Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 399]

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396

BOARD OF TRUSTEES

[May 21

Whereas, the Board of Trustees of the University of Illinois owns the property described as follows: Situated in the State of Illinois, County of Champaign, and City of Urbana, in the west half of the North East Quarter ( N E j i ) of the North East Quarter ( N E J 4 ) of Section Eighteen (S 18) in Township Nineteen North ( T l o N ) , Range Nine East ( R g E ) of the Third Principal Meridian (3rd P M ) and being known as parts of Lots Eleven (11) and Twelve (12) of 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 being more fully bounded and described as follows: Beginning at an iron pin at the intersection of the east line of Goodwin Avenue and the south line of Green Street as now located; thence easterly along the south line of Green Street, a distance of One Hundred (100) feet to an iron pin; thence southerly along a line parallel to the east line of Goodwin Avenue, a distance of One Hundred Seventy (170) feet to an iron pin; thence easterly at Ninety Degrees (90°) to the preceding course, a distance of Ninety-nine (09) feet to an iron pin; thence southerly along a line parallel to Goodwin Avenue and at Ninety Degrees (90°) to the preceding course, a distance of One Hundred Sixty-four and Thirteen Hundredths (164.13) feet to an iron pin; thence westerly One Hundred Ninety-nine (199) feet to an iron pin in the east line of Goodwin Avenue; thence northerly along the east line of Goodwin Avenue, a distance of Three Hundred Thirty-two and Eight Tenths (332.8) feet to the place of beginning, containing One and One Hundred Thirty-four Thousandths (1.134) acres more or less, but subject to all legal highways; and has determined to use said property as a site for graduate student and staff housing apartment buildings for which said sums were appropriated and allocated ; and Whereas, plans and specifications for the construction of a six-story apartment building and a three-story apartment building on said premises have been drawn and prepared by Skidmore, Owings & Merrill of Chicago; and Whereas, bids for the construction of such project were received from bidders and opened by the University on July 7, 1948; and Whereas, such bids revealed that it would be necessary to borrow $900,000 in addition to said appropriations to complete the project; and Whereas, Salk, Ward & Salk, Inc., submitted a financing proposal for a loan in the sum of $900,000 under date of July 15, 1948, and said proposal was accepted by the Board of Trustees on July 21, 1948; and Whereas, Modern Woodmen of America, an Illinois corporation, and Royal Neighbors of America, an Illinois corporation, have succeeded to the rights and assumed the obligations of Salk, W a r d & Salk, Inc., in connection with said financing arrangements; and Whereas, said Modern Woodmen of America and Royal Neighbors of America are not to be obligated to purchase the bonds evidencing such loan hereinafter referred to, until construction is completed; and Whereas, it is necessary to obtain interim loans up to $900,000 principal to complete construction and equipping of said buildings, and arrangements have been made with the First National Bank of Chicago for the making of such interim loans to the University of Illinois Foundation as trustee; and Whereas, the Board of Trustees has determined, in order to obtain said loan to aid in the acquiring, constructing, and equipping of said buildings, to create a trust with the University of Illinois Foundation as active Trustee, and convey said real estate to the Foundation as active Trustee, to be held in trust under the terms of a trust agreement to be known as "University of Illinois Student-Staff Apartment Buildings Trust — Urbana Campus," all pursuant to "An Act to authorize the Board of Trustees of the University of Illinois to create trusts, to convey property in trust, to enter into trust agreements providing the powers and duties of the trustee and providing for the issuance of bonds by such a trustee and providing for the payment and securing thereof; to enter into year to year or other leases, to pledge for the performance of its obligations under such leases certain receipts and collections which the board is authorized by 'An Act to amend section 6 of "An Act in relation to state finance," approved June 10, 1919, as amended,' approved July 11, 1935, to retain in its own treasury, and to enter into covenants