Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 427]

EXTRACTED TEXT FROM PAGE:

1991]

UNIVERSITY OF ILLINOIS

415

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; Darrell L. Good, Professor, Agricultural Ecomomics, 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 Bielfeldt and 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 Bielfeldt and 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: Bielfeldt and 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 Bielfeldt and 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 Bielfeldt and 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 Bielfeldt and 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 Bielfeldt and 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 Bielfeldt and Company.

On motion of Mr. Boyle, the recommendation was approved and the foregoing resolutions were adopted by the following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Reese, Mrs. Shepherd; no, none; absent, Governor Edgar, Mr. Wolff. (The student advisory vote was: Aye, Ms. Caporusso, Mr. Mitchell; no, none.) Agreement, South Water Market Association, Chicago

(15) T h e University is presently negotiating an agreement with the City of Chicago under which the city would convey its property held in the University's east campus expansion area. T h e city property consists of approximately 519,526 square feet of land, and approximately 272,000 square feet of streets and alleys. In anticipation of the successful conclusion of the negotiations with the city and in order to protect the interests of the South Water Market Association, the University will be required to lease Blocks 4 1 , 42, and 43 of the property to the South Water