Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 46]

EXTRACTED TEXT FROM PAGE:

1956]

UNIVERSITY OF ILLINOIS

43

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, 1045, L. 1945, p. I7S3; title as amended by Act approved July 21, 1947, L. 1947, p. 1738, and by Act approved June 30, 1955, L. 1955, p. 706, 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 building 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 T h e 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 $3,100,000 to construct, and fully equip the revenue producing addition as described in the preamble hereof, located in the City of Urbana, Illinois, and in evidence thereof issue its revenue bonds in the principal amount of $3,100,000. SECTION 2. That said bonds shall be designated "The Board of Trustees of the University of Illinois Women's Residence Halls Revenue Bonds of 1956." The said revenue bonds shall bear date of October 1, 1956, shall be numbered 1 through 3100, and shall be of the denomination of $1,000 each. Bonds numbered 1 through 25, 51 through 75, 101 through 125, 151 through 175, 201 through 225, 256 through 280, 311 through 335, 366 through 390, 421 through 450, 481 through 510, 541 through 570 and 601 through 630 shall be designated as " A " bonds, and shall bear interest at the rate of two and three-quarters per cent (254%) per annum; bonds numbered 26 through 50, 76 through 100, 126 through 150, 176 through 200, 226 through 255, 281 through 310, 336 through 365, 391 through 420, 451 through 480, 511 through 540, 571 through 600, and 631 through 3100 shall be designated as " B " bonds, and shall bear interest at the rate of two and three-quarters per cent (254%) per annum, payable April 1, 1957, and semiannually thereafter on the first days of April and October of each year until paid, which interest payments to date of maturity of principal shall be evidenced by proper interest coupons attached to each bond and maturing on the dates herein provided, with interest on overdue installments of principal on Series " B " bonds at a rate of five per cent ( 5 % ) and said bonds shall mature in each of the years and in amounts as follows:

Serial Numbers, Both Inclusive, of "A" and "B" Bonds 1 to 50 51 t o 100 101 t o 150 151 t o 200 201 t o 255 256 t o 310 311 t o 365 366 t o 4 2 0 421 t o 4 8 0 481 t o 540 541 t o 600 601 t o 665 666 t o 730 731 t o 800 801 t o 870 Principal Amount $50,000 50,000 50,000 50,000 55-000 55.000 55.000 55.O0O 60,000 60,000 60,000 65,000 65,000 70,000 70,000

Maturity October I, 1959 October 1, i960 October I, 1961 October 1, 1962 October I, 1963 October 1, 1964 October I, 1965 October 1, 1966 October 1, 1967 October I, 1968 October I, 1969 October 1, 1970 October 1, 1971 October 1, 1972 October 1, 1973