Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 337]

EXTRACTED TEXT FROM PAGE:

334

BOARD OF TRUSTEES

[March i 2

m. 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 vouchers for the withdrawal of funds from said account shall state the purpose for which the vouchers have been issued. Funds for the payment of items covered in subdivisions ( b ) and ( d ) of this section shall be withdrawn only upon submission to the Vice President and Comptroller of a certificate executed by the architects employed by the University for the construction of said buildings, stating the nature of the work completed and the amount due and payable thereon. All vouchers and the certificates when required shall be held by said Vice President and 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 Vice President and Comptroller from time to time in short-term United States Government securities. Any interest earned or profits realized from the moneys so invested shall be credited to the Construction Fund Account. After completion of the project, the Vice President and Comptroller of the University shall execute a certificate to the effect that said project has been fully completed according to plans and specifications and the same filed in the office of the Secretary of The Board of Trustees of the University of Illinois. If there he any funds remaining in said Construction Fund Account at the time of filing of such certificate with the Secretary, said funds shall be withdrawn by the Vice President and Comptroller and one-half of such funds, to the nearest $1,000, shall be used promptly for the redemption of Series B bonds; and the remainder shall be credited to the Bond and Interest Sinking Fund Account. SECTION 12. The provisions of this resolution shall constitute a contract between T h e Board of Trustees of the University of Illinois and the holders of the bonds herein authorized to be issued, and after the issuance of the bonds no changes, additions, alterations, or amendments of any kind shall be made to this resolution in any manner, except with the consent of the holders of sixty-five per cent {65%) of the outstanding bonds, until such time as all of said bonds issued hereunder, and interest thereon, shall be paid in full, or unless and until provision shall have been made for the payment of all bonds hereby authorized and interest thereon in full. SECTION 13. Any holder of a bond or bonds, or of any of the coupons of any bond or bonds, issued under the provisions of this resolution, may either in law or in equity, by suit, action, mandamus, or other proceedings, enforce or compel the performance of all duties required by this resolution or the acts under which the bonds hereby authorized are issued, including the fixing, maintaining, and collecting of such rents, charges, and fees for the use of such properties and all facilities thereof, as well as establishing parietal rules and regulations thereto, as will be sufficient for all the purposes provided by this resolution, and the application of income and revenue therefrom. SECTION 14. If any section, paragraph, clause, or provision of this resolution shall be held invalid, the invalidity of such section, paragraph, clause, or provision shall not affect any of the other provisions of this resolution. SECTION 15. T h a t the President, Secretary, Comptroller, and Treasurer of The Board of Trustees of the University of Illinois, be and they are each of them hereby authorized and directed to execute all instruments, papers, documents, and agreements necessary or convenient to accomplish the issue and delivery of the said Revenue Bonds to the purchasers thereof. ' SECTION 16. That said revenue bonds shall be executed as provided herein as soon after this resolution becomes effective as may be, and be deposited with the Treasurer of said University. The Series A bonds shall be by him delivered to John Nuveen & Co., Chicago, Illinois, and associates, the purchasers thereof, upon receipt of the purchase price, and the contract for the sale thereof heretofore entered into be and the same is hereby in all respects ratified and approved. The Series B bonds shall be delivered by the Treasurer of said University to The Federal Reserve Bank of Chicago upon receipt of the purchase price in accordance with the provisions of the Loan Agreement between the Housing and Home Finance Agency and the University, dated March 1, 1957.