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Caption: Board of Trustees Minutes - 1990
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288 BOARD OF TRUSTEES [June 13 Liquidity T h e director of Cash Management and Investments will be responsible for maintaining adequate cash balances for the liquidity needs of the University. T h e director will advise the external managers of any anticipated need for cash withdrawals as such needs become known. T h e external managers are to presume no cash withdrawal needs other than those provided to them by the director. Investment Objective and Performance Evaluation T h e investment objective is to achieve a rate of return consistent with the investment policy indicated above. T h e total short-term funds portfolio rate of return will be compared with a weighted average of the returns of broad indices representing maturity structure of the investment policy allocation. O n motion of Mr. Boyle, this recommendation was approved by the following vote: Aye, Dr. Bacon, Mr: Boyle, Mrs. Calder, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Reese, Mrs. Shepherd, Mr. Wolff; no, none; absent, Governor Edgar. ( T h e student advisory vote was: Aye, Mr. Forbes; absent, Ms. Kelly.) Authorization for Securities Custody Agreement and Securities Lending Program (14) On February 13, 1991, the Board of Trustees received a report from Ennis, Knupp 8c Associates, Inc., regarding custody services1 for University short-term investments and securities lending. Responses to the request for proposal from three banks deemed best able to provide the services were reviewed by University staff and Ennis, Knupp 8c Associates, Inc. T h e Northern Trust Company was judged to provide the superior level of securities custody and related services. T h e Northern Trust Company also has well-developed capabilities with respect to securities lending. T h e benefits and risks associated with securities lending was outlined in the Ennis, Knupp 8c Associates, Inc., report. T h e comptroller requests authorization to enter into agreements with T h e Northern Trust Company to provide securities custody and related services and to provide administration of a securities lending program and requests that the following resolution be adopted. I concur. Resolution Be It Resolved, that the Comptroller of the Board of Trustees of the University of Illinois is authorized to enter into agreements with T h e Northern Trust Company to provide securities custody and related services and to administer a securities lending program. Be It Further Resolved, that the Comptroller is authorized from time to time to designate in writing to T h e Northern Trust Company those officers, employees, and other agents of the University of Illinois authorized to issue written, telephonic, electronic, or oral instructions to make sales or purchases or to otherwise deal with securities. Be It Further Resolved, that each of the foregoing resolutions shall continue in force until express written notice of its rescision or modification has been received by T h e Northern Trust Company. O n motion of Mr. Boyle, authority was given as requested and the foregoing resolution was adopted by the following vote: Aye, Dr. Bacon, 1 Custody services includes securities processing, income collection, and accounting for assets and transactions in University short-term portfolio.
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