Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 682]

EXTRACTED TEXT FROM PAGE:

1976]

UNIVERSITY OF ILLINOIS

671

nually. All moneys in the Repair, Replacement, and Resurfacing Reserve Account may be drawn on and used by the University for the purpose of paying the cost of resurfacing the facilities, and unusual or extraordinary maintenance or repairs, renewals, and replacements, and the renovating or replacement of equipment not paid as part of normal operating expenses. Funds standing to the credit of said Repair, Replacement, and Resurfacing Reserve Account may be invested by the Comptroller in United States Government securities until such time as funds are needed. In the event that there is any deficiency in the funds required to be deposited semiannually into the Bond and Interest Sinking Fund Account or there is a deficiency in the debt service reserve, as provided in paragraph (b) above, sufficient funds shall be transferred from the Repair, Replacement, and Resurfacing Reserve Account and deposited in the Bond and Interest Sinking Fund Account to eliminate such deficiency. (d) All funds remaining in said Medical Center Parking Revenue Bond Fund in any fiscal year after the full debt service reserve prescribed in subsection (b) of this Section has been provided for and after all provisions in subsections (a), ( b ) , and (c) of this Section have been met and all deficiencies have been made up, shall be deemed surplus moneys and shall be used for any of the following purposes: (1) for calling and redeeming the outstanding Bonds, which by their terms are redeemable prior to maturity; (2) for purchasing Bonds in the open market, with all unmatured interest coupons thereto attached at the lowest prices reasonably attainable, but not exceeding the amount at which such Bonds at the time are redeemable; (3) for investment by the Comptroller in United States Government securities until such time as funds are needed for other purposes; (4) for unusual or extraordinary repairs, replacements, or improvements to the facilities, for which no funds can be properly provided in subsection (a) above or which are in excess of the amount available therefor in the Repair, Replacement, and Resurfacing Reserve Account; and (5) for any lawful purpose as the Board of Trustees may direct. SECTION 5.03. Supplementation of Revenues. It is hereby determined by the Board of Trustees, and it is hereby covenanted that it is necessary to supplement revenues to be derived from the facilities, referred to in this Resolution, by the use of Hospital Revenues which are authorized by law to be retained in the Treasury of the University, and it is hereby further covenanted that if at the close of any fiscal year there is a deficiency in the Medical Center Parking Revenue Bond Fund to provide for operating expenses of the facilities and/or making the deposits in the Bond and Interest Sinking Fund Account and the Repair, Replacement, and Resurfacing Reserve Account provided for in Section 5.02 of this Resolution in the required amounts, the Board of Trustees shall within sixty (60) days after the close of the fiscal year deposit to the credit of the said Medical Center Parking Revenue Bond Fund out of Hospital Revenues, a sum sufficient to make up such deficiency in order to meet the annual debt service required on the Bonds, the annual cost of maintenance and operation of the facilities, and provide for all the accounts and covenants provided for by this Resolution or any resolution supplemental hereto, but such amount shall not, however, exceed in any one fiscal year the lesser of (a) an amount which when added to the revenues to be derived from the facilities will be sufficient to meet the annual operating expenses of the facilities and to provide for the payments required to be made into the Bond and Interest Sinking Fund Account and the Repair, Replacement, and Resurfacing Reserve Account established in subsections (b) and (c) of Section 5.02 hereof, or (b) $137,500, plus such additional sums as may be specified in any resolution supplemental hereto creating or authorizing the issuance of additional Bonds.