Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 902]

EXTRACTED TEXT FROM PAGE:

1949]

UNIVERSITY OF ILLINOIS

893

commence the first day of July of each year and end the last day of the next succeeding June and all revenues derived from the operation thereof shall be set aside as collected in a separate account and fund and apart from any other funds of said University, and said University covenants that all the revenues, income. receipts, profits, rates, rents, charges, fees and returns derived from the said staff housing facilities and the operation thereof, after setting aside therefrom the reasonable cost of operating, maintaining, insuring and repairing said facilities, shall be paid over to the Depositary hereinafter mentioned semi-annually not later than the dates as hereinafter specified in the said deposit agreement prior to April 1 and October 1 of each year, and said revenues so paid over to the Depositary shall be used only in paying the fees and expenses of such Depositary, principal of and interest upon the revenue bonds of said University that are payable by their terms only from such revenues, and such funds shall be used only for the purposes and in accordance with the Deposit Agreement hereinafter set out. SECTION 6. That for the purpose of further securing the income and revenue to be derived from the operation of the said staff housing facilities and the application of the net revenue to the payment of the principal of and interest upon the said bonds hereby authorized, the net revenue derived from the operation of the said staff housing facilities shall be deposited with the Marine National E x change Bank of Milwaukee, hereby designated as the Depositary for the said net revenue, and the President and Secretary of the Board of Trustees and Treasurer of said University be and are hereby authorized and directed to execute for and on behalf of the University a Deposit Agreement with said bank as Depositary in substantially the following form, to wit: T H I S D E P O S I T A G R E E M E N T dated October 1, 1949 between the University of Illinois, a public corporate body duly organized and existing under the laws of and located in the State of Illinois (hereinafter sometimes referred to as the "University"), party of the first part, and the Marine National Exchange Bank of Milwaukee, a national banking association duly organized and existing under the laws of the United States of America and having its principal office in the City of Milwaukee, in the State of Wisconsin (hereinafter sometimes referred to as the "Depositary"), party of the second part, WITNESSETH: W H E R E A S the University, pursuant to a resolution of its Board of Trustees, entitled " 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," adopted by said Board of Trustees of the University of Illinois on the day of , 1049, has issued or is about to issue One Hundred Seventy-five Thousand Dollars ($175,000) principal amount of its Staff Housing Revenue Bonds, Series of 1949, for the purpose of defraying part of the cost of constructing staff housing facilities on the following described property located in the City of Urbana, Illinois, 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 8p° 5 3 ' 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 J 75-94 ^ e t , thence in a southerly direction along a line making an angle on the East of 217° 10' with line aforesaid a distance of 7°-30 feet, thence in a southwesterly direction along a line making an angle on the East of 2100 54' with line