Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 403]

EXTRACTED TEXT FROM PAGE:

400

BOARD OF TRUSTEES

[May 21

STUDENT-STAFF APARTMENT BUILDINGS

The minutes of this meeting of May 21, 1949 (page 369), contain the record of the action of the Board adopting a resolution (page 395) authorizing the loan agreement for the Student-Staff Apartment Buildings. The documents are incorporated in the minutes by means of the following notation: Exhibits 1, 2, A, B, and 3 referred to in the Loan Agreement are, hereby, incorporated in the minutes by reference. These exhibits in printed form are bound with a printed form of the Loan Agreement, which has been marked on the title page thereof with the following legend written with pen and ink: "This document, with attached exhibits, has been incorporated in the minutes of the Board of Trustees at its May 21, 1949, meeting by reference, appearing in the minutes at page 400," and the same are filed in the office of the Secretary of the Board of Trustees of the University of Illinois under the rubric "Student-Staff Apartments," this file being arranged alphabetically.

Loan Agreement T H I S A G R E E M E N T made June IS, 1949, by and between the Board of Trustees of the University of Illinois, a duly organized and existing public corporation of the State of Illinois, party of the first part, hereinafter called "University of Illinois", University of Illinois Foundation, a duly organized and existing non-profit corporation of the State of Illinois, party of the second part, hereinafter called "Foundation", and Modern Woodmen of America, an Illinois corporation having its principal place of business in the City of Rock Island, Illinois, party of the third part, Royal Neighbors of America, an Illinois corporation having its principal place of business in the City of Rock Island, Illinois, party of the fourth part (said party of the third part and party of the fourth part being hereinafter sometimes collectively called "Lender"), WITNESSETH: Whereas, the General Assembly of Illinois has appropriated by Senate Bill No. 662 the sum of $400,000 for the construction of graduate student and staff apartments at Urbana, Illinois; and Whereas, the General Assembly of Illinois has appropriated in said Bill additional sums for the equipment of buildings and contingencies, from which the University of Illinois has allocated the sum of $251,700 for staff housing; and Whereas, the University of Illinois is now constructing on real estate located at the southwest corner of Green Street and Goodwin Avenue, Urbana, Illinois, a six-story apartment building and a three-story apartment building, to be used for graduate student and staff apartments in accordance with said appropriations, said buildings being in accordance with plans and specifications drawn and prepared by Skidmore, Owings & Merrill, of Chicago, which plans have been heretofore submitted to and approved by the Lender; and Whereas, it will be necessary to borrow the sum of $900,000 to complete said project; and Whereas, a financing proposal for a loan in the sum of $900,000 for such purposes was heretofore submitted by Salk, W a r d & Salk, Inc., to the University of Illinois under date of July 15, 1948, and was accepted by the University of Illinois on July 21, 1948, the original terms of said loan being set forth in a letter of July 24, 1948, from Lloyd Morey, Comptroller of the University of Illinois, to Salk, W a r d & Salk, Inc., to which letter express reference is hereby made; and Whereas, since July 24, 1948, the Lender has succeeded to the rights and assumed the obligations of Salk, W a r d & Salk, Inc., in connection with said financing