Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 988]

EXTRACTED TEXT FROM PAGE:

1948]

UNIVERSITY OF ILLINOIS

987

tion, a non-profit corporation duly organized under the laws of the State of Illinois, for the purpose of constructing the Men's Residence Halls, located at 1215 South Fourth Street in the City of Champaign, 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 from said Foundation and it is now used by said University; and Whereas 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 Whereas 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 $526,931.78, representing the principal amount on the outstanding note and mortgage of the University of Illinois Foundation plus interest due March 1, 1948, and the premium necessary to call and pay the same, all of which were issued for the purpose of constructing the said Men's Residence Halls 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 Whereas it will be necessary for the purpose of procuring part of said sum of $526,931.78 that this Board of Trustees borrow money and issue revenue bonds in the principal amount of $400,000, as authorized pursuant to the Acts, hereinabove referred t o ; Now, therefore, 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 First day of September, 1941, be terminated and that the interest in property conveyed by said trust, consisting of the Men's Residence Halls located at 1215 South Fourth Street in the City of Champaign, 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 Acts referred to in the preambles of this resolution. SECTION 2. That said bonds shall be designated "Men's Residence Halls Revenue Bonds of 1948," be numbered I to 400, inclusive, be of the denomination of $1,000 each, be dated March 1, 1048, bonds numbered 1 to 211, inclusive, to bear interest at the rate of Three per cent (3%) per annum, and bonds numbered 212 to 400, inclusive, to bear interest at the rate of Two and One-Half per cent ( 2 ^ % ) per annum, interest payable September 1, 1948, and semi-annually thereafter on the first days of March and September in each year, and to become due as follows: Principal Amount 820,000 20,000 20,000 21,000 21,000 21,000 22,000 22,000 22,000 22,000 13,000 13,000 13,000 Bond Numbers 1-20 incl 21- 40 " 41- 60 " 61-81 " 82-102 " 103-123 " 124-145 " 146-167 " 168-189 " 190-211 " 212-224 " 225-237 " 238-250 " Maturity Dates September 1, 1948 March 1, 1949 September 1, 1949 March I, 1950 September 1, 1950 March 1, 1951 September I, 1951 March 1, 1952 September 1, 1952 March 1, 1953 September 1, 1953 March 1, 1954 September 1, 1954