Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 666]

EXTRACTED TEXT FROM PAGE:

1976]

UNIVERSITY OF ILLINOIS

655

then completed, the cost of which is to be financed through the proceeds of the sale of additional Bonds at the time proposed to be issued; plus (d) the net income during the preceding fiscal year from investments of funds in the Medical Center Parking Revenue Bond and Interest Sinking Fund Account; plus (e) the maximum dollar amount of Hospital Revenues pledged or to be pledged to supplement the revenues of the facilities for the payment of all Bonds then outstanding and then to be issued. For the purpose of this definition net income shall be determined by deducting from the gross revenues or estimated gross revenues for the period in question all operating expenses or estimated operating expenses for such period and the amounts required to be credited to the Repair, Replacement, and Resurfacing Reserve Account. Revenues and operating expenses of facilities to be constructed shall be estimated in writing by an independent consulting engineer. All computations of Net Income Available for Debt Service shall be made by the Comptroller of the University who shall certify thereto. T h e term "operating expenses" shall mean and include all reasonable expenses of operation and maintenance of the facilities, including without limiting the generality of the foregoing, salaries, wages, cost of materials, supplies, insurance, light, heat, power, reasonable repairs necessary to properly maintain such facilities (including reasonable reserves therefor), taxes (if any), fees and expenses of the depository and paying agents, and any expenses required to be paid pursuant to this Resolution but excluding depreciation, provisions for the Repair, Replacement, and Resurfacing Reserve Account hereinafter provided, and all general administrative expenses of the University. The term "owner" or "holder" whenever employed herein with respect to a Bond which shall be registered as to principal or fully registered without coupons shall mean the person, firm, or agency in whose name such Bond shall be registered and, whenever employed herein with respect to a coupon Bond which shall not be registered as to principal or a coupon, shall mean the bearer of such Bond or coupon. The term "Paying Agent" shall mean The First National Bank of Chicago or its successors in the City of Chicago, Illinois. The term "depository" and the term "Registration Agent" shall mean The First National Bank of Chicago or its successor in the City of Chicago, Illinois. The term "Resolution" shall mean this Resolution as originally adopted or as it may from time to time be supplemented, modified, or amended by any resolution supplemental hereto pursuant to the provisions hereof. Article Two — Authorization, Designation, Form, Execution, Exchange, and Registration of Bonds SECTION 2.01. Limitation of Issue and Equality of Bonds. This Resolution shall constitute a continuing agreement to secure the full and final payment in the manner herein provided for the principal and interest on all Bonds which may from time to time be delivered and issued hereunder. The aggregate principal amount of Bonds which may be so delivered and issued hereunder is not limited except as restricted by law or by the provisions hereof. All Bonds at any time issued and outstanding hereunder, regardless of series, shall be equally and ratably secured hereby without preference, priority, or distinction. SECTION 2.02. Project and Purpose of Initial Issue of Bonds. The initial project (hereinafter called the "Project") to be acquired, constructed, equipped, and completed hereunder is described in a general way as: A parking facility for approximately 1,116 cars to be located on the north