Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 1267]

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1364

BOARD OF TRUSTEES

[February 2.2

tofore caused to be prepared plans and specifications for the construction, completion and equipping of said above described buildings, and plans have been approved by this Board of Trustees and are now on file in the office of the Physical Plant Department of said University at the Administration Building in the City of Urbana, Illinois; and WHEREAS the Board of Trustees of the University of Illinois does further find and estimate that the cost of the construction, completion, equipping, rehabilitation and modernization of said buildings, hereinabove described, in accordance with bids heretofore received for that purpose, will be as follows: 1. Construction of additional Unit No. 1 to Men's Residence Halls $ 609,900 2. Construction of additional Unit No. 2 to Men's Residence Halls 1,144,100 3. Modernization of Busey and Evans Women's Residence Halls 25,000 4. Remodeling of existing Men's Residence Halls 30,000 Total $1,809,000 Less available University appropriations 292,000 Amount necessary to be borrowed for construction purposes $1,517,000 and WHEREAS in addition to the foregoing it has heretofore been determined by this Board of Trustees of the University of Illinois that the outstanding "Men's Residence Halls Revenue Bonds of 1948" of the University of Illinois, dated March 1, 1948, numbered from 168 to 400, inclusive, due serially in each of the years 1952 to i960, inclusive, now outstanding, and maturing after March I, 1952, for which the revenues of the existing Men's Residence Halls located at Fourth and Gregory, in the City of Champaign, Illinois, have been pledged for their payment be refunded in order that the income from all of the said revenue producing facilities hereinabove referred to, including existing Men's Residence Halls, may be pledged for the payment of the bonds authorized by this resolution, and to that end this Board of Trustees has heretofore exercised its option in accordance with the terms of the resolution adopted on the 21st day of February, 1948, under which the outstanding Men's Residence Halls Revenue Bonds of 1948 were issued to call and redeem said outstanding bonds in the principal amount of $233,000, and it will be necessary that this Board of Trustees borrow sufficient funds in addition to the funds necessary to pay the cost of the projects hereinabove described to pay said bonds on the redemption date of March 1, 1952; and WHEREAS in order to produce the funds necessary to construct, complete and equip the revenue producing buildings of said University, hereinabove referred to, and refund the said outstanding Men's Residence Halls Revenue Bonds of 1948, it will be necessary that there be borrowed the sum of $1,750,000 and in evidence thereof the revenue bonds of said University be issued; and WHEREAS pursuant to "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, 1045, L. 1945, P- 1753; title as amended by Act approved July 21, 1947, this Board of Trustees is authorized to issue revenue bonds for the purposes aforesaid, payable solely from the revenues to be derived from the operation of said buildings; NOW, THEREFORE, 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