2023 Illinois Compiled Statutes › Chapter 110 - HIGHER EDUCATION › 110 ILCS 420/ - University of Illinois Revenue Bond Act.

(110 ILCS 420/0.01) (from Ch. 144, par. 70.90)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
University of Illinois Revenue Bond Act.
(Source: P.A. 86-1324.)
(110 ILCS 420/1) (from Ch. 144, par. 71)
Sec. 1. 
		
		The Board of Trustees of the University of Illinois is hereby
authorized to:
(a) Provide for the payment and termination of any trust or mortgage
created by and between the Board of Trustees and any person, firm or
corporation pursuant to any existing law, involving any building now used
by said University for student social activities or educational purposes or
for the reacquiring of any property or interest in property now used by
said University for student social activities or educational purposes and
conveyed in trust or for security by said Board of Trustees pursuant to any
existing law, and pledge the revenues thereof for any or all such purposes.
(b) Maintain and operate any such buildings, and to charge for the use
thereof, and to carry on such activities in connection therewith as will
produce a reasonable excess of income over maintenance and operation
expenses.
(c) Hold in the treasury of the University of Illinois all funds derived
from the operation of any such building or buildings and to apply the same
toward the cost of and maintenance and operation thereof, and toward the
retirement of any bonds issued in connection with the acquisition,
completion, construction or equipment thereof.
(d) Enter into contracts touching in any manner any matter within the
objects and purposes of this Act.
(e) To provide for the payment and termination of any trust created by
and between the Board of Trustees and any person, firm or corporation
pursuant to any existing law, involving any building now used by said
University for student social activities or educational purposes or to
reacquire any property or interest in property now used by said University
for student social activities or educational purposes and conveyed in trust
or for security by said Board of Trustees, pursuant to any existing law,
and to pledge the revenues thereof for the payment of any bonds issued for
any or all of such purposes as provided in this Act.
(f) Borrow money and issue and sell bonds, at such price as the Board of
Trustees may determine, for the purpose of completing, constructing, or
equipping such buildings, or for the purpose of paying and terminating any
trust created by and between the Board of Trustees or 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 for the purpose of reacquiring 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, and to
refund or refinance, from time to time as often as it shall be advantageous
and in the public interest to do so, any and all bonds issued and sold by
the Board pursuant to this Act; provided that no bonds shall be issued and
sold at a price which will yield to maturity, computed according to
standard tables of bond values, a return at the interest rate specified
therein in excess of six per cent per annum. Such bonds shall be payable
solely and only from the revenues derived from the operation of any such
building or buildings acquired, completed, constructed or equipped with the
proceeds of such bonds, and shall be secured by a pledge of sufficient of
the revenues of any such building or buildings so acquired, completed,
constructed or equipped as herein provided.
Such bonds shall have all the qualities of negotiable instruments under
the Law Merchant and the Uniform Commercial Code.
Said Board of Trustees shall have power from time to time to execute and
deliver trust agreements hereunder to a bank or trust company authorized by
the laws of this State or of the United States of America, to accept and
execute trusts in the State. Such trust agreements may contain any
provision for the deposit with the Trustee thereunder and the disposition
of the proceeds of the bonds issued under the provisions of this Act and
secured thereby, and such provisions for the protection and enforcement of
the rights and remedies of said Trustee and the holders of such bonds as
the Board of Trustees may approve.
(Source: P.A. 83-333.)
(110 ILCS 420/2) (from Ch. 144, par. 72)
Sec. 2. 
		
		All such bonds shall be signed by the President and any two members
of the Board of Trustees and shall have the seal of the University affixed
thereto and attested by the Secretary of such Board of Trustees, and in
case any officer or member of the Board of Trustees who shall have signed
or attested any such bonds shall cease to be such officer, or member of the
Board of Trustees, before such bonds shall have been actually issued by the
Board of Trustees, such bonds may nevertheless be validly issued by said
Board. Said Board of Trustees may provide for registration as to principal
of any of such bonds. All interest coupons shall be authenticated by the
facsimile signature of the Treasurer of the University of Illinois. Such
bonds shall in no case be or become a charge or debt against the State of
Illinois or the Board of Trustees of the University of Illinois, and such
fact shall be plainly stated on the face of each bond.
(Source: Laws 1967, p. 1410.)
(110 ILCS 420/3) (from Ch. 144, par. 73)
Sec. 3. 
		
		In the execution and determination of the objects and purposes
herein set forth the Board of Trustees of the University of Illinois shall
have power to adopt means and methods reasonably calculated to accomplish
such objects and purposes.
(Source: Laws 1941, vol. 1, p. 1303.)
(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.)
(110 ILCS 420/5) (from Ch. 144, par. 75)
Sec. 5. 
		
		Whenever bonds are issued by the Board of Trustees, as provided in
this Act, it shall be the duty of such Board to establish a charge or fee
for the use of any such building or buildings sufficient at all times to
pay maintenance and operation costs and principal of and interest on such
bonds, and all revenues derived from the operation thereof shall be set
aside in a separate account and fund which shall be used only in paying the
cost of maintenance and operation, and paying the principal of and interest
upon the bonds issued for the purpose or purposes set forth and described
in the resolution authorizing the issue of said bonds, and such charges or
fees shall be sufficient at all times for such purposes.
(Source: Laws 1941, vol. 1, p. 1303.)
(110 ILCS 420/6) (from Ch. 144, par. 76)
Sec. 6. 
		
		Any holder of a bond, or of any of the coupons of any such bonds, issued
under this Act, may, by action,
mandamus, injunction
or other proceeding enforce and compel the performance of all duties
required by this Act, including establishment of sufficient fees or charges
for use of any such building or buildings and the application of the income
and revenue thereof, and it shall be the duty of the Board of Trustees upon
the issuance of any such bonds, to establish by resolution from time to
time the fees or charges to be made for the use of any such building or
buildings, which fees or charges shall be adjusted from time to time in
order to always provide sufficient income for maintenance and operation and
payment of the principal of and interest on such bonds issued as provided
for in this Act.
(Source: P.A. 83-345.)
(110 ILCS 420/7) (from Ch. 144, par. 77)
Sec. 7. 
		
		Nothing herein contained shall be construed as a limitation upon or
restriction of the powers of the Board of Trustees of the University of
Illinois under any law which is now in force, or which may hereafter be
enacted.
(Source: Laws 1941, vol. 1, p. 1303.)
(110 ILCS 420/8) (from Ch. 144, par. 78)
Sec. 8. 
		
		If any clause, sentence or provision in this Act shall be
declared invalid, such invalidity shall not affect any other clause,
sentence or provision of this Act, it being the intention of the
legislature to enact such other clause, sentence or provision in any
event.
(Source: Laws 1941, vol. 1, p. 1303.)