Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 1266]

EXTRACTED TEXT FROM PAGE:

1952]

UNIVERSITY OF ILLINOIS

1363

The Executive Committee, therefore, recommends that the bonds be sold to John Nuveen and Company and Associates at par plus a premium of $35 and interest rates of 3 per cent and 3 % per cent, a net interest cost of $979.I77-5o> representing an effective interest rate of 3.08305 per cent. On motion of Mr. Fornof, the sale of these bonds, as recommended, was approved by the following vote: Aye, Mr. Fornof, Mr. Herrick, Mr. Hickman, Mr. Johnston, Mr. Livingston, Mr. Nickell, Mrs. Watkins; no, none; absent, Mr. Grange, Mrs. Holt, Mr. Megran, Mr. Stevenson.

RESOLUTION AUTHORIZING BOND ISSUE

Mr. Fornof presented a resolution authorizing the issue of revenue bonds of the University of Illinois in the principal amount of $1,750,000 for the purpose of providing funds necessary to construct, complete, and equip certain revenue producing buildings for said University in the cities of Urbana and Champaign, Illinois, and to refund the outstanding "Men's Residence Halls Revenue Bonds of 1948" of said University in the principal amount of $233,000 fixing the date, maturities, form, and other details of said bonds, and making covenants and provisions for the payment of said bonds and the interest thereon. On motion of Mr. Fornof, this resolution was adopted by the following vote: Aye, Mr. Fornof, Mr. Herrick, Mr. Hickman, Mr. Johnston, Mr. Livingston, Mr. Nickell, Mrs. Watkins; no, none; absent, Mr. Grange, Mrs. Holt, Mr. Megran, Mr. Stevenson. Resolution Authorizing the Issuance of $1,750,000 Urbana-Champaign Residence Halls Revenue Bonds of 1952 RESOLUTION authorizing the issue of revenue bonds of the University of Illinois in the principal amount of $1,750,000 for the purpose of providing funds necessary to construct, complete and equip certain revenue producing buildings for said University in the Cities of Urbana and Champaign, Illinois, and to refund the outstanding "Men's Residence Halls Revenue Bonds of 1948" of said University in the principal amount of $233,000, fixing the date, maturities, form and other details of said bonds, and making covenants and provisions for the payment of said bonds and the interest thereon. * * * • WHEREAS the Board of Trustees of the University of Illinois on due consideration and investigation does now find and determine that it is advisable, necessary and in the interests of the University of Illinois that certain revenue producing facilities be provided for said University located in the Cities of Urbana and Champaign, Illinois, as follows: 1. The construction of additional Unit No. I to the Men's Residence Halls of said University located at Fourth and Gregory Drive, Champaign, Illinois, to consist of a dormitory type housing for 288 students, including lounge and recreational facilities for the residents of said Unit. 2. The construction of additional Unit No. 2 to the Men's Residence Halls located at Fourth and Gregory Drive, Champaign, Illinois, to accommodate 106 students, lounge facilities, recreational space, and food service units for 1100 students. 3- The remodeling and rehabilitation, including equipment of the existing unit of the Men's Residence Halls located at Fourth and Gregory Drive, Champaign, Illinois, to provide housing for 97 students. 4- The rehabilitation and modernization, including equipment, of the women's residences known as Busey Hall and Evans Hall located at 1111-1115 West Nevada Street, Urbana, Illinois. and WHEREAS this Board of Trustees of the University of Illinois has here-