(110 ILCS 405/3) (from Ch. 144, par. 48.3)
Sec. 3.
Upon the determination by the Board of Trustees to acquire,
complete, construct, enlarge, improve, or equip any student residence hall,
apartment, staff housing facility, health facility, physical education
building, union building, auditorium, gymnasium, or other revenue producing
building or buildings, the Board of Trustees shall adopt a resolution or
resolutions describing in a general way the contemplated facilities or
combination thereof designated as the project, the estimated cost thereof,
and fixing the amount of bonds, the maturity or maturities, the interest
rate, and all details in respect thereof. Such resolution or resolutions
shall contain such covenants with respect to the creation of reserves or
accounts, and any restrictions upon the issuance of additional bonds that
may thereafter be issued payable from the rents, issues and profits derived
from the operation of any such building, buildings, facility or facilities,
separately or in combination, and, where authorized by the Board of
Trustees, from University income authorized by law to be retained in the
University treasury and applied as a supplement to such revenues, as may be
deemed necessary or advisable for the assurance and payment of the bonds
thereby authorized, and such resolution or resolutions shall pledge for the
maintenance and operation of any such building, buildings, facility or
facilities or combination thereof, and for the payment of the principal of
and interest upon such bonds, and the creation of any reserves or accounts
established by such resolution, the revenues derived from the operation of
any such building, buildings, facility or facilities or combination
thereof, including any buildings now used or hereafter acquired for such
purposes, and, if authorized by the Board of Trustees, University income to
the extent authorized by Section 6g of "An Act in relation to State
finance", approved June 10, 1919, as amended, and by Section 1.1 of this
Act, as amended.
(Source: Laws 1957, p. 1716.)
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