Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 989]

EXTRACTED TEXT FROM PAGE:

986

BOARD OF TRUSTEES

[March 23

execute a certificate to the effect that said project has been fully completed according to plans and specifications and the same filed in the office of the Secretary of T h e Board of Trustees of the University of Illinois. If there be any funds remaining in said Construction Fund Account at the time of filing of such certificate with the Secretary, said funds shall be withdrawn by the Comptroller and shall be used promptly for the redemption of bonds; provided, however, that any of such funds in an amount less than $1,000 shall be credited to the Bond and Interest Sinking Fund Account. SECTION 12. The provisions of this resolution shall constitute a contract between The Board of Trustees of the University of Illinois and the holders of the bonds herein authorized to be issued, and after the issuance of the bonds no changes, additions, alterations, or amendments of any kind shall be made to this resolution in any manner, except with the consent of the holders of sixty-five per cent (65%) of the outstanding bonds, until such time as all of said bonds issued hereunder, and interest thereon, shall be paid in full, or unless and until provision shall have been made for the payment of all bonds hereby authorized and interest thereon in full. SECTION 13. Any holder of a bond or bonds, or of any of the coupons of any bond or bonds, issued under the provisions of this resolution, may either in law or in equity, by suit, action, mandamus or other proceeding, enforce or compel the performance of all duties required by this resolution or by the acts under which the bonds hereby authorized are issued, including the fixing, maintaining, and collecting of such rents, charges, and fees for the use of such properties and all facilities thereof, as well as establishing parietal rules and regulations with respect thereto, as will be sufficient for all the purposes provided by this resolution, and the application of income and revenue therefrom. SECTION 14. If any section, paragraph, clause, or provision of this resolution shall be held invalid, the invalidity of such section, paragraph, clause, or provision shall not affect any of the other provisions of this resolution. SECTION 15. That the President, Secretary, Comptroller, and Treasurer of The Board of Trustees of the University of Illinois be and they are each of them hereby authorized and directed to execute all instruments, papers, documents, and agreements necessary or convenient to accomplish the issue and delivery of the said revenue bonds to the purchaser thereof. SECTION 16. That said revenue bonds shall be executed as provided herein as soon after this resolution becomes effective as may be, and be deposited with the Treasurer of said University. Bonds designated as "A" bonds shall be by him delivered to White, Weld & Co., Chicago, Illinois, the purchasers thereof, upon receipt of the purchase price, and the contract for the sale thereof heretofore entered into be and the same is hereby in all respects ratified and approved. Bonds designated as " B " bonds shall be delivered by the Treasurer of said University to the First National Bank of Chicago to be held for delivery to the Housing and Home Finance Agency of the United States Government in accordance with the provisions of the Loan Agreement between said Agency and the University, dated February I, 1956. SECTION 17. That this resolution shall be in full force and effect from and after its passage. Passed Recorded Attest: President, Board of Trustees Secretary , 1956. -, 1956.