Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 620]

EXTRACTED TEXT FROM PAGE:

1978]

UNIVERSITY OF ILLINOIS

607

coupons in denominations of $5,000 or any integral multiple thereof, with the right of exchange as provided in the Bond Resolution. The Bonds do not constitute an obligation of the State of Illinois, or of individual members, officers, or agents of the Board but are payable solely by the Board from Net Revenues of the University of Illinois Auxiliary Facilities System and from Student Tuition and Fees, as authorized, and from other funds pledged to pay principal of, redemption premium, if any, and interest on the Bonds as described in die Bond Resolution. All legal matters incidental to the authorization and issuance of the Bonds by the Board; the Official Statement; and the Bond Resolution have been approved by Chapman and Cutler, Bond Counsel, Chicago, Illinois. The president, with the concurrence of the appropriate administrative officers, recommends the following: 1. Approval of the Official Statement for $43,865,000 The Board of Trustees of the University of Illinois Auxiliary Facilities System Revenue Bonds, Series M.1 2. Adoption of a Resolution authorizing and providing for the issuance of Revenue Bonds for the purpose of refunding the outstanding revenue bonds of The Board of Trustees of the University of Illinois, paying the cost of acquiring certain athletic and recreational facilities, paying certain expenses of creating the System including expenses relating to the issuance of the Bonds and creating a debt service reserve, setting forth the terms under which revenue bonds are to be issued, providing for the rights of the holders thereof and providing for the management, maintenance, improvement, and operation of the Auxiliary Facilities System.1 3. Approval of the Contract of Purchase with the Continental Illinois National Bank and Trust Company of Chicago, Chicago, Illinois, as representative of the purchasers, wherein the purchasers, jointly and severally, agree to purchase from the Board and the Board agTees to sell to the purchasers all (but not less than all) of $43,865,000 aggregate principal amount of The Board of Trustees of the University of Illinois Auxiliary Facilities System Revenue Bonds, Series M, dated June 1, 1978, maturing and bearing interest at the rate or rates and having maturities as shown on Schedule A attached thereto. The purchase price will be $43,017,637 plus interest accrued from June 1, 1978, to the date of issuance.1 4. Approval of the Escrow Agreement with the First National Bank of Chicago, Chicago, Illinois, to serve as Escrow Agent, as denned in the Bond Resolution.1 5. Authorization for the exchange of the Series A through L Bonds for the Outstanding Exchange Refunded Bonds presently held by the Department of Housing and Urban Development and the execution by the appropriate officers of the Board of any amendments to existing Loan Agreements in connection with said Outstanding Exchange Refunded Bonds and any documents as shall be required by such Department to facilitate such exchange. 6. Authorization for the execution of the bonds by Earl W. Porter, secretary of the Board, by facsimile signature of the president of the Board, and by the facsimile signatures of William D. Forsyth, Jr., and Jane Hayes Rader, members of the Board. 7. Authorization for the comptroller to name an alternate paying agent, if necessary. 8. Authorization for the comptroller of the Board to give notice of the refunding

1 A copy is filed with the secretary of the Board for record and the appropriate officers of the Board are nereby authorized and directed to execute the same in( the name and on behalf of the Board in substantially the form presented to this meeting, or with such changes as may be approved by the officer or officers of the Board executing the same, his or their execution thereof to constitute conclusive evidence of the Board's approval of all changes from the form thereof presented to this meeting; provided, however, that if any such changes constitute a substantial change in the form thereof presented to this meeting they shall first be approved by the Execu* tive Committee of the Board!, to which authority for such approval is delegated by the Board. s A copy has been filed with the secretary of the Board for record.