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Caption: Board of Trustees Minutes - 1990
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154 BOARD OF TRUSTEES [January 11 institution has followed certain prescribed "due diligence" collection procedures. T h e Board of Trustees has approved such assignments several times over the last few years. This year, if the assignment is made prior to February 15, 1991, an institution can better its default ratio and enhance its eligibility for additional Federal capital contributions for 1991-92. T h e funds in question are held in trust by the University and loaned to students in accord with criteria established by the Federal government. They consist of Federal capital contributions plus institutional capital contributions equal to one-ninth of the Federal contributions. Collections and earnings are added to the funds and the expenses of the program are credited. Under the law, the loan and the interest are cancelled in case of death or permanent and total disability. To assist institutions in reducing their current default rates, the Federal government has agreed to accept the assignment of notes which have been in default for two or more years if the due diligence collection efforts have taken place. Loans assigned to the Federal government will not be counted in determining the University's default rate but the government will retain any funds it may recover. T h e value, in terms of increased eligibility for Federal student loan support, is greater than the net recovery anticipated from the University's continued efforts at collection. T h e net assets of the loan fund will remain in excess of the University contribution to the fund. T h e vice president for business and finance has recommended the assignment of defaulted Perkins loans on which reasonable collection efforts have been made by the University in the following maximum amounts: Chicago campus Urbana-Champaign campus I recommend approval. $50 000 (40 borrowers) 85 000 (51 borrowers) O n motion of Ms. Reese, this recommendation was approved. By consensus, the board agreed that one roll call vote would be taken and considered the vote on each agenda item nos. 8 t h r o u g h 15 inclusive. T h e recommendations were individually discussed but acted upon at one time. ( T h e record of board action appears at the end of each item.) Contracts, Medical Sciences Building Remodeling, Urbana (8) T h e president of the University, with the concurrence of the appropriate administrative officers, recommends award of the following contracts to remodel the interior of the Medical Sciences Building at the Urbana-Champaign campus. T h e award in each case is to the low base bidder plus acceptance of the indicated alternates. Division I — General Ore W. Vacketta & Sons, Inc., Danville Base Bid .. . Alt. G - l . . . . $232 300 5 541 $237 841 Division II — Plumbing Reliable Plumbing & Heating Company, Champaign Division III — Heating, Refrigeration, and Temperature Control Nogle & Black Mechanical, Inc., Champaign Base Bid 8 230 Base Bid 33 687
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