university of illinois - UIHistories Project

1957] UNIVERSITY OF ILLINOIS 333
Should The Board of Trustees of the University of Illinois, at any time, determine
that it would be in the public interest to establish a housing system or
form of financing embracing all or a major portion of the residence halls and
related revenue producing facilities of the University, the bonds of this issue may
be included in such a system or systems so long as the rights of the bond holders
of this issue are not impaired as to the covenants made herein, and so long as all
revenues are deposited and all accounts maintained, as provided in Sections 5 and 6
herein.
In addition to the foregoing, if prior to the payment of the bonds hereby
authorized it shall be found desirable to refund all or a part of the bonds hereby
authorized, said bonds may be refunded notwithstanding the restrictions as to the
issuance of additional bonds set forth in this section (with the consent of the
holders thereof if any bonds are to be refunded prior to maturity or prior to date
of call and redemption) and any refunding bonds so issued shall share ratably and
equally with the portion of the bonds hereby authorized which are not refunded in
the revenues of said project and the pledge thereof under this resolution; provided,
however, that if only a portion of said outstanding bonds are to be refunded at
any time, such refunding obligations shall not mature at a date earlier than the
final maturity of such bonds not refunded.
SECTION II. That from the proceeds derived from the sale of said bonds all
accrued interest and premium, if any, derived from the sale of the bonds shall be
credited to the Bond and Interest Sinking Fund Account created by Section 6 of
this resolution, and the balance of the proceeds derived from the sale of said bonds
shall be set aside in a separate account which is hereby created and designated as
the "Construction Fund Account" and all of the funds of such Construction Fund
Account shall be deposited in The First National Bank of Chicago, which bank be
and is hereby designated as the Depositary therefor. The proceeds of said Construction
Fund Account shall be withdrawn from such account from time to time
as funds are needed for the construction of the buildings herein provided for.
For the purpose of this resolution the cost of the construction of said project
to be paid from said Construction Fund Account shall be deemed to include the
following:
a. The purchase price and cost of acquisition of real estate, easements, rights
of way and other property necessary for the construction of such buildings, including
the cost of abstracts of title, title examination, and title insurance.
b. Fees and expenses of architects and engineers for services, preliminary
investigation, preparation of plans and specifications, supervision of construction
and performance of all duties of architects and engineers with respect to said
buildings.
c. Audits and field supervision by representatives of the federal government.
d. Payment for labor, material, equipment, services of contractors, builders,
and materialmen.
e. Premiums payable by the University to the date of completion of said buildings
on policies of insurance against fires, floods, storms, lightning, and other
casualties and for so-called all risk coverage.
f. All taxes, assessments, and other incidental charges levied against, or paid
prior to the completion of said buildings, and taxes, if any, for recording and filing
fees payable in connection with deeds of conveyance.
g. Condemnation awards in connection with the acquisition of property and
easements necessary for said buildings, including court costs and legal fees
therefor.
h. All expenses of preparing, issuing, and delivering bonds issued hereunder.
i. Fees and expenses of legal counsel.
j. Fees and expenses of fiscal agents, depositaries, or trustees of the Construction
Fund Account.
k. Interest and fiscal fees on all bonds of this issue becoming due on or before
April 1, 1959 to the extent that funds are not otherwise made available in accordance
with Sections 6(b) and 11 hereof.
1. Actual incidental expense, including telephone, telegraph, office expense, and
traveling expense.