Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 680]

EXTRACTED TEXT FROM PAGE:

1976]

UNIVERSITY OF ILLINOIS

669

(i) In the event additional Bonds are issued for the purposes indicated in clause A above to provide additional funds necessary to pay the cost of completing the Project, the Architects employed by the University for the construction of said Project have submitted a certificate to the Board of Trustees setting forth an itemized statement of the work completed to the date of said certificate, the cost thereof and an itemized statement of the work yet to be completed and the estimated cost thereof and such certificate of estimate shall be presented to and approved by said Board of Trustees preceding the adoption of any resolution authorizing the issuance of additional Bonds for such purpose; and (ii) In the event additional Bonds are issued for the purpose of paying the cost of equipping, enlarging, or improving the Project or acquiring, constructing, or improving any additional parking lots or parking structures as provided in clause B a n d / o r C above, the Net Income Available for Debt Service shall be equal to or greater than one and three-tenths (1.3) times the amount to become due in each succeeding fiscal year for the payment of principal of and interest on the Bonds then outstanding hereunder and the Bonds then to be issued. All such additional Bonds shall be issued pursuant to a resolution supplemental hereto, duly adopted by the Board of Trustees, setting forth the form of such additional Bonds and the terms and conditions applicable thereto. For the purpose of this Section any computation of Net Income Available for Debt Service prepared and certified by the Comptroller, setting forth in detail the computation thereof and demonstrating that it is equal to or greater than the amount required above shall be binding and conclusive upon the Board of Trustees and the holders of all Bonds then outstanding hereunder and then to be issued. Article Five — Provisions Relating to Income and Application Thereof SECTION 5.01. Medical Center Parking Revenue Bond Fund. All revenues derived from the following sources are hereby pledged and shall be held in trust for the benefit of the Bond holders for the purpose of making the payments or deposits required to be made under subsections ( a ) , ( b ) , and (c) of Section 5.02 of this Resolution: (1) the operation of the Project; (2) the operation of any other revenue-producing facilities for the account of which additional Bonds may hereafter be issued; and (3) the operation of all other University owned or leased parking lots or spaces located in the Medical Center District, or the immediate vicinity thereof, and serving the Medical Center Campus; and such revenues shall be deposited as collected in a general banking account of the University to the credit of a special fund which is hereby created and designated as the "Medical Center Parking Revenue Bond F u n d " said account to be maintained in a bank which is a member of the Federal Deposit Insurance Corporation and the Board of Trustees covenants that all revenues, income, receipts, profits, rates, rents, or charges derived from the operation of such facilities shall be so credited within three working days after receipt in the Medical Center Parking Revenue Bond Fund and shall be used as provided in Section 5.02 hereof. SECTION 5.02. Disposition of Medical Center Parking Revenue Bond Fund. The funds in the Medical Center Parking Revenue Bond Fund shall be used in the manner and in the order hereinafter mentioned: (a) Funds in the Medical Center Parking Revenue Bond Fund shall first be used to pay all current operating expenses and thereafter for the purposes specified in subsections ( b ) , (c), and (d) below.