Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 678]

EXTRACTED TEXT FROM PAGE:

1978]

UNIVERSITY OF ILLINOIS

665

T h e bond does not constitute an obligation of the state of Illinois, or of individual members, officers, or agents of the board but is payable solely by the board from net revenues of the University of Illinois-Willard Airport Operations Fund. All legal matters incidental to the authorization and issuance of the bond by the board and the bond resolution have been approved by Chapman and Cutler, bond counsel, Chicago, Illinois. T h e president, with the concurrence of the appropriate administrative officers, recommends the following: 1. Adoption of a resolution authorizing and providing for the issuance of a revenue bond in the amount of $550,000 dated July 1, 1978, for the purpose of financing an addition to and remodeling of the Administration Building at Willard Airport. 1 2. Acceptance of the offer from Champaign National Bank to purchase the $550,000 bond at an interest rate of 7 percent. 3. Approval of the Champaign National Bank as depositary for the construction fund for the project; as depositary for the Bond and Interest Sinking Fund for the project; and as paying agent for the bond. 4. Authorization for the comptroller to name an alternate paying agent, if necessary. 5. Ratification and confirmation of all actions taken or to be taken by the officers and members of the board in connection with the sale and delivery of the bond to the purchaser. 6. That the comptroller and other authorized officers of this board be and they are hereby authorized and empowered to do and perform such other acts and things and to make, execute, and deliver all such other instruments and documents on behalf of this board as may by them be deemed necessary or appropriate to comply with or to evidence compliance with, the terms, conditions, or provisions of the bond resolution and all acts and things whether heretofore or hereafter done or performed by and of the officers of this board which are in conformity with the intent and purposes of the bond resolution shall be and the same are hereby in all respects, ratified, confirmed, and approved.

Agreement with Ozark Airlines, University of Illinois—Willard Airport Administration Building

(26) Ozark Air Lines, Inc., St. Louis, Missouri, has agreed to enter into an agreement with the University under which the University will make 8,717 square feet of space available in the Willard Airport Administration Building for the exclusive use of Ozark. Access to the common areas in the Administration Building (lobby, waiting room, ticket lobby, and restrooms) is also granted. For this space Ozark agrees to pay the University $41,676 per year at the monthly rate of $3,473 for a term of fifteen years from the date of substantial occupancy. T h e rental rate includes the fixed capital and other project costs of space directly assigned to Ozark plus a pro rata share for access to the common areas. T h e agreement contains provision for Ozark to make payment in full pursuant to the schedule of the agreement for the capital funding of the Willard Airport Administration Building addition and remodeling constructed under this agreement or remit the remaining indebtedness of the capital funding project in the event that Ozark desires to cease operations or use of the Willard Airport Administration Building. T h e vice president for administration, in consultation with appropriate University and Urbana-Champaign campus personnel, recommends approval of the agreement. I concur.

1

A copy is filed with the secretary of the boafd'fiYi record