Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 808]

EXTRACTED TEXT FROM PAGE:

1947]

UNIVERSITY OF ILLINOIS

807

from said Foundation and it is now used by said University for student social activities and other educational purposes; and W H E R E A S it is deemed advisable and for the best interests of the University of Illinois that said trust be terminated and that the Board of Trustees of the University of Illinois reacquire the interest in said property so conveyed in trust; and W H E R E A S the University of Illinois Foundation has agreed with this Board of Trustees of the University of Illinois to terminate said trust upon payment to it as trustee the sum $499,241.55, representing the principal amount on the outstanding note and mortgage of the University of Illinois Foundation plus interest due October 1, 1947 and the premium necessary to call and pay the same, which was executed for the purpose of constructing the said Illini Union Building in accordance with the terms of the trust hereinabove referred to, and which sum, together with funds now on hand for that purpose will be sufficient to pay all the obligations and liabilities of said Foundation for the purpose of terminating said trust; and W H E R E A S it will be necessary for the purpose of procuring part of said sum of $499,241.55 that this Board of Trustees borrow money and issue revenue bonds in the principal amount of $425,000, as authorized pursuant to the Act, hereinabove referred t o ; 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 the existing trust entered into by and between the Board of Trustees of the University of Illinois and the University of Illinois Foundation, a non-profit corporation duly organized under the laws of the State of Illinois, and dated as of the 27th day of September, 1940, be terminated and that the interest in property conveyed by said trust, consisting of the Illini Union Building located on the campus of said University at Urbana, Illinois, which was the subject matter of said trust, be reacquired, and that bonds be issued for the purpose of procuring funds necessary for the termination of said trust and the reacquiring of the interest in said property conveyed by said trust, all in accordance with the provisions of the Act passed by the Sixty-second General Assembly, referred to in the preambles of this resolution. SECTION 2. That said bonds shall be designated "Illini Union Building Revenue Bonds," be numbered 1 to 425, inclusive, be of the denomination of $1,000 each, be dated October 1, 1947, bonds numbered 1 to 395, inclusive, to bear interest at the rate of one and one-half per cent ( 1 ^ % ) per annum, and bonds numbered 396 to 425, inclusive, to bear interest at the rate of one and three-fourths per cent ( i 5 4 % ) per annum, interest payable April 1, 1948, and semi-annually thereafter on the first days of April and October in each year, and to become due as follows: Principal Bond Maturity A mount Numbers Dates #50,000 1-50 incl October 1, 1948 50,000 51-100 " October 1, 1949 50,000 101-150 " October 1, 1950 45,000 151-195 " October 1, 1951 45,000 196-240 " October 1, 1952 45,000 241-285 " October 1, 1953 40,000 286-325 " October 1, 1954 40,000 326-365 " October 1, 1955 30,000 366-395 " October I, 1956 30,000 396-425 " October 1, 1957 provided, however, bonds numbered 101 to 425, inclusive, maturing on October I of each year, beginning with October 1, 1950, up to and including October 1, 1957.