Repository: UIHistories Project: Book - Housing Bond Issue of 1952 [PAGE 21]

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LLINOIS REVISED STATUTES 195

Chapter 1 4 4 , Sections 4 8 . 1 - 4 8 . 7 A N A C T to authorize the Board of Trustees of the Univcrsit) of Illinoi i purchase or otherwise, construct, equip, complete, operate, control and m dent residence halls, Mall' housing facilities, dormitories, health and ph) buildings, or other revenue producing building or buildin defining the • such Hoard with respect to operation and maintenance thereof, charge f < c for the use thereof, and providing for and authorizing the issue of bo; purpose of defraying the cost of construction, acquisition or equipment of building or buildings, payable solely from the revenues derived from tie thereof, and for the refunding of any such bonds. Approved June 30, 19 . J p. 1753; title as amended by Act approved July 21, I'M 7. I.. I'M 7. p. 17 58. Be it enacted by the People of the State of Illinois, represented Assembly: 48.1 Student residence halls — Staff housing facilities a n d other revenue producing buildings — M a n n e r of acquisition.] $ 1. T h e Board of Trustees of the University of Illinois is hereby authorized to: A. Acquire by purchase or otherwise, construct, equip, complete, operati control and manage student residence halls, staff housing facilities, dormitories health and physical education buildings and any other revenue producing buildings of such type and character as the Board of Trustees shall from time to time find a necessity therefor exists and as may be required for the good and benefit of the University, and for that purpose may acquire property of any and every kind and description, whether real, personal or mixed, by gift, or otherwise. B. Maintain and operate any such buildings and to charge for the use thereof and carry on such activities, as are commonly conducted in such type of buildings as will produce a reasonable excess of income over maintenance and operation expenses. C. Hold in the treasury of the University of Illinois all funds derived from the operation of any such building or buildings and to apply the same IONS aid the cost, maintenance and operation thereof, and for the retirement o{ any bonds issued in connection with the acquisition, construction or equipment thereof. D. Enter into contracts touching in any manner any matter within the objects and purposes of this Act. E. Acquire building sites and buildings by gift, purchase or otherwise, and pledge the revenues thereof for the payment of any bonds issued for such purposes as provided in this Act. F. Borrow money and issue and sell bonds at such price as the Board of

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Trustees may determine for the purpose of acquiring, completing, constructing, or equipping such buildings, and to refund or refinance, from time to time as often as it shall be advantageous and in the- public interest to ^ so. am

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bonds issued and sold by the Hoard pursuant to this Ael ; provided that »" f><>nds Shall be issued and sold at a price- which will Meld to maturitx,

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computed according to standard tables oi bond values, a return -it the interest