Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 311]

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BOARD OF TRUSTEES

[May 27

to authorization given the Board of Trustees of the University of Illinois by the General Assembly of this State, to enter into contracts with the United States for such purposes. Provided, further, that the university may 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 o r buildings and pledged t o discharge obligations created in order to complete or operate such building, or for the payment of revenue bonds issued under the provisions of " A n 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 buildings, 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," passed by the Sixty-second General Assembly of the State of Illinois, to be disbursed from time to time pursuant to the order and direction of the Board of Trustees of such University, and in accordance with any contracts, pledges, trusts or agreements heretofore or hereafter made by said Board of Trustees. Section 2. Since it is not possible to predict how long the present advantageous conditions for marketing issues of new securities will continue and since this Act is necessary to make possible the refinancing of securities heretofore issued in connection with the construction of buildings at the University of Illinois, and since the deadline for calling certain bond issues for refinancing, which this amendment will effect is May 31, 1941, therefore an emergency exists and this Act shall take effect 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

REFINANCING O F B O N D S

At this point, the Secretary presented a form of record of the actions of a meeting of the Board relative to the refinancing of the Medical and Dental College Building bonds, prepared by attorneys representing Charles K. Morris and Company, Inc., and Chapman and Cutler. All motions were made and seconded, votes taken, actions of officers authorized, and resolutions adopted as shown in this record.

Minutes of an adjourned regular meeting of the Board of Trustees of the University of Illinois, held at the Abraham Lincoln Hotel, in Springfield, Illinois, at two o'clock, p.m., on the 27th day of May, 1941. T h e President called the meeting to order and directed the Secretary to call the roll. Upon roll call the following Trustees answered present: President Cleary, Mr. Adams, Mr. Davis, Mr. Fornof, Mr. Jensen, Mr. Karraker, Mr. Livingston. T h e following Trustees were absent from the meeting: Mr. Green, Mrs; Grigsby, Dr. Meyer, Mr. Wieland.