Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 813]

EXTRACTED TEXT FROM PAGE:

8l2

BOARD OF TRUSTEES

[September 26

ing said building, shall be paid over to the Depositary hereinafter mentioned semiannually not later than fifteen days prior to October I and April I of each year, and said revenues so paid over to the Depositary shall be used only in paying the fees and expenses of such Depositary, principal of, premium if any and interest upon the revenue bonds of said University that are payable by their terms only from such revenues, and such funds shall be used only for the purposes and in accordance with the Deposit Agreement hereinafter set out. SECTION 6. That for the purpose of further securing the income and revenue to be derived from the operation of the said building and the application of the net revenue to the payment of the principal of and interest upon the said bonds hereby authorized, the net revenue derived from the operation of the said building shall be deposited with The Northern Trust Company, hereby designated as the Depositary for the said net revenue, and the President and Secretary of the Board of Trustees and Treasurer of said University be and are hereby authorized and directed to execute for and on behalf of the University a Deposit Agreement with said bank as Depositary in substantially the following form, to wit: T H I S D E P O S I T A G R E E M E N T dated October 1, 1947, between the University of Illinois, a public corporate body duly organized and existing under the laws of and located in the State of Illinois (hereinafter sometimes referred to as the "University"), party of the first part, and The Northern Trust Company, a corporation duly organized and existing under the laws of the State of Illinois and having its office in the City of Chicago, in the State of Illinois (hereinafter sometimes referred to as the "Depositary"), party of the second part, WITNESSETH: W H E R E A S the University, pursuant to a resolution of its Board of Trustees, entitled " 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." adopted by said Board of Trustees of the University of Illinois on the day of , 1947, has issued or is about to issue Four Hundred Twenty-five Thousand Dollars ($425,000) principal amount of its Illini Union Building Revenue Bonds for the purpose of terminating an existing trust and reacquiring the interest in the Illini Union Building located on the campus of said University in the City of Urbana, Illinois, so conveyed in trust, now used by said University for student social activities and other educational purposes, said bonds being dated October I, 1947, maturing as follows: Principal Bond Maturity Amount Numbers Dates 350,000 1-50 incl October 1, 1948 .October I, 1949 50,000 51-100 .October 1, 1950 50,000 101-150 .October 1, 1951 45.°°° i5i-!95 .October 1, 1952 45,000 196-240 .October 1, 1953 45,000 241-285 .October 1, 1954 40,000 286-325 .October 1, 1955 40,000 326-365 .October 1, 1956 30,000 366-395 6 2 .October I, 1957 30,000 39 "4 5 Bonds numbered I to 425, inclusive, of the denomination of One Thousand Dollars ($1,000) each, bonds numbered 101 to 425, inclusive, maturing on October