Repository: UIHistories Project: Board of Trustees Minutes - 1994 [PAGE 454]

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BOARD OF TRUSTEES

[November 9

University for, such checks, drafts, or other orders for the payment of money, regardless of by whom or by what means the actual or purported facsimile signature or signatures thereon may have been affixed thereto, if such signature or signatures resemble the facsimile specimens of such signature(s) certified to or filed with the Bank by or on behalf of the University and if said documents are properly issued by the Board of Trustees of the University of Illinois; Be It Further Resolved, that the Comptroller of the Board of Trustees is authorized from time to time to designate in writing to the Bank those officers, employees and other agents of the University authorized to issue written, telephonic, electronic, or oral instructions with respect to the transfer of funds of the University on deposit with the Bank (or otherwise transferable by the Bank), by wire or otherwise, without any written order for the payment of money being issued with respect to such transfer, and, for and on behalf of the University, to enter into such agreements with the Bank with respect to any such transfer(s) as such officer(s) in (his) (their) sole discretion deem(s) advisable. Be It Further Resolved, that each of the foregoing resolutions shall also be understood to apply in full to any account, transaction, or property at or with any facility or facilities or branch or branches of the Bank; Be It Further Resolved, that each of the foregoing resolutions shall continue in force until express written notice of its rescission or modification has been received by the Bank.

On motion of Mrs. Gravenhorst, the recommendations were approved and the foregoing resolutions were adopted by the following vote: Aye, Dr. Bacon, Mrs. Calder, Mr. Engelbrecht, Dr. Gindorf, Mrs. Gravenhorst, Mr. Lamont, Ms. Lopez, Mrs. O'Malley, Ms. Reese; no, none; absent, Governor Edgar. (The student advisory vote was: Aye, Mr. Malone, Mr. Mathew, Mr. Rose; no, none.)

Auxiliary Facilities System Revenue Bonds, Series 1996

(14) At its July 1995 meeting the Board of Trustees approved several projects which would add to and/or improve the Auxiliary Facilities System. The Illinois Board of Higher Education (IBHE) has approved, or will act upon a request to approve, all of the remaining projects at its meeting on November 7, except for enhancements to the loading dock, locker room, and storage facilities of the Urbana campus Assembly Hall. A student advisory referendum is scheduled for November 14-15 on that project and IBHE approval will be requested pending the outcome of that referendum. It is anticipated that final board approval to issue revenue bonds to provide funds for the projects ($50.62 million assuming approval of the Assembly Hall enhancements), plus additional funds for capitalized interest, a debt service reserve, and issuance costs, will be requested in January 1996. In order to proceed towards such an issuance, the vice president for business and finance and the university counsel recommend that the board approve: 1. Employment of Chapman and Cutler as Bond Counsel; 2. Employment of John Nuveen 8c Co., Inc., as Financial Advisor; 3. Employment of Lehman Brothers, Inc., as Senior Managing Underwriter and Bear Stearns 8c Co., Inc., as Co-Senior Managing Underwriter for a joint management fee of $50,000 plus reimbursement of actual out-ofpocket expenses incurred in carrying out their role as underwriters, and