Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 309]

EXTRACTED TEXT FROM PAGE:

306

BOARD OF TRUSTEES

[May 27

Section 4. Upon the determination by the Board of Trustees to complete, construct, or equip any student social center, student residence hall o r building or buildings, or to pay and terminate any trust created by and between the Board of Trustees and any person, firm or corporation pursuant to any existing law involving any building used by the University for student social activities, student residence halls, or educational purposes, or to reacquire any property or interest in property used by said University for student social activities, student residence halls or educational purposes and conveyed in trust by said Board of Trustees pursuant to any existing law, the Board of Trustees shall adopt a resolution describing in a general way t h e contemplated project, the estimated cost thereof, and fix t h e amount of bonds, the maturity or maturities, the interest rate, and all details in respect thereof. Such resolution shall contain such covenants and restrictions upon the issuance of additional bonds that may thereafter be issued payable from the rents, issues and profits derived from the operation of any building or buildings as may be deemed necessary or advisable for t h e assurance and payment of the bonds thereby authorized, and such resolution shall pledge for the maintenance and operation of any such building or buildings and for the payment of the principal of and interest upon such bonds, the revenues derived from the operation thereof. Section 5. Whenever bonds a r e issued by the Board of Trustees, as provided in this Act, it shall be the duty of such Board to establish a charge or fee for the use of any such building or buildings sufficient at all times to pay maintenance and operation costs and principal of and interest on such bonds, and alt revenues derived from the operation thereof shall be set aside in a separate account and fund which shall be used only in paying the cost of maintenance and operation, and paying the principal of and interest upon the bonds issued for the purpose or purposes set forth and described in the resolution authorizing the issue of said bonds, and such charges or fees shall be sufficient at all times for such purposes. Section 6. Any holder of a bond, or any of the coupons of any such bonds, issued under this Act, may either in law or in equity, by suit, action, mandamus or other proceeding enforce and compel the performance of all duties required by this Act, including establishment of sufficient fees o r charges for use of any such building or buildings and the application of the income and revenue thereof, and it shall be the duty of the Board of Trustees upon the issuance of any such bonds, to establish by resolution from time to time the fees or charges to be made for the use of any such building or buildings, which fees or charges shall be adjusted from time to time in order to always provide sufficient income for maintenance and operation and payment of the principal of and interest on such bonds issued as provided for in this Act. Section 7. Nothing herein contained shall be construed as a limitation upon or restriction of the powers of the Board of Trustees of the University of Illinois under any law which is now in force, or which may hereafter be enacted. Section 8. If any clause, sentence or provision in this Act shall be declared invalid, such invalidity shall not affect any other clause, sentence or provision of this Act, it being t h e intention of the legislature to enact such other clause, sentence or provision in any event. Section 9. Because it is not possible to predict how long the present advantageous conditions for marketing issues of new securities will continue, and because the deadline for calling certain bond issues which may be refinanced under the provisions of this Act is May 31, 1941, therefore an emergency exists and this Act shall take effect immediately upon its passage.

Approved M a y 27, 1941 ELMER J. SCHNACKENBERG

DWIGHT H . GREEN

Governor

Speaker, President

House

of

Representatives

H U G H W . CROSS

of the Senate