Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 897]

EXTRACTED TEXT FROM PAGE:

BOARD OF TRUSTEES

[September

29

and does hereby estimate that the cost of the construction of staff housing facilities upon said above described property, complete, will aggregate the sum of $500,000; and W H E R E A S in addition to said appropriations made by the Sixty Fifth and Sixty Sixth General Assemblies of the State of Illinois it will be necessary for this Board of Trustees to raise the sum of $175,000 to complete the construction thereof; and W H E R E A S in order to produce the additional $175,000 necessary for the completion of said staff housing facilities located on the property hereinabove described 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 $175,000 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 $175,000 to complete the construction of the staff housing facilities located on the property described in the preambles of this resolution in the City of Urbana, Illinois, and in evidence thereof issue its revenue bonds in the principal amount of $175,000. SECTION 2. That said bonds shall be designated "Staff Housing Revenue Bonds, Series of 1949", be numbered 1 to 175, inclusive, be of the denomination of $1,000 each, be dated October I, 1949, bonds numbered 1 to 46, inclusive, to bear interest at the rate of two and one-half per cent ( 2 ^ % ) per annum, bonds numbered 47 to 175, inclusive, to bear interest at the rate of two and three-fourths per cent (2^4%) per annum, interest payable April 1, 1950, 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 $ 4,000 1- 4 incl October 1, 1950 6,000 5-10 " October 1, 1951 6,000 11- 16 " October 1, 1952 7,000 17-23 " October 1, 1953 7,000 24-30 " October I, 1954 8,000 31-38 " October 1, 1955 8,000 39-46 " October 1, 1956 8,000 47-54 " October I, 1957 8,000 55-62 " October 1, 1958 8,000 63- 70 " October 1, 1959 9,000 71- 79 " October 1, i960 9,000 80- 88 " October 1, 1961 9,000 89- 97 " October 1, 1962 10,000 98-107 " October 1, 1963 10,000 108-117 " October 1, 1964 10,000 118-127 " October 1, 1965 10,000 128-137 " October 1, 1966 10,000 138-147 " October 1, 1967 10,000 148-157 " October 1, 1968 18,000 158-175 " October I, 1969 provided, however, said bonds shall be redeemable as a whole or in part in the inverse order in which they are numbered, prior to their maturity on any interest payment date at the option of said Board of Trustees of the University of Illinois on or after October 1, 1952, and up to and including April 1, 1954, at par and accrued interest and a premium of three per cent ( 3 % ) of the principal amount thereof and a premium of two per cent ( 2 % ) of the principal amount thereof if redeemed on October 1, 1954, or on any interest payment date thereafter up to and including April 1, 1959, and a premium of one per cent ( 1 % ) of the principal amount thereof if redeemed on October 1, 1959, or on any interest payment date thereafter before maturity.