Repository: UIHistories Project: Board of Trustees Minutes - 1990 [PAGE 436]

EXTRACTED TEXT FROM PAGE:

424

BOARD O F T R U S T E E S

[ N o v e m b e r 14

6. T h e lessor or vendor be authorized to issue, via public competitive sale, certificates of participation to be retired no later than July 15, 1995, with a principal amount of approximately $34 million, inclusive of a provision of approximately $4 million to fund a debt service reserve, and to provide for issuance costs, and at a true interest cost not to exceed an annual average of 6 percent. 7. T h e comptroller be authorized to develop and execute with the assistance of financial advisor and special counsel: (a) an official statement; (b) an installment purchase contract or lease agreement between the board and the lessor or vendor; (c) a trust agreement between the board, lessor, or vendor, and trustee; and (d) any other documents required to complete the transaction. 8. Proceeds of the new certificates of participation will provide for the scheduled June 1, 1992, principal and interest payment and the optional redemption of the remaining principal on the Board of Trustees of the University of Illinois $35,800,000 certificates of participation (University of Illinois Telecommunications System) dated December 1, 1985, and prepayment of all other installment purchase contracts or leases. 9. T h e comptroller and other board officers or Executive Committee be authorized to take and execute any additional actions required to complete the transaction. I concur. O n m o t i o n of Mr. Boyle, these r e c o m m e n d a t i o n s were a p p r o v e d by t h e following vote: Aye, Dr. Bacon, Mr. Boyle, Mrs. Calder, Mr. Grabowski, Mrs. G r a v e n h o r s t , Mr. L a m o n t , Ms. Reese, Mrs. S h e p h e r d ; n o , n o n e ; absent, G o v e r n o r Edgar, Mr. Wolff. ( T h e student advisory vote was: Aye, Ms. Caporusso, Mr. Mitchell; no, none.) Disclosure of Executive Session Actions under Open Meetings Act (29) Under an amendment to the Open Meetings Act effective July 1, 1989, public bodies subject to the Act which conduct business under exemptions specified in the Act must, at least every six months, determine whether the need for confidentiality still exists with respect to each item considered under such exemption. Attached are copies of the minutes of the executive sessions of October 1990 through May 1991. T h e university counsel and the secretary of the board, after consultation with appropriate administrative officers, have recommended that certain items considered in the periods covered should retain their confidential status, e.g., items of land acquisition in November, January, and February; and personnel matters in November, April, and May; and that all other items considered in those sessions be released to the public. (Attached materials are filed with the secretary of the board for record.) They further recommend that the president of the University be authorized to release those items retaining confidential status as soon as the need for such confidentiality no longer exists. O n m o t i o n of Mr. Boyle, these r e c o m m e n d a t i o n s were a p p r o v e d .

President's Report on Actions of the Senates

Establishment of a Minor in Comparative Literature, Sciences and Letters Curriculum, College of Liberal Arts and Sciences, Urbana (30) T h e Urbana-Champaign Senate has approved a proposal to establish a minor in comparative literature in the sciences and letters curriculum, College of Liberal Arts and Sciences.