Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 1122]

EXTRACTED TEXT FROM PAGE:

IH4

BOARD OF

TRUSTEES

[April 19

SECTION 9. It is hereby covenanted and agreed that while any revenue bonds issued hereunder are outstanding no additional revenue bonds shall be issued which, by their terms, are payable from the revenues of said Student-Staff Apartments (Second Unit) located on Green Street, in the City of Urbana, Illinois, unless and until all revenue bonds issued pursuant to the terms of this resolution have been paid in full, both as to principal and interest, or until provision shall have been made for such payment in full. SECTION 10. Said University of Illinois hereby covenants and agrees with the holder or holders of the bonds herein proposed to be issued, or any of them, that it will punctually perform all duties with reference to said Student-Staff Apartments (Second Unit) required by the Constitution and laws of the State of Illinois, including the making and collecting of sufficient charges and fees for the use of said properties and all of the facilities thereof, and segregating the revenue thereof and the application of the income and revenue thereof, as provided by this resolution; and it hereby covenants and agrees not to sell, lease, loan, mortgage or in any manner dispose of said Student-Staff Apartments (Second Unit), including any and all extensions and improvements that may be made thereto, until all of the bonds herein authorized to be issued shall have been paid in full, both principal and interest, or unless and until provision shall have been made for the payment thereof in full, and the said University further covenants and agrees with the holders of said bonds to maintain in good condition and continuously operate said Student-Staff Apartments (Second Unit) and maintain and keep in full force and effect at all times adequate insurance for the protection of said properties, including multi-risk insurance, covering loss or damage to said properties and use and occupancy insurance covering loss of use of said properties. The cost of maintaining all insurance shall be deemed to be an operating charge and shall be paid only from revenues. Any proceeds derived by said University from any multi-risk insurance shall be applied to the payment of the said University's reasonable and necessary costs in reconstruction, repair or rehabilitation of the said properties and any proceeds derived from any use and occupancy insurance shall be applied in the same manner and to the same effect as gross operating revenues. SECTION I I . The provisions of this resolution shall constitute a contract between the University of Illinois and the holders of the bonds herein authorized to be issued, and after the issuance of the bonds no changes, additions, alterations or amendments of any kind shall be made to this resolution in any manner, until such time as all of said bonds issued hereunder, and interest thereon, shall be paid in full, or unless and until provision shall have been made for the payment of all bonds hereby authorized and interest thereon in full. SECTION 12. Any holder of a bond or bonds, or any of the coupons of any bond or bonds, issued under the provisions of this resolution, may either in law or in equity, by suit, action, mandamus or other proceeding, enforce or compel the performance of all duties required by this resolution or the acts under which the bonds hereby authorized are issued, including the fixing, maintaining and collecting of such charges and fees for the use of such properties and all facilities thereof as will be sufficient for all the purposes provided by this resolution, and the application of income and revenue therefrom. SECTION 13. If any section, paragraph, clause or provision of this resolution shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this resolution. SECTION 14. That Trustees Park Livingston and Frances B. Watkins be and they are hereby designated and directed to execute the said Student-Staff Apartments (Second Unit) Revenue Bonds, together with the President and Secretary of the Board of Trustees of the University of Illinois, and the said President, Secretary and Treasurer of this Board of Trustees, be and they are each of them hereby authorized and directed to execute all instruments, papers, documents and agreements necessary or convenient to accomplish the issue and delivery of the said Student-Staff Apartments (Second Unit) Revenue Bonds to the purchaser thereof. SECTION 15. That said revenue bonds shall be executed as provided herein as soon after this resolution becomes effective as may be, be deposited with the Treasurer of said University, and be by him delivered to Blyth & Co., Inc., the purchasers thereof, upon receipt of the purchase price, the contract for the sale thereto heretofore entered into be and the same is hereby in all respects ratified and approved. Any