Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 300]

EXTRACTED TEXT FROM PAGE:

1941]

UNIVERSITY OF ILLINOIS

297

On motion of Mr. Fornof, seconded by Mr. Jensen, the following resolution was adopted by the following vote: Aye, President Cleary, Mr. Davis, Mr. Fornof, Mr. Jensen, Mr. Karraker, Mr. Livingston; no, none; absent, Mr. Adams, Mr. Green, Mrs. Grigsby, Dr. Meyer, Mr. Wieland.

Resolution establishing a charge or fee for the use of the Medical, Dental, and Pharmacy Building of the University of Illinois located at 80S South Wood Street, Chicago, Illinois. Whereas, this Board of Trustees has heretofore by resolution adopted on May 27, 1041, provided for the issue of $921,000 Medical, Dental, and Pharmacy Building Revenue Bonds for the purpose of terminating an existing trust and reacquiring the premises located at 808 South Wood Street, Chicago, Illinois, which premises are now used by said University for educational purposes, said bonds being authorized pursuant to the provisions of an Act entitled, "An Act to authorize the Board of Trustees of the University of Illinois to provide for the payment and termination of any trust created by and between the Board of Trustees and any person or corporation pursuant to any law involving any building used by said University for student social activities or educational purposes or for the acquiring or reacquiring of property or interest in property used by said University for student social activities or educational purposes, and conveyed in connection with the creation of such trust by said Board of Trustees pursuant to any existing law, levy and collect service charges, rates or rentals for the use thereof, to complete the construction of or equip any such building, defining the duties of said Board with respect to operation and maintenance and construction thereof, and providing for and authorizing the issue of bonds to defray the cost thereof payable solely from the revenues derived from the operation of any such building or buildings and for the refunding of any such bonds," enacted by the Sixty-second General Assembly of the State of Illinois, and effective on the 27th day of May, 1941; and Whereas, pursuant to said Act of the Sixty-second General Assembly, hereinabove referred to, this Board of Trustees is required to establish a charge or fee for the use of said building, which shall be sufficient at all times to pay maintenance and operation costs, and principal of and interest on any revenue bonds issued under the provisions of said A c t ; and Whereas, pursuant to the resolution authorizing the issuance of the bonds adopted by this Board of Trustees, said Board has covenanted and agreed to establish charges and fees for the use thereof, sufficient at all times to maintain and operate said building, and pay the principal of and interest upon all bonds issued by said University, which by their terms are payable solely from the revenues derived from the operation of the building; Now, therefore, be it and it is hereby resolved, by the Board of Trustees of the University of Illinois, as follows: Section I. T h a t pursuant to the covenants hereinbefore made by this Board of Trustees pursuant to the resolution authorizing the issuance of $921,000 Medical, Dental, and Pharmacy Building Revenue Bonds, adopted by this Board of Trustees on May 27, 1041, there be and there is hereby established a charge or fee for the use of said building by the students registered in the medical, dental, and pharmacy departments of the said University, to wit: Each resident student registered in the Medical or Dental College as a first or second year student shall pay a minimum charge or fee of $150 per scholastic year for the use of the Medical, Dental, and Pharmacy Building, including laboratories. Each resident student registered in the Medical College as a third or fourth year student shall pay a minimum charge or fee of $180 per scholastic year for the use of the Medical, Dental, and Pharmacy Building, including laboratories. Each resident student registered in the Dental College as a third or fourth year student shall pay a minimum charge or fee of $150 per scholastic year for the use of the Medical, Dental, and Pharmacy Building, including laboratories. Each resident student registered in the Pharmacy College as a first year student shall pay a minimum charge or fee of $35 per scholastic year for the use of the Medical, Dental, and Pharmacy Building, including laboratories.