Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 978]

EXTRACTED TEXT FROM PAGE:

1956]

UNIVERSITY OF ILLINOIS SALE O F DORMITORY REVENUE BONOS

975

Mr. Livingston, for the Finance Committee, reported that pursuant to public notice issued by the Comptroller, bids were received on March 22, 1956, in the Illini Center, LaSalle Hotel, Chicago, Illinois, for the sale of $1,300,000 of Dormitory Revenue Bonds of 1956 by the Board of Trustees of the University of Illinois, the proceeds of said bonds to be used for the construction of additions 3 and 4 to the Men's Residence Halls. The Finance Committee recommends that $135,000 of "A" bonds be sold to White, Weld, & Company, Chicago, Illinois, for $116,248.50, an average of $86.11 of the individual price bid on each maturity with an interest rate of one per cent representing an effective interest rate of 3.1369 per cent which bid will result in the lowest interest cost to the University. In accordance with a prior agreement, the United States Housing and Home Finance Agency submitted a bid to purchase the " B " bonds in the amount of $1,165,000 at par and an interest rate of 2.75 per cent. No other bids were received for the purchase of the " B " bonds. The Finance Committee recommends that (a) these " B " bonds be sold to the United States Government, (b) the actions of the Comptroller and the Secretary of the Board in executing a copy of the Loan Agreement with the Housing and Home Finance Agency be confirmed, and (c) that the Comptroller and Secretary be authorized to execute all other documents necessary to complete the sale. The Loan Agreement is submitted herewith for examination and a copy will be filed with the Secretary of the Board for record. On motion of Mr. Livingston, these recommendations were approved by the following vote: Aye, Mr. Herrick, Mrs. Holt, Mr. Livingston, Mr. Megran, Mr. Nickell, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Bissell, Mr. Johnston, Mr. Stratton.

RESOLUTION AUTHORIZING BOND ISSUE Mr. Livingston p r e s e n t e d the following: R E S O L U T I O N authorizing the issue of Dormitory Revenue Bonds of 1956, of The Board of Trustees of the University of Illinois in the principal amount of $1,300,000 for the purpose of providing funds necessary to construct, complete, and equip certain revenue producing buildings for said University in the City of Champaign, Illinois, fixing the date, maturities, form, and other details of said bonds, and making covenants and provisions for the payment of said bonds and the interest thereon. W H E R E A S , The Board of Trustees of the University of Illinois on due consideration and investigation does now find and determine that it is advisable, necessary, and in the interests of the University of Illinois that certain revenue producing facilities be provided for said University located in the City of Champaign, Illinois, as follows: 1. The construction of additional Unit No. 3 to the Men's Residence Halls of said University, to be located at Fourth and Peabody Drive, Champaign, Illinois, to consist of housing for 225 students, including lounge and recreational facilities for the residents of said Unit. 2. The construction of additional Unit No. 4 to the Men's Residence Halls of said University, to be located at Fourth and Peabody Drive, Champaign, Illinois, housing 225 students, including lounge and recreational facilities for the residents of said Unit; and