Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 336]

EXTRACTED TEXT FROM PAGE:

1957]

UNIVERSITY OF ILLINOIS

333

Should The Board of Trustees of the University of Illinois, at any time, determine that it would be in the public interest to establish a housing system or form of financing embracing all or a major portion of the residence halls and related revenue producing facilities of the University, the bonds of this issue may be included in such a system or systems so long as the rights of the bond holders of this issue are not impaired as to the covenants made herein, and so long as all revenues are deposited and all accounts maintained, as provided in Sections 5 and 6 herein. In addition to the foregoing, if prior to the payment of the bonds hereby authorized it shall be found desirable to refund all or a part of the bonds hereby authorized, said bonds may be refunded notwithstanding the restrictions as to the issuance of additional bonds set forth in this section (with the consent of the 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 project 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 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 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 The proceeds of said Construction Fund Account shall be withdrawn from such account from time to time as funds are needed for the construction of the buildings herein provided for. For 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: a. 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. b. 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. c. Audits and field supervision by representatives of the federal government. d. Payment for labor, material, equipment, services of contractors, builders, and materialmen. e. 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. f. All taxes, assessments, and other incidental charges levied against, or paid prior to the completion of said buildings, and taxes, if any, for recording and filing fees payable in connection with deeds of conveyance. g. Condemnation awards in connection with the acquisition of property and easements necessary for said buildings, including court costs and legal fees therefor. h. All expenses of preparing, issuing, and delivering bonds issued hereunder. i. Fees and expenses of legal counsel. j . Fees and expenses of fiscal agents, depositaries, or trustees of the Construction Fund Account. k. Interest and fiscal fees on all bonds of this issue becoming due on or before April 1, 1959 to the extent that funds are not otherwise made available in accordance with Sections 6(b) and 11 hereof. 1. Actual incidental expense, including telephone, telegraph, office expense, and traveling expense.