Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 592]

EXTRACTED TEXT FROM PAGE:

1963]

UNIVERSITY OF ILLINOIS ARTICLE TWO

AUTHORIZATION, DESIGNATION, FORM, EXECUTION, EXCHANGE AND REGISTRATION OF BONDS

547

SECTION 2.01. Limitation of Issue and Equality of Bonds. This resolution shall constitute a continuing agreement to secure the full and final payment in the manner herein provided for the principal and interest on all Bonds which may from time to time be delivered and issued hereunder. The aggregate principal amount of Bonds which may be so delivered and issued hereunder is not limited except as restricted by law or by the provisions hereof. AH Bonds at any time issued and outstanding hereunder, regardless of series, shall be equally and ratably secured hereby without preference, priority or distinction. SECTION 2.02. Project and Purpose of Initial Issue of Bonds. T h e initial project (hereinafter called the "Project") to be acquired, constructed, equipped and completed hereunder is described in a general way a s : 1. T h e Congress Circle Union, consisting of a four-story building and a ten-story building with a connecting link at the three lower floors and located west of Halsted Street near Polk Street in the City of Chicago, Illinois; and 2. Parking lots for approximately 2,400 cars. The estimated cost of said Project is $13,450,000, including land, and the estimated cost of each portion of said Project is more fully set forth in the plans and specifications therefor on file with the University Architect. It is hereby determined that in order to produce the funds necessary to construct and equip the Project, that the University borrow the sum of Ten Million Eight Hundred Thousand Dollars ($10,800,000) and in evidence thereof to issue its Congress Circle Union Bonds hereunder in said principal amount. It is hereby determined that the cost of the project in excess of the amount to be borrowed can be provided from appropriations made by the General Assembly of the State of Illinois for the construction of buildings on the Congress Circle Campus of the University. SECTION 2.03. Terms of Series A and B of 1963 Bonds. The Bonds to be initially issued hereunder shall be substantially in the form and of the tenor and purport hereinafter set forth and limited to the aggregate principal amount of Ten Million Eight Hundred Thousand Dollars ($10,800,000) at any one time outstanding, Six Million Eight Hundred Thousand Dollars ($6,800,000) of which shall be designated "The Board of Trustees of the University of Illinois Congress Circle Union Bonds of 1963, Series A" (hereinafter called "1963 Series A Bonds") and the remaining F o u r Million Dollars ($4,000,000) principal amount thereof shall be designated "The Board of Trustees of the University of Illinois Congress Circle Union Bonds of 1963, Series B" (hereinafter called "1963 Series B B o n d s " ) . The Series A Bonds and the Series B Bonds shall be issued as negotiable coupon bonds dated April 1, 1963, registrable as to principal in the denomination of $5,000 or as fully registered Bonds without coupons, dated as of the interest payment date to which interest was last paid, next preceding the date of issue, unless issued on an interest payment date on which interest was paid, in which case they shall be dated as of the date of issue, or unless issued prior to October 1, 1963, in which case they shall be dated April 1, 1963. Each fully registered Bond without coupons shall be of a single maturity. Fully registered Bonds without coupons shall be numbered in such manner as may be designated by the Comptroller and shall be issued in denominations of $5,000 or multiples thereof. Bonds shall bear interest from April 1, 1963, payable semi-annually on the first days of April and October in each year until paid, commencing October 1, 1963, at the rates provided below and shall mature in the following amounts on October 1, of the following years: Series A Bonds Series B Bonds Maturity Principal Interest Principal Interest Dates Amount Rate Amount Rate 1969 $ 80,000 5% $ 40,000 5% 1970 90,000 5% 50,000 5% 1971 100,000 5% 50,000 5% 1972 110,000 5% 60,000 5% 1973 160,000 5% 80,000 2,%%