Illinois Compiled Statutes 110 ILCS 610 Board of Governors of State Colleges and Universities Revenue Bond Act. Section 2

    (110 ILCS 610/2) (from Ch. 144, par. 1012)

    Sec. 2. Upon the determination by the Board or its successor to acquire, complete, construct, remodel or equip any student residence halls, dormitories, dining halls, student union buildings, field houses, stadiums, or other revenue-producing building or buildings, the Board or its successor shall adopt a resolution describing generally the contemplated project, the estimated cost thereof, fixing the amount of bonds, the maturity or maturities, the interest rate, and all details in respect thereof. Such resolution shall contain such covenants as may be determined by the Board or its successor as to:

    (a) The issuance of additional bonds that may thereafter be issued payable from the charges or fees derived from the operation of any such building or buildings or structures and for the payment of principal of and interest upon such bonds;

    (b) The regulation as to the use of any such building or buildings or structures to assure the maximum use or occupancy thereof;

    (c) The amount and kind of insurance to be carried, including use and occupancy insurance, the cost of which shall be payable only from the revenues to be derived from the project;

    (d) Operation, maintenance, management, accounting and auditing, and the keeping of records, reports and audits of any such building or buildings or structures;

    (e) The obligation of the Board or its successor to maintain the project in good condition and to operate the same in an economical and efficient manner;

    (f) The amendment or modification of the resolution authorizing the issuance of any bonds hereunder, and the manner, terms, and conditions, and the amount or percentage of assenting bonds necessary to effectuate such amendment or modification;

    (g) Such other covenants as may be deemed necessary or desirable to insure a successful and profitable operation of the project.

(Source: Laws 1965, p. 1636.)

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Last modified: February 18, 2015