Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 1111]

EXTRACTED TEXT FROM PAGE:

195°]

UNIVERSITY OF ILLINOIS

IIO3

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 it borrow the sum of #700,000 to complete the construction of and to fully equip the student-staff apartments (second unit) located on the property described in the preambles of this resolution on Green Street, in the City of Urbana, Illinois, and in evidence thereof issue its revenue bonds in the principal amount of $700,000. SECTION 2. That said bonds shall be designated "Student-Staff Apartments (Second Unit) Revenue Bonds," be numbered 1 to 700, inclusive, be of the denomination of $1,000 each, be dated May 1, 1950, bonds numbered I to 345, inclusive, to bear interest at the rate of two and one-fourth per cent (2j^%) per annum, bonds numbered 346 to 462, inclusive, to bear interest at the rate of two and one-half per cent ( 2 ^ % ) per annum, and bonds numbered 463 to 700, inclusive, to bear interest at the rate of two and three-fourths per cent ( 2 ^ % ) per annum, interest payable October 1, 1950 and semi-annually thereafter on the first days of April and October in each year, and to become due as follows: Principal Bond Maturity Amount Numbers Dates .April 1, 1951 000 1- 13 inch 14. 000 . October 1, 1951 14- 27 .April 1, 1952 28- 41 14: ,000 . October 1, 1952 42- 55 14. 000 69 .April 1, 1953 000 56. October 1, 1953 70- 83 14 000 98 .April I, 1954 8415 ,000 . October 1, 1954 ,000 99- 113 15: .April 1, 1955 114- 128 15,000 . October 1. 1955 ,000 129- H3 15, .April 1, 1956 144- 158 15,000 .October 1, 1956 159- 174 16,000 .April 1, 1957 175- 190 16,000 . October 1, 1957 .000 191- 206 16, .April 1, 1958 207- 222 16,000 . October 1, 1958 223- 239 17, 000 .April 1, 1959 240- 256 17. 000 . October 1, 1959 257- 273 17, 000 .April 1, i960 274- 291 18, 000 . October 1, i960 292- 309 18,,ooo .April 1, 1961 310- 327 18.,ooo . October 1, 1961 328- 345 18,,000 .April 1, 1962 ,000 346- 364 iQ, October 1, 1962 ,000 365- 383 19, .April I, 1963 ,000 384- 402 19, .October 1, 1963 403- 422 20,,000 .April 1, 1964 423 442 20,,000 . October 1, 1964 443 462 20,,000 .April I, 1965 463 •482 20, ,000 . October 1, 1965 483 502 20, ,000 .April 1, 1966 503- 523 21, 000 . October 1, 1966 21, 000 524- 544 .April 1, 1967 21, 000 545- 565 . October 1, 1967 22, 000 566- 587 .April 1, 1968 22, 000 588 609 . October 1, 1968 22, 000 610- 631 .April 1, 1969 23.000 632- 654 . October 1, 1969 23,000 655 677 .April 1, 1970 23, .000 678 provided, however, said bonds shall be redeemable as a whole or in part in the inverse order in which they are numbered, prior to their maturity, on any interest payment date at the option of said Board of Trustees of the University of Illinois on or after April 1, 1953, and up to and including October 1, 1954, at par and accrued interest and a premium of two per cent (2%) of the principal amount thereof, and