Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 45]

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42

BOARD OF TRUSTEES

[September 18

SALE OF W O M E N ' S RESIDENCE HALLS REVENUE BONDS

Mr. Livingston, for the Finance Committee, presented the following:

Pursuant to public notice issued by the Vice-President and Comptroller, bids were received at 11:00 a.m. today, September 18, 1956, ir. the Illini Center, LaSalle Hotel, Chicago, Illinois, for the sale of $3,100,000 of Women's Residence Halls Revenue Bonds of 1956 by the Board of Trustees of the University of Illinois. Proceeds of said bonds are to be used for the construction of an addition to the Lincoln Avenue Residence. T h e Finance Committee recommends that $320,000 of " A " bonds be sold to White, Weld and Company, Chicago, Illinois, for $286,240, with an interest coupon of 2$4 per cent, representing an effective interest rate of 3.955 per cent, which bid will result in the lowest interest cost to the University. P u r s u a n t to authorization of the Board of Trustees on March 23, 1956, the Comptroller and the Secretary of the Board have executed a loan agreement with the Housing and Home Finance Agency of the federal government, whereupon the Housing and Home Finance Agency submitted a bid to purchase " B " bonds in the amount of $2,780,000 at par and interest rate of 2.75 per cent. No other bids were received for the purchase of the " B " bonds. T h e loan agreement is submitted herewith for examination and will be filed with the Secretary of the Board for record. T h e Finance Committee recommends that the provisions of the loan agreement be approved and that the " B " bonds be sold to the United States government. O n m o t i o n of M r . L i v i n g s t o n , t h e foregoing r e c o m m e n d a t i o n s w e r e approved by the following vote: A y e , M r . Herrick, M r . Johnston, M r . Livingston, Mr. Megran, M r . Swain, Mrs. Watkins, M r . Williamson; n o , n o n e ; a b s e n t , M r . Bissell, M r s . H o l t , M r . N i c k e l l , M r . S t r a t t o n . RESOLUTION AUTHORIZING W O M E N ' S RESIDENCE HALLS REVENUE BONDS M r . Livingston presented the following resolution: R E S O L U T I O N authorizing the issue of Women's Residence Halls Revenue Bonds of 1956, of The Board of Trustees of the University of Illinois in the principal amount of $3,100,000 for the purpose of providing funds necessary to construct, complete, and equip an addition to the Women's Residence Halls known as the Lincoln Avenue Residences in the City of Urbana, 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 an addition to the Women's Residence Halls known as the Lincoln Avenue Residences located at 1005 South Lincoln Avenue, Urbana, Illinois, to provide housing and food service for approximately 669 women students, resident manager and two supervisors including lounge and recreational facilities for the residents of said Unit (sometimes hereinafter called "the addition" 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 addition, 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 , The Board of Trustees of the University of Illinois does further find and estimate that the cost of the construction of said addition, hereinabove described, in accordance with bids heretofore received for that purpose, will be $2,820,000 and that the cost of movable equipment for such addition will be $320,000; and W H E R E A S , in order to produce the funds necessary to construct and equip the revenue producing addition to the building of said University, hereinabove referred to, it will be necessary that there be borrowed the sum of $3,100,000 and in evidence thereof the revenue bonds of said University be issued; and