREAS, in order to produce the funds necessary to construct and equip 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 48.7 of Chapter 144 of the Illinois Revised Statutes, 1961, 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 defined 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 "Authorized Officer" shall mean the President, Secretary, Treasurer or Comptroller of the Board of Trustees, or any other person authorized by 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 T h e 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 mean the Comptroller of the University or such other person as may at the time be the acting chief fiscal officer of the University. The terms "facilities," "Project," and "building" shall mean all facilities financed pursuant to this Resolution, the cost of which is paid in whole or in part through the issuance of Bonds. 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 "Net Income Available for Debt Service" shall mean at any date as of which the amount thereof is to be determined the sum of ( a ) the net income for the preceding fiscal year of all revenue producing facilities pledged for the payment of Bonds; plus (b) the estimated annual net income of all revenue producing facilities for the account of which Bonds have been issued and delivered but which