Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 107]

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1990]

UNIVERSITY OF ILLINOIS

95

T h e chancellor at Urbana, with the concurrence of the vice president for business and finance, has recommended that the board adopt the following resolutions authorizing the establishment of such an account with Iowa Grain Company. I concur.

Corporate Resolutions

First: T h e Comptroller of the Board of Trustees of the University of Illinois, or Dennis W. Gehrt, University Farm Manager; or Jonathan M. Norvell, Associate University Farm Manager; Darrel L. Good, Professor, Agricultural Economics, or any person so designated by the Dean of the College of Agriculture, be, and each of them hereby is, authorized and empowered, for and on behalf of the University of Illinois to establish and maintain agricultural commodity margin accounts with Iowa Grain Company for the purpose of purchasing, investing in, or otherwise acquiring, selling (including short sales), possessing, transferring, exchanging, pledging, or otherwise disposing of, or realizing upon, and generally dealing in and with any and all agricultural commodities, commodity options, a n d / o r contracts for the future delivery thereof, whether represented by trust, participating a n d / o r other certificates or otherwise, to execute any and all documents and agreements with Iowa Grain Company and generally to do and take all action necessary in connection with the accounts, or considered desirable by such officer a n d / o r agent with respect thereto. Second: Iowa Grain Company may deal with any and all of the persons directly or indirectly by the foregoing resolution empowered, as though they were dealing with the University directly and may rely upon any certification given in accordance with these resolutions, as continuing fully effective until and unless Iowa Grain Company shall receive written notice to the contrary. Third: T h e Secretary of the Board of Trustees of the University of Illinois be, and is authorized, empowered, and directed to certify, under the seal of the University, or otherwise to Iowa Grain Company: (a) a true copy of these resolutions; (b) specimen signatures of each and every person empowered by these resolutions; (c) a certification that the University of Illinois is duly organized and existing, that its charter empowers it to transact the business by these resolutions. Fourth: In the event of any change in the office or powers of persons hereby empowered, the Secretary shall certify such changes to Iowa Grain Company in writing, which notification, when received, shall be adequate both to terminate the powers of the persons theretofore authorized, and to empower the persons thereby substituted. Fifth: T h e foregoing resolutions and the certificates actually furnished to Iowa Grain Company by the Secretary of the Board of Trustees pursuant thereto be, and they hereby are, made irrevocable until written notice of the revocation thereof shall have been received by Iowa Grain Company.

On motion of Ms. Reese, the foregoing resolutions were adopted. Petition for Vacation of California Avenue, Urbana

(12) On October 5, 1989, the Board of Trustees approved a master plan as a guideline for the long-term growth and development of the central campus at Urbana. Planning is now underway for one component of the plan, the construction of the Chemical and Life Sciences Laboratory and associated pedestrian mall. This construction requires the acquisition of California Avenue between Mathews and Goodwin Avenues. University staff are conducting negotiations with city officials to determine mutually acceptable arrangements for vacation of the right-of-way and related intragovernmental agreements. A petition for vacation at this time would serve to begin the process for steps required by the city and to meet the University schedule for planning and construction.