Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 640]

EXTRACTED TEXT FROM PAGE:

1976]

UNIVERSITY OF ILLINOIS

629

Neal, Mrs. Rader, Mrs. Shepherd; no, none; absent, Mr. Lenz, Mr. Velasquez, Governor Walker. Mr. Hahn asked to be recorded as not voting.

Notice of Sale and Official Statement for $4,500,000 Medical Center Parking Revenue Bonds, Series of 1976

(21) On February 15, 1975, the Board approved, as a "noninstructional facility," the construction of a parking structure at the Medical Center campus to be financed by revenue bonds to be issued by the University. The Board of Higher Education has approved construction of this "noninstructional facility." In July and August 1975 the Board authorized the employment of Conrad Associates, Chicago, for professional architectural and engineering services in connection with the project. In March 1976 the Board authorized the employment of Chapman & Cutler, Chicago, to act as bond counsel for the University in connection with the issuance of the revenue bonds to finance the construction of the parking facility at the Medical Center campus. The Notice of Sale and Official Statement calls for sealed bids to be received by the Board of Trustees on June 16, 1976, for the purchase of $4,500,000 The Board of Trustees of the University of Illinois Medical Center Parking Revenue Bonds Series of 1976. The bonds will be obligations of the Board of Trustees of the University of Illinois, payable, both as to principal and interest, only from revenues proposed to be pledged by the bond resolution to be presented to the Board on June 16, 1976. Revenues for payment of principal and interest on this bond issue will be derived from (1) the operation of the facilities constructed with the proceeds of this bond issue and the proceeds of additional bonds which may thereafter be issued to complete, equip, enlarge, or improve the project, (2) the operation of any other revenue-producing facilities which may subsequently be pledged pursuant to any supplemental resolution creating or authorizing additional bonds to be issued pursuant to the resolution, (3) the operation of certain parking lots or spaces serving the Medical Center in addition to those provided in the project, and (4) hospital revenues not to exceed $137,500 annually, plus such additional sums as may be specified in any future resolution creating or authorizing the issuance of additional bonds and supplemental to the resolution mentioned above. Charges for the use of the facilities, when supplemented with hospital revenues to the extent mentioned above, will be sufficient to meet the interest and principal payments and to establish and maintain a debt service reserve equal to 100 percent of the annual debt service. Chapman & Cutler has reviewed and approved the Notice of Sale and the Official Statement. The President, with the concurrence of the appropriate administrative officers, recommends the approval of the issuance of the Notice of Sale and Official Statement for $4,500,000 Medical Center Parking Revenue Bonds, Series of 1976.1

The student advisory vote was: Aye, Mr. Conlon, Mr. Summers, Mr. Szegho; no, none. On motion of Mr. Livingston, this recommendation was approved by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Livingston, Mr. Neal, Mrs. Rader, Mrs. Shepherd; no, none; absent, Mr. Lenz, Mr. Velasquez, Governor Walker.

' A copy is filed with the Secretary of the Board for record.