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Caption: Board of Trustees Minutes - 1994 This is a reduced-resolution page image for fast online browsing.
![](https://uihistories.library.illinois.edu/REPOSITORYCACHE/143/7394cYM6289NUMt19b5vaRT65prp85HPYsL0Fl5J7m0ok2xc752Wwb8AsbBB02wy9SRqOInZy6T01VV2Whn4IQv87ex60zUUn72PZWACC8C_6088-451.jpg)
EXTRACTED TEXT FROM PAGE:
440 BOARD OF TRUSTEES [November 9 Banking Services, Lakeside Bank and Busey Bank (Chicago and Urbana Accounts Receivable Lockboxes) (13) The University has solicited proposals relating to banking services for the following accounts receivable activities: Lockbox services and a depository account for Chicago campus student and general accounts receivable processing Lockbox services and a depository account for Urbana campus student and general accounts receivable processing Responses were received from eight banks and some of these proposals offered significant cost savings to the University. Business Office personnel thoroughly examined the proposals and conducted interviews with the best three proposers at each campus. The Springfield campus does not currently utilize lockbox services. Lakeside Bank in Chicago and Busey Bank in Urbana submitted proposals that best met the University's established criteria and offered the greatest economic and customer service advantages. Their respective locations provide opportunities for more flexible and responsive collection of receipts and will likely produce more specialized services than the University gets from its current banking arrangements. These proposals are renewable for additional fiscal years. The combined annual cost is estimated to be $47,000 compared with the annual cost of approximately $69,000 in Fiscal Year 1995. Accordingly, the vice president for business and finance recommends that authority be given to establish these bank accounts for the purpose described above with Lakeside Bank and Busey Bank, that the following resolutions be adopted, and that the vice president for business and finance be authorized to renew this agreement with Lakeside and Busey on an annual basis subject to the availability of funds. The accounts would become active on December 1, 1995, or as soon as all necessary documentation can be completed and filed. Upon conclusion of all business in process with the current processor of these activities, those accounts will be closed. I concur. Resolution Be It Resolved, that Lakeside Bank, Chicago, Illinois, (the "Bank") be, and it hereby is, designated a depository in which the funds of the University of Illinois (the "University") may be deposited by its officers, agents, and employees, and that such officers, agents, and employees shall be, and each of them hereby is, authorized to indorse for deposit or negotiation any and all checks, drafts, notes, bills of exchange, and orders for the payment of money, either belonging to or coming into possession of the University. Indorsements for deposit may be by the written or stamped indorsement without designation of the person making the indorsement; Be It Further Resolved, that the Comptroller of the Board of Trustees is authorized from time to time upon such terms and conditions as he may deem advisable, to designate in writing to the Bank those officers, employees and other agents of the University authorized to sign any and all checks, drafts, and orders, including orders or directions in informal or letter form, against any funds or accounts at any time standing to the credit of the University with the Bank, and that the Bank is authorized to honor any and all individual order of any such person or persons signing the same, without further inquiry or regard to the authority of said person or persons or the use of the checks, drafts, or orders or the proceeds thereof; Be It Further Resolved, that the Bank as a designated depository of the University be and it (including its correspondent banks) is hereby requested, authorized and directed to honor checks, drafts, and other orders for the payment of money drawn
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