Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 665]

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654

BOARD OF TRUSTEES

(June 16

cilities at the Medical Center in the city of Chicago, Illinois, by The Board of Trustees of the University of Illinois, setting forth the terms under which such revenue bonds are to be issued, providing for the rights of the holders thereof, and providing for the acquisition, construction, and equipment of such facilities, and the management, maintenance, improvement, and operation thereof. Whereas T h e Board of Trustees of the University of Illinois on due consideration and investigation does now find and determine that it is advisable and necessary and required for the good and benefit of the University of Illinois and the best interests of its students and faculty to construct and equip a parking facility on the Medical Center campus of the University. (Said parking facility is hereinafter sometimes called the "Project"); and Whereas in order to produce the funds necessary to construct and equip said Project it is advantageous to the University and necessary that the University borrow money and issue and sell revenue bonds under the provisions of paragraphs 48.1 through 48.7 of Chapter 144 of the Illinois Revised Statutes, 1975, and all laws amendatory thereof and supplemental thereto; Now, Therefore, Be It Resolved by The Board of Trustees of the University of Illinois: Article One — Definitions Unless the context otherwise requires, the terms defined in this Article One shall for all purposes of this Resolution and of any resolution supplemental hereto, have the meanings herein specified, the following definitions to be equally applicable both to the singular and plural forms of any of the terms herein defined: T h e term "Authorized Officer" shall mean the President, Secretary, Treasurer, or Comptroller of the Board of Trustees, or any other person authorized by resolution of the Board of Trustees, to perform the act or sign the document in question. The term "Board of Trustees" and the term "University" shall mean The Board of Trustees of the University of Illinois, a body corporate, created and established under the laws of the State of Illinois. The term "Bonds" shall mean and include any and all bonds of all series, issued under this Resolution. T h e term "Comptroller" shall mean the Comptroller of the University or such other person as may at the time be the acting chief fiscal officer of the University. The term "facilities" shall include the Project and mean all facilities financed pursuant to this Resolution, the cost of which is paid in whole or in part through the issuance of Bonds and the existing facilities mentioned in Section 5.01. T h e term "fiscal year" shall mean the twelve-month accounting period established by the University for its academic operations, which currently is the period from July 1 through the following June 30. The term "Hospital Revenues" shall mean the gross revenues received by the University for patient hospital care at the University of Illinois at The Medical Center. T h e term "Net Income Available for Debt Service" shall mean at any date as of which the amount thereof is to be determined the sum of (a) the net income for the preceding fiscal year of all revenue-producing facilities (other than those included in clause (b) below) pledged for the payment of Bonds; plus (b) the estimated annual net income of all revenue-producing facilities for the account of which Bonds have been issued and delivered but which are under construction or for which a full fiscal year's operating experience is not available; plus (c) the estimated annual net income of revenue-producing facilities not