Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 979]

EXTRACTED TEXT FROM PAGE:

976

BOARD OF TRUSTEES

[March 23

W H E R E A S , The Board of Trustees of the University of Illinois has heretofore caused to be prepared plans and specifications for the construction, completion, and equipping of said above described buildings, and plans have been approved by this Board of Trustees and are now on file in the office of the Physical Plant Department of said University at the Administration Building in the City of Urbana, Illinois; and W H E R E A S , The Board of Trustees of the University of Illinois does further find and estimate that the cost of the construction of said buildings, hereinabove described, in accordance with bids heretofore received for that purpose, will be $1,165,000 and that the cost of movable equipment for such buildings will be $135,000; and W H E R E A S , in order to produce the funds necessary to construct and equip the revenue producing buildings of said University, hereinabove referred to, it will be necessary that there be borrowed the sum of $1,300,000 and in evidence thereof the revenue bonds of said University be issued; and W H E R E A S , pursuant to "An Act to authorize the Board of Trustees of the University of Illinois to acquire by purchase or otherwise, construct, equip, complete, operate, control and manage student residence halls, staff housing facilities, dormitories, health and physical education buildings, or other revenue producing building or buildings, defining the duties of such Board with respect to operation and maintenance thereof, charge fees or rates for the use thereof, and providing for and authorizing the issue of bonds for the purpose of defraying the cost of construction, acquisition or equipment of any such building or buildings, payable only from the revenues derived from the operation thereof, or, when authorized by the Board of Trustees, payable from such revenues as supplemented by University income authorized by law to be retained in the University treasury and applied to such purpose and for the refunding of any such bonds," approved June 30, 1945, L. 1045, p. 1753; title as amended by Act approved July 21, 1947, L. 1947, p. 1738, and by Act approved June 30, 1955, L. 1955, p. 796, this Board of Trustees is authorized to issue revenue bonds for the purposes aforesaid, payable only from the revenues to be derived from the operation of said buildings and from student fees authorized by law to be retained in the University treasury; N O W , T H E R E F O R E , Be It and It Is Hereby Resolved by The Board of Trustees of the University of Illinois, as follows: SECTION I . That it be and it is hereby determined by The Board of Trustees of the University of Illinois that it is necessary and for the best interests of the University of Illinois that it borrow the sum of $1,300,000 to construct, and fully equip the revenue producing buildings as described in the preambles hereof, located in the City of Champaign, Illinois, and in evidence thereof issue its revenue bonds in the principal amount of $1,300,000. SECTION 2. That said bonds shall be designated "The Board of Trustees of the University of Illinois Dormitory Revenue Bonds of 1956." The said revenue bonds shall bear date of April I, 1956, shall be numbered 1 through 1300, and shall be of the denomination of $1,000 each. Bonds numbered 1 through 15, 26 through 40, 51 through 65, 76 through 90, 106 through 120, 136 through 150, 166 through 180, 196 through 210, and 226 through 240 shall be designated as "A" bonds, and shall bear interest at the rate of one per cent ( 1 % ) per annum; bonds numbered 16 through 25, 41 through 50, 66 through 75, 91 through 105, 121 through 135, 151 through 165, 181 through 195, 211 through 225, and 241 through 1300 shall be designated as " B " bonds, and shall bear interest at the rate of two and threequarters per cent (2?4%) per annum, all interest being payable October 1, 1956, and semiannually thereafter on the first days of April and October of each year and until the maturity date thereof, with interest on overdue installments of principal and interest at a rate of five per cent ( 5 % ) per annum from the dates thereof, and said bonds shall mature in each of the years and in amounts as follows: