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Caption: Board of Trustees Minutes - 1950
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II02 BOARD OF TRUSTEES [April 19 plete, operate, control and manage student residence halls, staff housing facilities, dormitories, health and physical education buildings, or other revenue producing building or buildings, defining the duties of such Board with respect to operation and maintenance thereof, charge fees or rates for the use thereof, and providing for and authorizing the issue of bonds for the purpose of defraying the cost of construction, acquisition or equipment of any such building or buildings, payable solely from the revenues derived from the operation thereof, and for the refunding of any such bonds," approved June 30, 1945, L. 1945, p. 1753; title as amended by Act approved July 21, 1945, this Board of Trustees of the University of Illinois is authorized to issue revenue bonds for the purpose of constructing, equipping or completing the construction and equipment of student-staff apartments (second unit) payable solely from the revenues derived from the operation thereof; and W H E R E A S the Sixty-fifth and Sixty-sixth General Assemblies of the State of Illinois appropriated the sum of $338,000 applicable to the construction of a second unit of student-staff apartments and responsive to said appropriations this Board of Trustees has heretofore acquired the property located on Green Street, in the City of Urbana, Illinois, and described as follows: Situated in the State of Illinois, County of Champaign, and City of Urbana, in the west half of the Northeast Quarter (NEJ<0 of the Northeast Quarter (NE>£) of Section Eighteen (18) in Township Nineteen North (T19N), Range Nine East (R9E) of the Third Principal Meridian and being known as parts of Lots Eleven (11) and Twelve (12) of the W. M. Goodwin's Addition to the City of Urbana as recorded in Deed Book Twenty-four (24), Page Five Hundred Eighty-two (582), of the records of said County and also being sometimes referred to as Lots at the Southeast Corner of Green Street and Goodwin Avenue, Urbana, Illinois, and being more fully bounded and described as follows: Beginning at an iron pin in the south property line of Green Street, said iron pin being two hundred eight and seventy-five hundredths (208.75) I e e t distant in an easterly direction from the intersection of the east property line of Goodwin Avenue and the south property line of Green Street; thence easterly along the south property line of Green Street, a distance of ninety and twenty-five hundredths (90.25) feet to an iron pin; thence in a southerly direction along a line parallel to the east property line of Goodwin Avenue, a distance of three hundred thirty-five and fiftytwo hundredths (335.52) feet to an iron pin; thence in a westerly direction, a distance of one hundred and two hundredths (100.02) feet to an iron pin; thence in a northerly direction along a line parallel to the east property line of Goodwin Avenue, a distance of one hundred sixty-four and thirteen hundredths (164.13) feet to an iron pin; thence in an easterly direction and at ninety degrees (900) to the preceding course, a distance of nine and seventy-three hundredths (9.73) feet to an iron pin; thence in a northerly direction and at ninety-degrees (900) to the preceding course and parallel to the east property line of Goodwin Avenue, a distance of one hundred seventy and five tenths (170.5) feet to the place of beginning, containing seven hundred and thirty-one thousandths (0.731) of an acre, more or less, but subject to all legal highways. and contracts have been let for the construction and equipment of said facilities, and based upon the contracts heretofore let this Board of Trustees has heretofore estimated and does hereby estimate that the cost of the construction of said studentstaff apartments (second unit) upon said above described property located on Green Street in the City of Urbana, Illinois, complete with all equipment, will aggregate the sum of $1,038,000; and W H E R E A S in addition to said appropriations made by the Sixty-fifth and Sixty-sixth General Assemblies of the State of Illinois, it will be necessary for this Board of Trustees to raise the sum of $700,000 to complete the construction thereof and fully equip said student-staff apartments (second unit); and W H E R E A S in order to produce the additional $700,000 necessary for the completion and equipment of said student-staff apartments (second unit) located on the property hereinabove described on Green Street, in the City of Urbana, Illinois, it will be necessary that this Board of Trustees borrow money and issue its revenue bonds in the principal amount of $700,000 as authorized pursuant to the Act hereinabove referred t o ; NOW, 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:
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