Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 896]

EXTRACTED TEXT FROM PAGE:

1949]

Resolution

UNIVERSITY OF ILLINOIS

887

Authorising the Issuance of $175,000 Staff Housing Revenue Bonds of IQ4Q R E S O L U T I O N authorizing and providing for the issue of $175,000 Staff Housing Revenue Bonds, Series of 1949, for the purpose of defraying part of the cost of constructing certain staff housing facilities on property owned by the University of Illinois located in Urbana, Illinois, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenues of the said project, 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. 1945, 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 staff housing facilities payable solely from the revenues derived from the operation thereof ; and W H E R E A S the Sixty Fifth and the Sixty Sixth General Assemblies of the State of Illinois appropriated the sum of $325,000 applicable to the construction of such staff housing facilities and responsive to said appropriations this Board of Trustees has heretofore acquired the property located in Urbana, Illinois, south of Florida Avenue and west of Race Street, and described as follows: "Commencing at a point which is 230 feet South and 30 feet West of the Northeast corner of the Northwest Quarter of Section 20, Township 19 North, Range 9 East of the Third Principal Meridian, thence in a westerly direction along a line which is 230 feet from and parallel to the North line of the Northwest Quarter of Section 20 aforesaid a distance of 800.98 feet, thence in a southerly direction along a line making an angle on the East of 89° 53' with line aforesaid a distance of 205.74 feet, thence in a southeasterly direction along a line making an angle on the East of 1430 09' with line aforesaid a distance of '75-94 feet, thence in a southerly direction along a line making an angle on the East of 217° 10' with line aforesaid a distance of 76.30 feet, thence in a southwesterly direction along a line making an angle on the East of 210 0 54' with line aforesaid a distance of 8505 feet, thence in a southerly direction along a line making an angle on the East of 150° 29' with line aforesaid a distance of 227.30 feet, thence in an easterly direction along a line making an angle on the Northeast of 88° 39' with line aforesaid a distance of 156.33 feet, thence in a southerly direction along a line making an angle on the North of 270° 01' with line aforesaid a distance of 34.5 feet, thence in an easterly direction along a line making an angle on the Northeast of 00° 00' with line aforesaid a distance of 78.33 feet, thence in an easterly direction along a line making an angle on the North of 176° 34' with line aforesaid a distance of 14500 feet, thence in a northwesterly direction along a line making an angle on the Northwest of 90° 00' with line aforesaid a distance of 70.13 feet, thence in a northeasterly direction along a line making an angle on the West of 200° 39' with line aforesaid a distance of 133.52 feet, thence in a northeasterly direction along a line making an angle on the West of 215° 49' with line aforesaid a distance of 322.75 feet, thence in an easterly direction along a line making an angle on the North of 216° 43' with line aforesaid a distance of 70.00 feet to a point 30 feet West of the East line of the Northwest Quarter of Section 20 aforesaid, thence in a northerly direction along a line 30 feet from and parallel to section line aforesaid a distance of 359-95 feet to the point of beginning, all in Champaign County, Illinois" and the construction of said staff housing facilities is now in progress, and based upon the contracts heretofore let this Board of Trustees has heretofore estimated