Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 221]

EXTRACTED TEXT FROM PAGE:

218

BOARD OF TRUSTEES

[January

13

University covenants that all the revenues, income, receipts, profits, rates, rents, charges, fees and returns derived from the said women's residence halls and the operation thereof, after setting aside therefrom the reasonable cost of operating, maintaining, insuring and repairing said women's residence halls, 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 I 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 women's residence halls 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 women's residence halls shall be deposited with The Northern T r u s t 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 February 15, 1949, 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 Northern 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 $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," adopted by said Board of Trustees of the University of Illinois on the 13th day of January, 1949, has issued or is about to issue Eight Hundred Thousand Dollars ($800,000) principal amount of its Women's Residence Halls Revenue Bonds of 1949 for the purpose of defraying part of the cost of constructing new women's residence halls on the following described property: "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 (00) degrees to said Lincoln Avenue, the same being a part of the North Half {W/2) 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" located at 1005 South Lincoln Avenue in the City of Urbana, Illinois, said bonds being dated February 15, 1949, and maturing as follows: Principal Bond Maturity Amount Numbers Dates ?u,ooo 1- 11 incl April 1, 1950 n,ooo 12-22 " October i , 1950 12,000 23-34 " April 1, 1951 12,000 35-46 " October 1, 1951 12,000 47-58 " April 1, 1952