Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 899]

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890

BOARD OF TRUSTEES

[September 29

money of the United States of America at the Marine National Exchange Bank of Milwaukee, in the City of Milwaukee and State of Wisconsin. This bond and the series of which it forms a part is issued under authority of an Act of the Legislature of the State of Illinois, entitled "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, 1945. L. 1945, p. 1753; title as amended by Act approved July 21, 1947, as amended, and all other Laws supplementary thereto, and a resolution duly adopted by the Board of Trustees of the University of Illinois for the purpose of defraying part of the cost of constructing staff housing facilities, located in the City of Urbana, Illinois, on the following described property, to wit: "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 143° 09' with line aforesaid a distance of 175.94 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° 54' with line aforesaid a distance of 85.05 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° 0 1 ' with line aforesaid a distance of 34.5 feet, thence in an easterly direction along a line making an angle on the Northeast of oo° 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 145.00 feet, thence in a northwesterly direction along a line making an angle on the Northwest of 90° oo' 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 is payable solely from the net revenue to be derived from the operation of said facilities, and not otherwise, and this bond and the series of which it forms a part do not constitute an indebtedness of said University or of the State of Illinois within any constitutional or statutory limitation, and neither the taxing power nor the general credit of said University or the State of Illinois is pledged to the payment of this bond or the interest thereon. Under said Act of the Legislature of the State of Illinois and other Laws supplementary thereto and the said resolution adopted pursuant thereto, the net revenue derived from the operation of said facilities shall be deposited with the Marine National Exchange Bank of Milwaukee, in the City of Milwaukee, Wisconsin, under a Deposit Agreement entered into between the Board of Trustees of the University of Illinois and the said Bank, and used only for the purpose of paying the fees and expenses of such Depositary, principal of and interest on the