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Caption: Board of Trustees Minutes - 1942
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238 BOARD OF TRUSTEES STATE LEGISLATION A U T H O R I Z I N G BOND ISSUES [April i J u d g e Johnson stated that the p r o g r a m of legislation to be requested of the General Assembly of Illinois, approved by the Board at two previous meetings, includes a bill or bills authorizing the Board of Trustees of the University to issue bonds for new buildings and for refinancing of existing obligations. Pursuant to this authorization two bills were introduced in the House of Representatives today, and the hearing set for Wednesday, April 2, 1941. For an Act to authorize the Board of Trustees of the University of Illinois to acquire by purchase or otherwise, construct, equip, complete, operate, control, and manage student social centers, student residence halls, and buildings, defining the duties of such Board with respect to operation and maintenance thereof, charge fees or rates for the use thereof, and providing for and authorizing the issue of bonds for the purpose of defraying the cost of construction, acquisition, or equipment of any such building or buildings, payable solely from the revenues derived from the operation thereof, and for the refunding of any such bonds. For an Act to amend Section 6 of "An Act in relation to State finance," approved June 10, 1919, as amended, authorizing the University to retain in its treasury any funds derived from rentals, service charges, and laboratory and building service charges or other sources, assessed or obtained for or arising out of the operation of any building or buildings and pledged to discharge obligations created in order to acquire by purchase or otherwise, construct, equip, complete, or operate such building, or for the payment of revenue bonds issued under the previous act. Since May 30, 1041, is the deadline for the calling of bonds issued for the construction of the second unit of the Medical and Dental Building, it is highly desirable that this legislation be passed and approved by that date to enable the University to refinance these bonds and save a year's difference in interest rates. Both bills have been approved by bond counsel. This report was received for record. DATE OF APRIL MEETING T h e Board voted to hold the April meeting at the University, in U r b a n a , on T h u r s d a y , April 17, 1941. T h e Board adjourned to meet, if necessary for further consideration of the budget, on call of the President. H . E. C U N N I N G H A M J A M E S M. CLEARY Secretary President
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