Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 908]

EXTRACTED TEXT FROM PAGE:

1949]

UNIVERSITY OF ILLINOIS

899

or in any manner dispose of said staff housing facilities, including any and all extensions and improvements that may be made thereto, until all of the bonds herein authorized to be issued shall have been paid in full, both principal and interest, or unless and until provision shall have been made for the payment thereof in full, and the said University further covenants and agrees with the holders of said bonds to maintain in good condition and continuously operate said staff housing facilities and maintain and keep in full force and effect at all times adequate insurance for the protection of said properties, including multirisk insurance, covering loss or damage to said properties and use and occupancy insurance covering loss of use of said properties. T h e cost of maintaining all insurance shall be deemed to be an operating charge and shall be paid only from revenues. Any proceeds derived by said University from any multi-risk insurance shall be applied to the payment of the said University's reasonable and necessary costs in reconstruction, repair or rehabilitation of the said properties and any proceeds derived from any use and occupancy insurance shall be applied in the same manner and to the same effect as gross operating revenues. SECTION I I . T h e provisions of this resolution shall constitute a contract between the University of Illinois and the holders of the bonds herein authorized to be issued, and after issuance of the bonds no changes, additions, alterations or amendments of any kind shall be made to this resolution in any manner, until such time as all of said bonds issued hereunder, and interest thereon, shall be paid in full, or unless and until provision shall have been made for the payment of all bonds hereby authorized and interest thereon in full. SECTION 12. Any holder of a bond or bonds, or any of the coupons of any bond or bonds issued under the provisions of this resolution, may either in law or in equity, by suit, action, mandamus or other proceeding, enforce or compel the performance of all duties required by this resolution or the acts under which the bonds hereby authorized are issued, including the fixing, maintaining and collecting of such charges and fees for the use of such properties and all facilities thereof as will be sufficient for all the purposes provided by this resolution, and the application of income and revenue therefrom. SECTION 13. If any section, paragraph, clause or provision of this resolution shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this resolution.

SECTION 14. T h a t Trustees PARK LIVINGSTON and FRANCES B. W A T K I N S be

and they a r e hereby designated and directed to execute the said Staff Housing Revenue Bonds, Series of 1949, hereby authorized, together with the President and Secretary of the Board of Trustees of the University of Illinois, and the said President, Secretary and Treasurer of this Board of Trustees, be and they are each of them hereby authorized and directed to execute all instruments, papers, documents and agreements necessary or convenient to accomplish the issue and delivery of the said Staff Housing Revenue Bonds, Series of 1049, to the purchaser thereof. SECTION 15. That said revenue bonds shall be executed as soon after this resolution becomes effective as may be, be deposited with the Treasurer of said University, and be by him delivered to John Nuveen & Co., the purchasers thereof, upon receipt of the purchase price, the contract for the sale thereto heretofore entered into be and the same is hereby in all respects ratified and approved. Any accrued interest or premium derived from the sale of said bonds shall be deposited in the sinking fund hereinabove provided and applied toward payment of interest or principal of said bonds as thereby required. SECTION 16. This resolution shall be in full force and effect from and after its passage. Passed Recorded ATTEST: Secretary , 1949, 1949President, Board of Trustees