Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 1275]

EXTRACTED TEXT FROM PAGE:

I372

BOARD OF TRUSTEES

[February 22

holders thereof if any bonds are to be refunded prior to maturity or prior to date of call and redemption) and any refunding bonds so issued shall share ratably and equally with the portion of the bonds hereby authorized which are not refunded in the revenues of said buildings and the pledge thereof under this resolution; provided, however, that if only a portion of said outstanding bonds are to be refunded at any time, such refunding obligations shall not mature at a date earlier than the final maturity of such bonds not refunded. SECTION I I . That from the proceeds derived from the sale of said bonds the sum of $233,000 shall be deposited with the First National Bank of Chicago, as Paying Agent for payment and redemption on March 1, 1952 of the outstanding Men's Residence Halls Revenue Bonds of 1948, numbered from 168 to 400, inclusive, dated March I, 1048. All accrued interest and premium, if any, derived from the sale of the bonds shall be credited to the Bond and Interest Sinking Fund Account created by Section 6 of this resolution, and the balance of the proceeds derived from the sale of said bonds in the aggregate amount of $1,517,000 shall be set aside in a separate account which is hereby created and designated as the "Construction Fund Account" and all of the funds of such Construction Fund Account shall be deposited in the First National Bank of Chicago, which bank be and is hereby designated as the Depositary therefor. The proceeds of said Construction Fund Account shall be withdrawn from such account by the Comptroller of such University from time to time as funds are needed for the construction of the projects herein provided for. F o r the purpose of this resolution the cost of the construction of said project to be paid from said Construction Fund Account shall be deemed to include the following: 1. The purchase price and cost of acquisition of real estate, easements, rights of way and other property necessary for the construction of such buildings, including the cost of abstracts of title, title examination and title insurance. 2. Fees and expenses of architects and engineers for services, preliminary investigation, preparation of plans and specifications, supervision of construction and performance of all duties of architects and engineers with respect to said buildings. 3. Payment for labor, material, equipment, services of contractors, builders and materialmen. 4. Premiums payable by the University to the date of completion of said buildings on policies of insurance against fires, floods, storms, lightning and other casualties and for so-called all risk coverage. 5. All taxes, assessments and other incidental charges levied against, or payment prior to the completion of said buildings, and taxes, if any, for recording and filing fees payable in connection with deeds of conveyance. 6. Condemnation awards in connection with the acquisition of property and easements necessary for said buildings, including court costs and legal fees therefor. 7. All expenses of preparing, issuing and delivering bonds issued hereunder. 8. Fees and expenses of legal counsel. 9. Fees and expenses of fiscal agents, depositaries or trustees of the Construction Fund Account. 10. Actual incidental expense, including telephone, telegraph, office expense and traveling expense. 11. Any and all other expenses necessary or incidental in the construction of said buildings, certified to in writing by the architects employed by the University for the construction of said buildings. All orders executed by the Comptroller for the withdrawal of funds from said account shall state the purpose for which the orders have been issued. Funds for the payment of items covered in subdivisions 2 and 3 of this section shall be withdrawn only upon submission to the Comptroller of a certificate executed by the Architect employed by the University for the construction of said projects, stating the nature of the work completed and the amount due and payable thereon. All orders withdrawing funds and the certificates when required shall be held by said Comptroller and made available for inspection by any bondholder or any duly authorized agent of such bondholder. Funds of this account may be invested by the Comptroller from time to time in United States Treasury Bills.