Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 1116]

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BOARD OF T R U S T E E S

[April 19

from any other funds of said University, and said University covenants that all the revenues, income, receipts, profits, rates, rents, charges, fees and returns derived from the said Student-Staff Apartments (Second Unit) and the operation thereof, after setting aside therefrom the reasonable cost of operating, maintaining, insuring and repairing said Student-Staff Apartments (Second Unit), shall be paid over to the Depositary hereinafter mentioned semi-annually not later than the dates as hereinafter specified in the said deposit agreement prior to April 1 and October 1 of each year, and said revenues so paid over to the Depositary shall be used only in paying the fees and expenses of such Depositary, principal of and interest upon the revenue bonds of said University that are payable by their terms only from such revenues, and such 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 Student-Staff Apartments (Second Unit) 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 Student-Staff Apartments (Second Unit) shall be deposited with the Chicago Title and Trust Company, 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 May 1, 1950, 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 Chicago Title and Trust Company, a corporation duly organized and existing under the laws of the State of Illinois, 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: W H E R E A S the University, pursuant to a resolution of its Board of Trustees, entitled " R E S O L U T I O N authorizing and providing for the issue of $700,000 Student-Staff Apartments (Second Unit) Revenue Bonds for the purpose of defraying part of the cost of constructing the second unit of Student-Staff Apartments located on Green Street in Urbana, Illinois, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenues of the said Student-Staff Apartments (Second Unit), for the purpose of paying the cost of the maintenance and operation thereof, 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 _ _ day of ...., 1950, has issued or is about to issue Seven Hundred Thousand Dollars ($700,000) principal amount of its Student-Staff Apartments (Second Unit) Revenue Bonds for the purpose of defraying part of the cost of constructing said Student-Staff Apartments (Second Unit) on the following described property: 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 ( N E # ) 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