Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 215]

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BOARD OF TRUSTEES

[January

13

R E C O M M E N D A T I O N O F T H E F I N A N C E C O M M I T T E E ON W O M E N ' S RESIDENCE HALLS REVENUE BOND ISSUE Bids were received on January 11, 1949, for $800,000 revenue bonds of the new Women's Residence Halls. The proceeds from the sale of these bonds, together with the appropriation of $2,600,000 by the General Assembly of the State of Illinois will provide the total sum of $3,400,000 for the cost of constructing and equipping the new Women's Residence Halls. Five bids were received representing fifteen companies. The lowest bid is offered by Shields and Company and Eastman, Dillon, and Company as a joint bid with an effective interest rate of 2.71815 per cent for all bonds. Bonds maturing through 1952 will bear interest at 4 per cent; bonds maturing from 1953 through 1961 will bear interest at the rate of 2^2 per cent; and bonds maturing from 1962 through 1973 will bear interest at the rate of 2j4 per cent. The bidders have proposed that the bonds, principal, and interest be payable at the Northern Trust Company, Chicago. The Comptroller reports that the lowest bidders have met all requirements and recommends that the award be made to them. In connection with this issue of bonds, the firm of Chapman and Cutler have prepared a resolution authorizing the issuance of Women's Residence Halls revenue bonds in the amount of $800,000. The Finance Committee concurs in the foregoing recommendation and recommends the adoption of this resolution.

Mr. Williamson moved that the resolution be adopted and that the award be made as recommended. RESOLUTION AUTHORIZING T H E ISSUANCE OF WOMEN'S RESIDENCE HALLS REVENUE BONDS IN T H E

A M O U N T O F $800,000 R E S O L U T I O N authorizing and providing for the issue of $800,000 Women's Residence Halls Revenue Bonds of 1949 for the purpose of defraying part of the cost of constructing new women's residence halls located at 1005 South Lincoln Avenue, Urbana, Illinois, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenues of the said new women's residence halls, 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. W H E R E A S pursuant to "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, 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, 1045. L. 1045, p. 1753; title as amended by Act approved July 21, 1947, 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 residence halls payable solely from the revenues derived from the operation thereof; and W H E R E A S the Sixty Fourth and the Sixty Fifth General Assembly of the State of Illinois appropriated the sum of $2,600,000 applicable to the construction of new women's residence halls and responsive to said appropriations this Board of Trustees has heretofore acquired the property located at 1005 South Lincoln Avenue, Urbana, Illinois, and described as follows: "Bounded on the east by Lincoln Avenue in Urbana, Illinois and extending west therefrom to a line running north and south three hundred and twenty six (326) feet five (5) inches from the back of the west curb of said Lincoln Avenue and bounded on the north and south by lines parallel to, and two hundred and sixty (260) feet from, a line midway between the center lines of Ohio Street and Iowa Street, Urbana, Illinois and at an angle of ninety (90)