Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 327]

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BOARD OF TRUSTEES

[March 12

amount of $6,750,000 for the purpose of providing funds necessary to construct, complete, and equip additional units of the Men's Residence Halls in the City of Champaign, Illinois, 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. W H E R E A S , 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 to construct and equip additional units of the Men's Residence Halls to be known as the Northwest Parade Grounds Units, located at the southeast corner of First Street and Gregory Drive, Champaign, Illinois, to provide housing and food service for approximately 1485 men students, and a resident manager, including lounge and recreational facilities for the residents of said Unit (sometimes hereinafter called "the buildings" or "project"). W H E R E A S , T h e Board of Trustees of the University of Illinois has heretofore caused to be prepared plans and specifications for the construction, completion, and equipping of said above described project, 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 W H E R E A S , T h e Board of Trustees of the University of Illinois does further find and estimate that the cost of the construction of said project including movable equipment, hereinabove described, in accordance with bids heretofore received for that purpose, will be $6,750,000; and W H E R E A S , in order to produce the funds necessary to construct and equip the revenue producing project of said University, hereinabove referred to, it will be necessary that there be borrowed the sum of $6,750,000 and in evidence thereof the revenue bonds of said University be issued; and W H E R E A S , 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 only from the revenues derived from the operation thereof, or, when authorized by the Board of Trustees, payable from such revenues as supplemented by University income authorized by law to be retained in the University treasury and applied to such purpose and for the refunding of any such bonds," approved June 30, 1945, L. 1945, p. 1753; title as amended by Act approved July 21, 1947, L. 1947. p. 1738, and by Act approved June 30, 1955, L. 1955, p. 796, this Board of Trustees is authorized to issue revenue bonds for the purposes aforesaid, payable only from the revenues to be derived from the operation of said project and from student fees authorized by law to be retained in the University treasury; N O W , T H E R E F O R E , 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 University of Illinois that it borrow the sum of $6,750,000 to construct, and full} equip the revenue producing project as described in the preamble hereof, located in the City of Champaign, Illinois, and in evidence thereof issue its revenue bonds in the principal amount of $6,750,000. SECTION 2. That said bonds shall be designated "The Board of Trustees ot the University of Illinois Men's Residence Halls Revenue Bonds of 1957" a™ shall be in two series, A and B, neither series of which shall have priority as to redemption or as to payments of interest or principal over the other, except as hereinafter provided. T h e said revenue bonds shall bear date of April 1, 1957. a™ shall be of the denomination of $1,000 each. Series A bonds shall be numbered Ai