UIHistories Project: A History of the University of Illinois by Kalev Leetaru
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Repository: UIHistories Project: Book - Housing Bond Issue of 1952 [PAGE 6]

Caption: Book - Housing Bond Issue of 1952
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The Board of Trustees will covenant that it will include in the rates charged to students living in the Men's Residence Halls and in Busey-Kvans Halls a sum adequate for payment of interest and principal as long as any of these bonds are outstanding. The Board of Trustees will covenant that it will keep the buildings and furnishings under this loan adequately insured against fire and other hazards. The Board of Trustees will covenant that after setting aside therefrom the cost I operating, maintaining, insuring, and repairing said buildings and equipment, all income will be set aside for the benefit of the bondholders. Said bonds will be awarded to the responsible bidder on the basis of the lowest interest cost to the University. Bidders may specify interest rate, or rates, in multiples of one-quarter of one per cent, but all bonds of the same maturity shall bear the same interest rate. No bid will be considered at less than par. In determining the best bid, the interest cost to the University of Illinois will be computed by determining the interest from March 1, 1952, to maturity at the rate or rates specified by the bidder after deducting therefrom any premium offered. Bids must be for all and not a part of said bonds. Bids will be opened by representatives of the Board of Trustees at the University of Illinois Center, 20th Floor, LaSalle Hotel, LaSalle and Madison Streets, in the city of Chicago, Illinois, at 11:00 a.m. (Central Standard Time) on the 14th day of February, 1952, at which time and place bids will be publicly read. Award will be made by the Executive Committee of the Board of Trustees on the day on which bids are received. Said bonds will be delivered with the unqualified approving opinion of Chapman and Cutler, Attorneys, Chicago, Illinois, said opinion to be paid for by said University of Illinois; the printed bonds to be supplied by the University of Illinois and all bids must be so conditioned. On November 1, 1951, the Midwestern Investment Banking Voluntary Credit Restraint Committee expressed the view that the offering of said bonds appears to be in harmony with the principles of the Voluntary Credit Restraint Program. Lach bid must be accompanied by a certified check drawn on a state or national bank and made payable to the Board of Trustees of the University of Illinois, Urbana, Illinois, in the sum of $17,500 as a guarantee of good faith, which amount will be forfeited in the event the successful bidder fails to take up and iy for said bonds. All proposals should be enclosed in a sealed envelope and marked on the outside Proposal for Revenue Bonds, U r b a n a - C h a m p a i g n Residence Halls, Series of 1952," and addressed to Comptroller, University of Illinois, University of Illinois enter, LaSalle Hotel, LaSalle and Madison Streets, Chicago, Illinois. The University of Illinois reserves the right to reject any and all bids. B) Order of the Board of Trustees this 7th day of January, 1952.

Comptroller