(110 ILCS 420/4) (from Ch. 144, par. 74)
Sec. 4.
Upon the determination by the Board of Trustees to complete,
construct or equip any student social center, student residence hall or
building or buildings, or to pay and terminate any trust created by and
between the Board of Trustees and any person, firm or corporation pursuant
to any existing law involving any building used by the University for
student social activities, student residence halls, or educational
purposes, or to reacquire any property or interest in property used by said
University for student social activities, student residence halls or
educational purposes and conveyed in trust or for security by said Board of
Trustees pursuant to any existing law, the Board of Trustees shall adopt a
resolution describing in a general way the contemplated project, the
estimated cost thereof, and fix the amount of bonds, the maturity or
maturities, the interest rate, and all details in respect thereof. Such
resolution shall contain such covenants and 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 building or buildings
as may be deemed necessary or advisable for the assurance and payment of
the bonds thereby authorized, and such resolution shall pledge for the
maintenance and operation of any such building or buildings and for the
payment of the principal of and interest upon such bonds, the revenues
derived from the operation thereof.
(Source: Laws 1943, vol. 1, p. 1357.)
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