(110 ILCS 405/1.1) (from Ch. 144, par. 48.1a)
Sec. 1.1.
If the Board of Trustees, in respect to any bonds issued for any
of the purposes as in this Act provided or in respect to the refunding of
any bonds heretofore or hereafter issued by said Board of Trustees under
the authority of this Act, determines that the maximum revenues which may
reasonably and economically be derived by the University from such revenue
producing building, buildings, facility or facilities or any combination
thereof will be insufficient after payment of the reasonable costs of
maintenance and operation, to meet interest and principal payments and
provide the required reserves on the bonds issued or to be issued for such
project or to refund any bonds heretofore or hereafter issued by said Board
of Trustees under the authority of this Act, the Board may provide for the
supplementation of such revenues from University income authorized by law
to be retained in the University treasury for such purpose, and may pledge
such revenues and income, to the extent herein authorized, for the
retirement of such bonds. Such funds as are so pledged shall be credited
annually to the account to which the pledge applies. Such supplementation
from University income shall not be in excess of an amount which, when
added to the revenues to be derived from the building, buildings, facility
or facilities or any combination thereof will be sufficient to meet the
annual debt service requirements on the bonds, the annual costs of
maintenance and operation of the building, buildings, facility or
facilities or any combination thereof, and to provide for any reserves,
accounts or covenants which the bond resolution may require plus such sums
as the Board of Trustees shall determine shall be retained from year to
year to assure adequate supplementation.
(Source: Laws 1957, p. 1716.)
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