Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 1272]

EXTRACTED TEXT FROM PAGE:

I95 2 ] NUMBER

UNIVERSITY OF ILLINOIS (Form of Interest Coupon) $.

1369

On the first day of , 19 (unless the bond to which this coupon is attached has theretofore been called for payment and payment made or provided for), The Board of Trustees of the University of Illinois, will pay to bearer solely out of the fund specified in the bond to which this coupon is attached, the sum of Dollars ($ ) in lawful money of the United States of America at _ , in the City of Chicago, Illinois, for interest due that day on its University of Illinois Urbana-Champaign Residence Halls Revenue Bond, Series of 1952, dated March 1, 1952, Number President, Board of Trustees Secretary, Board of Trustees (Form of Registration) Date of Registration In Whose Name Registered ^ ^ m ^ S e r " ^

SECTION 5. That upon the issuance of the said revenue bonds herein provided for, there be and there is hereby established a fiscal year for the operation of said buildings, and such fiscal year shall commence the first day of July of each year and end the last day of the next succeeding June, and all of the revenues derived from the operation of said buildings shall be set aside as collected in a separate account and fund, apart from all other funds of said University, which is hereby created and designated as "Residence Halls Revenue Bond Fund of 1952," and the University covenants that all revenues, income, receipts, profits, rates, rents, charges, fees and returns derived from the operation of said buildings shall be deposited in such fund and shall be used only in paying the reasonable cost of operating and maintaining said buildings, including, without thereby limiting the generality of the foregoing, salaries, wages, costs of materials, supplies, insurance and the reasonable repair necessary to properly maintain said buildings, for the creation and maintenance of a reserve fund, as hereinafter provided, and paying the principal and interest of the revenue bonds herein provided for, which by their terms are payable solely from the revenues derived from the operation of said buildings. The word "repair" as used in this section shall be construed to refer only to such repairs as are necessary to keep the buildings in proper condition for use and occupancy, or are so certified to be necessary to remedy some physical condition which would otherwise impair or endanger the use and occupancy thereof and the security of the bonds hereby authorized, and all other bonds that may hereafter be authorized, which by their terms are payable from the revenues derived from the operation of said buildings. SECTION 6. That there be and that there are hereby created and established separate special accounts to be designated severally "Operation and Maintenance Account," "Bond and Interest Sinking Fund Account,'1 and "Reserve Account," into which there shall be credited on the first business day of each month all moneys held in the said Residence Halls Revenue Bond Fund of 1952, in accordance with the following provisions: (a) There shall be credited to the Operation and Maintenance Account on the first day of each month an amount sufficient to pay the reasonable expense