Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 988]

EXTRACTED TEXT FROM PAGE:

1956]

UNIVERSITY OF ILLINOIS

985

SECTION I I . That from the proceeds derived from the sale of said bonds all accrued interest and premium, if any, derived from the sale of the bonds shall be credited to the Bond and Interest Sinking Fund Account created by Section 6 of this resolution, and the balance of the proceeds derived from the sale of said bonds shall be set aside in a separate account which is hereby created and designated as the "Construction Fund Account" and all of the funds of such Construction Fund Account shall be deposited in the First National Bank of Chicago, which bank be and is hereby designated as the Depositary therefor. The proceeds of said Construction Fund Account shall be withdrawn from such account by the Comptroller of such University from time to time as funds are needed for the construction of the buildings herein provided for. For the purpose of this resolution the cost of the construction of said project to be paid from said Construction Fund Account shall be deemed to include the following: a. The purchase price and cost of acquisition of real estate, easements, rights of way and other property necessary for the construction of such buildings, including the cost of abstracts of title, title examination, and title insurance. b. Fees and expenses of architects and engineers for services, preliminary investigation, preparation of plans and specifications, supervision of construction and performance of all duties of architects and engineers with respect to said buildings, including audits and field supervision by representatives of the federal government. c. Payment for labor, material, equipment, services of contractors, builders, and materialmen. d. Premiums payable by the University to the date of completion of said buildings on policies of insurance against fires, floods, storms, lightning, and other casualties and for so-called all risk coverage. e. All taxes, assessments, and other incidental charges levied against, or payment prior to the completion of said buildings, and taxes, if any, for recording and filing fees payable in connection with deeds of conveyance. f. Condemnation awards in connection with the acquisition of property and easements necessary for said buildings, including court costs and legal fees therefor. g. All expenses of preparing, issuing, and delivering bonds issued hereunder. h. Fees and expenses of legal counsel. i. Fees and expenses of fiscal agents, depositaries, or trustees of the Construction Fund Account. j . Interest on all bonds of this issue becoming due on or before the first interest payment date after occupancy of the buildings. k. Actual incidental expense, including telephone, telegraph, office expense, and traveling expense. 1. Any and all other expenses necessary or incidental in the construction of said buildings, certified to in writing by the architects employed by the University for the construction of said buildings. All orders executed by the Comptroller for the withdrawal of funds from said account shall state the purpose for which the orders have been issued. Funds for the payment of items covered in subdivisions (b) and (c) of this section shall be withdrawn only upon submission to the Comptroller of a certificate executed by the Architect employed by the University for the construction of said buildings, stating the nature of the work completed and the amount due and payable thereon. The approval of said Architect shall not, however, be required with respect to payment of audits and field supervision by representatives of the federal government. AH orders withdrawing funds and the certificates when required shall be held by said Comptroller and made available for inspection by any bondholder or any duly authorized agent of such bondholder. Funds of this account may be invested by the Comptroller from time to time in United States Treasury Bills. Any interest earned or profits realized from the moneys so invested shall be credited to the Construction Fund Account. After completion of the project, the Comptroller of the University shall