Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 216]

EXTRACTED TEXT FROM PAGE:

1949]

UNIVERSITY OF ILLINOIS

213

degrees to said Lincoln Avenue, the same being a part of the North Half ( N ^ ) of the South East Quarter ( S E J 4 ) of Section Eighteen (18), Township Nineteen (19) North of Range Nine (9) East of the Third (3rd) Principal Meridian" and contracts have been let for the construction and equipment of said residence halls for women students of said University, and based upon the contracts heretofore let this Board of Trustees has heretofore estimated and does hereby estimate that the cost of the construction of the new women's residence halls upon said above described property located at 1005 South Lincoln Avenue, complete with all equipment, will aggregate the sum of $3,400,000; and W H E R E A S in addition to said appropriations made by the Sixty Fourth and Sixty Fifth General Assembly of the State of Illinois it will be necessary for this Board of Trustees to raise the sum of $800,000 to complete the construction thereof and fully equip said women's residence halls; and W H E R E A S in order to produce the additional $800,000 necessary for the completion and equipment of said women's residence halls located on the property hereinabove described at 1005 South Lincoln Avenue in the City of Urbana, Illinois, it will be necessary that this Board of Trustees borrow money and issue its revenue bonds in the principal amount of $800,000 as authorized pursuant to the Act hereinabove referred to: N O W , T H E R E F O R E , Be It and It Is Hereby Resolved by the Board of Trustees of the University of Illinois, as follows: 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 $800,000 to complete the construction of and to fully equip the new women's residence halls located on the property described in the preambles of this resolution at 1005 South Lincoln Avenue, in the City of Urbana, Illinois, and in evidence thereof issue its revenue bonds in the principal amount of $800,000. SECTION 2. That said bonds shall be designated "Women's Residence Halls Revenue Bonds of 1949," be numbered 1 to 800, inclusive, be of the denomination of $1,000 each, be dated February 15, 1049, bonds numbered 1 to 70, inclusive, to bear interest at the rate of four per cent ( 4 % ) per annum, bonds numbered 71 to 334 inclusive, to bear interest at the rate of two and one-half per cent (2^2%) per annum, and bonds numbered 335 to 800, inclusive, to bear interest at the rate of two and three fourths per cent (254%) per annum, interest payable October 1, 1949, 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 $11,000 1- 11 incl April 1, 1950 .October 1, 1950 11,000 12-22 .April 1, 1951 12,000 23-34 .October 1, 1951 12,000 35- 46 April 1, 1952 12,000 47-58 .October 1, 1952 12,000 59- 70 .April 1, 1953 13,000 71- 83 .October 1, 1953 13,000 84-96 .April I, 1954 13,000 97-109 .October 1, 1954 13,000 110-122 •April 1, 1955 14,000 123-136 .October 1, 1955 14.000 137-150 .April I, 1956 14,000 151-164 .October 1, 1956 14,000 165-178 .April 1, 1957 14,000 179-192 .October 1, 1957 15,000 193-207 .April 1, 1958 15,000 208-222 .October 1, 1958 I5,ooo 223-237 .April 1, 1959 15,000 238-252 .October 1, 1959 16,000 253-268 .April 1, i960 16,000 269-284 .October 1, i960 16,000 285-300 .April I, 1961 '7,000 30I-3I7