(30 ILCS 105/6g) (from Ch. 127, par. 142g)
Sec. 6g.
The University of Illinois may retain in its treasury, any funds
derived from rentals, fees, service charges and laboratory and building
service charges, or other sources, assessed or obtained for or arising out
of the operation of any building, buildings, facility or facilities used or
hereafter acquired and which shall be used to discharge obligations created
for the construction, equipment, enlargement, improvement, completion,
operation, control or management of any such building, buildings, facility
or facilities or for the payment of revenue bonds issued under any laws now
in force, or laws hereinafter enacted. Such funds shall be disbursed from
time to time pursuant to the order and direction of the Board of Trustees
of the University, and in accordance with any contracts, pledges, trusts or
agreements heretofore or hereafter made by said Board of Trustees.
The University of Illinois may retain in its treasury any funds
received in connection with contracts and grants for research at the
Nuclear Physics Laboratory and funds which are paid as reimbursement to the
University, and may pledge the funds so retained for the retirement of any
bonds issued to finance the construction, equipment, enlargement,
improvement, completion, operation, control, or management of the Nuclear
Physics Laboratory, and may use the funds for the payment of revenue bonds
issued under any laws now in force, or laws hereinafter enacted with
respect to the Nuclear Physics Laboratory. The amount retained for this
purpose shall not exceed the amount required in the bond obligation.
The University of Illinois may also retain in its treasury, out of
student fees and tuition, such sums annually as the Board of Trustees
determines will be necessary from time to time to supplement revenues
derived from any revenue producing building, buildings, facility or
facilities now used or hereafter acquired under the provisions of any laws
now in force, or any laws hereinafter enacted, and pledge the sums so
retained out of student fees and tuition for the retirement of any bonds
issued to finance such buildings or facilities. Such funds so pledged shall
be credited annually to any account to which such revenues are or may
hereafter be pledged. The Board may authorize such supplementation at the
time of issuance of any of its revenue bonds or at any time thereafter upon
determination by it that the revenues derived from time to time from the
operation of such building, buildings, facility or facilities will be
insufficient to meet the costs of operation and maintenance and to pay the
principal of and interest on bonds issued and payable separately or
collectively from the income and revenue of such building, buildings,
facility, facilities, or combination thereof. Such supplementation from
University income shall not be in excess of an amount which, when added to
the revenues to be derived from the operation of such building, buildings,
facility or facilities will be sufficient to meet the annual debt service
requirements on its revenue bonds issued in respect to any such building,
buildings, facility or facilities, the annual costs of maintenance and
operation of such building, buildings, facility or facilities, and to
provide for any reserves, accounts or covenants which the resolution
authorizing the issue of said bonds may require, plus such sums as the
Board of Trustees shall have pledged to such bonds or shall determine shall
be retained from year to year to assure adequate supplementation.
(Source: P.A. 85-723.)
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