Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 1113]

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U N I V E R S I T Y OF I L L I N O I S

1105

presentation and surrender of the annexed interest coupons as they severally become due. Both principal and interest of this bond are hereby made payable in lawful money of the United States of America at the Chicago Title and Trust Company, in the City of Chicago and State of Illinois. This bond and the series of which it forms a part is issued under authority of an Act of the Legislature of the State of Illinois, entitled "An Act to authorize the Board of Trustees of the University of Illinois to acquire by purchase or otherwise, construct, equip, complete, operate, control and manage student residence halls, staff housing facilities, dormitories, health and physical education buildings, or other revenue producing building or buildings, denning 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 a s amended by Act approved July 21, 1947," approved July 21, 1947, as amended, and all other laws supplementary thereto, and a resolution duly adopted by the Board of Trustees of the University of Illinois for the purpose of defraying part of the cost of constructing the Student-Staff Apartments (Second Unit) located on Green Street, in the City of Urbana, Illinois, on the following described property, to wit: Situated in the State of Illinois, County of Champaign, and City of Urbana, in the west half of the Northeast Quarter ( N E X ) 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) feet 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 is payable solely from the net revenue to be derived from the operation of said building, and not otherwise, and this bond and the series of which it forms a part do not constitute an indebtedness of said University or of the State of Illinois within any constitutional or statutory limitation, and neither the taxing power nor the general credit of said University or the State of Illinois is pledged to the payment of this bond or the interest thereon. Under said Act of the Legislature of the State of Illinois and other laws supplementary thereto, and the said resolution adopted pursuant thereto, the net revenue derived from the operation of said building shall be deposited with the Chicago Title and Trust Company, in the City of Chicago, Illinois, under a Deposit Agreement entered into between the Board of Trustees of the University of Illinois and the said Company, and used only for the purpose of paying the fees and expenses of such Depositary, principal of and interest on the bonds of said University that are issued under authority of said Act of the Legislature of the State of Illinois and the resolution of the Board of Trustees hereinabove referred to, and which are