Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 993]

EXTRACTED TEXT FROM PAGE:

992

BOARD OF TRUSTEES

[February 21

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 Men's Residence Halls 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 Men's Residence Halls shall be deposited with The First National Bank of Chicago, 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 March I, 1048, 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 First National Bank of Chicago, a national banking association duly organized under the laws of the United States of America 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: Whereas the University, pursuant to a resolution of its Board of Trustees, entitled "Resolution 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 Men's Residence Halls located at 1215 South Fourth Street in the City of Champaign, Illinois, conveyed to said Foundation pursuant to said existing trust, and authorizing the issue of $400,000 Men's Residence Halls Revenue Bonds of 1948 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 revenue of said residence halls for the purpose of paying the cost of maintenance and operation of said buildings, and payment of the principal of and interest on said revenue bonds." adopted by said Board of Trustees of the University of Illinois on the 21st day of February, 1948, has issued or is about to issue Four Hundred Thousand Dollars ($400,000) principal amount of its Men's Residence Halls Revenue Bonds of 1948 for the purpose of terminating an existing trust and reacquiring the interest in the Men's Residence Halls located at 1215 South Fourth Street in the City of Champaign, Illinois, so conveyed in trust, and now used by said University, said bonds being dated March 1, 1948, maturing as follows: Principal Amount #20,000 20,000 20,000 21,000 21,000 21,000 22,000 22,000 22,000 22,000 13,000 13,000 13,000 13,000 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 " 251-263 " 264-276 " 277-289 " 290-302 " Maturity Dates September 1, 1948 March 1, 1949 September 1, 1949 March 1, 1950 September 1, 1950 March 1, 1951 September 1, 1951 March I, 1952 September 1, 1952 March 1, 1953 September 1, 1953 March 1, 1954 September 1, 1954 March 1, 1955 September I, 1955 March 1, 1956 September 1, 1956