Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 807]

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8o6

BOARD OF TRUSTEES

[September 26

MATTERS PRESENTED BY PRESIDENT STODDARD

The Board considered the following matters presented by the President of the University.

RESOLUTIONS FOR ILL1N1 U N I O N REFINANCING (1) The Board of Trustees on August 5 approved the acceptance of bids for refinancing the Illini Union Building loan and authorized the employment of the firm of Chapman and Cutler for legal services in connection with the new bond issue. This firm has now prepared the following resolutions and submits them to the Board of Trustees for approval: 1. Resolution authorizing the issuance of Illini Union Building revenue bonds in the amount of $425,000. 2. Resolution authorizing the President, Secretary, and Treasurer of the Board of Trustees to execute all instruments necessary for the termination of the trust. 3. Resolution designating two members of the Board of Trustees to act with the officers in executing the bonds as provided by statute. I recommend the adoption of these resolutions. 1. R E S O L U T I O N A U T H O R I Z I N G T H E I S S U A N C E O F I L L I N I U N I O N B U I L D I N G R E V E N U E B O N D S I N T H E A M O U N T O F $425,000 R E S O L U T I O N authorizing and providing for the termination of an existing trust between the University of Illinois Foundation, a corporation duly organized under the laws of the State of Illinois, and the Board of Trustees of the University of Illinois, and to reacquire the interest in the Illini Union Building conveyed to said Foundation pursuant to said existing trust, and authorizing the issue of $425,000 Illini Union Building Revenue Bonds for the purpose of defraying the cost of terminating said trust and reacquiring the interest in said property conveyed pursuant to said trust, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenues of said Illini Union Building for the purpose of paying the cost of maintenance and operation of said building, and payment of the principal of, premium if any and interest on said revenue bonds. W H E R E A S pursuant to "An Act to authorize the Board of Trustees of the University of Illinois to provide for the payment and termination of any trust created by and between the Board of Trustees and any person or corporation pursuant to any law involving any building used by said University for student social activities, or educational purposes, or for the acquiring or reacquiring of property or interest in property used by said University for student social activities or educational purposes and conveyed in connection with the creation of such trust by said Board of Trustees pursuant to any existing law, levy and collect service charges, rates or rentals for the use thereof, to complete the construction of or equip any such buildings, defining the duties of said Board with respect to the operation and maintenance and construction thereof, providing for and authorizing the issue of bonds to defray the cost thereof, payable solely from the revenues derived from the operation of any such building or buildings, and for the refunding of any such bonds," approved May 27, 1041, as amended, this Board of Trustees of the University of Illinois is authorized to issue revenue bonds for the purpose of procuring funds to terminate any existing trust involving any building now used by the University for student social activities or educational purposes, and to establish rates or charges for the use of said building, and pledge the revenue from such charges or rates for the payment of the revenue bonds so issued; and W H E R E A S this Board of Trustees has heretofore, pursuant to existing law, created a trust by and between said Board and the University of Illinois Foundation, a non-profit corporation duly organized under the laws of the State of Illinois, for the purpose of constructing the Illini Union Building, located on the campus at Urbana, Illinois, and said property has been conveyed in trust to said Foundation, which said trust now exists, and the Board of Trustees has leased said building