Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 312]

EXTRACTED TEXT FROM PAGE:

1941]

UNIVERSITY OF ILLINOIS

309

T h e Finance Committee presented their report on the result of the bidding for the proposed issue of Nine H u n d r e d Twenty-one Thousand Dollars ($921,000.00) Medical, Dental, and Pharmacy Building Revenue Bonds, which is as follows: To the Board of Trustees University of Illinois

GENTLEMEN:

T h e undersigned Finance Committee of the Board of Trustees of the University of Illinois, pursuant to the authorization granted to the Finance Committee by the Board of Trustees on May 15, 1941, to receive bids for the purchase of the above described bonds and bids received which are as follows: T h e bid received from H a r r i s , Hall, Inc. and associates for the above described bonds was as follows: P r i c e : par and accrued interest, and in addition a premium of T w o Thousand Nine H u n d r e d Twenty Dollars ($2,920.00) ; Interest rate of two and one-half per cent (2l/2%) per annum on bonds maturing from November I, 1041, to November 1, 1949, inclusive. Interest rate of two and one-fourth per cent (2*4%) per annum on bonds maturing from May 1, 1950, to May 1, 1954; which produced a total net interest cost of One Hundred Forty-eight Thousand Three H u n d r e d Ninety-four and 83/100 Dollars ($148,394.83), or an effective interest rate of 2.309103%. T h e bids received from C. W . McNear & Co. and associates for the above described bonds were as follows: Bid No. 1: P r i c e : par and accrued interest, and in addition to premium of Twenty-six Dollars ($26.00) ; Interest rate of two and three-fourths per cent (2$i%) per annum on bonds maturing from November I, 1941, to November 1, 1949, inclusive. Interest rate of two and one-fourth per cent (2}4%) per annum on bonds maturing from May 1, 1950, to May 1, 1952, inclusive; Interest rate of two and one-half per cent ( 2 ^ % ) per annum on bonds maturing from November I, 1952, to May I, 1954, inclusive; which produced a total net interest cost of One H u n d r e d Sixty-two Thousand Three H u n d r e d Ninety-two and 4/100 Dollars ($162,392.04), or an effective interest rate of 2.526916%. Bid No. 2: P r i c e : par and accrued interest, and in addition a premium of T h r e e Thousand F o u r H u n d r e d Sixty-nine Dollars ($3,469.00) ; Interest rate of two and three-fourths per cent ( 2 j ^ % ) per annum on bonds maturing from November 1, 1941, to November 1, 1949, inclusive; Interest rate of two and one-half per cent ( 2 ^ % ) per annum on bonds maturing from May I, 1950, to May 1, 1954, inclusive; which produced a total net interest cost of One Hundred Sixty-three Thousand Nine H u n d r e d Thirteen and 4/100 Dollars ($163,913.04) or an effective interest rate of 2.55056%. T h e bids received from The Milwaukee Company and associates were as follows: Bid. No. 1: P r i c e : par and accrued interest, and in addition a premium of Six Thousand One H u n d r e d Dollars ($6,100.00) ; Interest rate of two and onefourth per cent (2}4%) per annum on the entire issue of bonds; which produced a total net interest cost of One H u n d r e d Thirty-eight Thousand Four H u n d r e d Ninety-two and 26/100 Dollars ($138,492.26) or an effective interest rate of 2.15507%. Bid No. 2: P r i c e : par and accrued interest, and in addition a premium of One Thousand One H u n d r e d Dollars ($1,100.00) ; Interest rate of two and one-fourth per cent ( 2 j 4 % ) per annum on bonds maturing from November 1, 1941, to November I, 1949, inclusive; Interest rate of two per cent ( 2 % ) per annum on bonds maturing from May I, 1950, to May I, 1954, inclusive, which produced a total net interest cost of One H u n d r e d Thirty-four Thousand One H u n d r e d Forty-five and 31/100 Dollars ($134,145.31), or an effective interest rate of 2.087424%.