(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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