90-57 EXPRESSING THE INTENT OF THE CITY...TO ASSIST MILLIKIN UNIVERSITY...THROUGH THE ISSUANCE AND SALE OF THE CITY'S REVENUE BONDS

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� ' DoCtuttent #719 RESOLUTION3 OF Tf� BOARD OF TRUSTEE.S OF MILLIKIN UNIVER3ITY May 19, 1990 RESOLUED, by the Board of Trustees (the "Boa�l of Znistees") of Mill i]r.�n University, an Illinois not for profit corporation (the "Corporation") , as follows: Wf�RF.AS the Co ration cont lates f inanc' ref inanc' or be' , � � �J� �! �J reimbursed for all or a portion of the costs, including capitalized interest, if any, of acquiring, constructing and equipping two dormitories for use by its students (the "Project") ; and W�S, the Corporation desires to obtain such financing in an amount not expected to exceed $2,250,000, on a tax-exempt basis through the issuance of revenue bonds by the City of Decatur, Macon County, Illinois (the "City") , or anothex state or local gaverrnnental entity; and W�IEREAS, the City is a municipality and a hvme rule unit under the provisions of Article VII of the Constitution of the State of Illinois and, as such, is en�pawered to finance and refinance the cost of acquiring, constructing, renovatirig, remodeling and equipping educational facilities for private, nonprofit institutions of higher education located within the City in order to enhance the general health and welfare of the residents of the City and the surrounding areas; and Wf-iERF�.S, the Corporation may make an application to the City or to another state or local governmental entity to borraw funds in an amount not expected to exceed $2,250,000 to pay all or a portion of the costs of the Project through the issuance of revenue bonds of the City or of another state or local gavernmental entity, to pay capitalized interest, if any, on such revenue bonds, to establish certain reserve funds under an indenture of trust entered into in connection with the issuance of such revenue bonds and to pay certain related expenses incurred in connection with the issuance of such revenue bonds, all as provided for and to the extent permitted under the Constitution and laws of the State of Illinois; and � Wf�RFAS, this Board of Tn�.stees desires to authorize the Executive Co�mtittee I of the Board of Z`rustees and the appropriate officers of the Corporation to do all such acts and thi.ngs as may be deemed necessary or desirable in their discretion in order to carry out and camply with the terms arid pravisions of these resolutions; NO[�1, �EF'�RE, BE IT AND IT IS HQ2EBY RE.SOLUED by the Board of Trustees of Millikin University as follc�as: 1. This corporation hereby declares its intent to seek to obtain such tax- exempt financirig for the Project as described abave at such time and upon such terms and conditions as are feasible and advantageous to the Corporation.