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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_6088-77.jpg)
EXTRACTED TEXT FROM PAGE:
66 BOARD OF TRUSTEES [September 15 (The student advisory vote was: Aye, Mr. Didato-Castillo, Mr. Rose; no, none.) Establishment of Banking Services with First of America Bank-Champaign N.A. (Credit Card Processing Services) (19) The University has solicited proposals relating to credit card processing services at both campuses. This service consolidates the credit card deposits of individual units from each campus and facilitates the flow of dollars and accounting information. Chicago campus units with the largest sales volumes include the CCC Bookstore, the Health Sciences Department, the Offcenter Mall, and the Office of Conferences and Institutes. Large sales volumes in Urbana come predominately from Intercollegiate Athletics, the Assembly Hall, the Illini Union Bookstore, and the Krannert Center for the Performing Arts. Responses were received from six vendors and one of these proposals offered significant cost savings to the University. Business Office personnel thoroughly examined the proposals and conducted interviews with vendors who submitted the best proposals. First of America Bank-Champaign N.A., submitted the proposal that best met the University's established criteria and offered the most advantageous mix of pricing and technology. This service will eventually provide an electronic means of reconciling our bank accounts and is renewable for additional fiscal years. First of America presently serves the Urbana campus credit card processing requirements and provides excellent service. The total annual cost for both campuses combined is estimated to be $213,000 compared with a current annual cost of approximately $231,000. Accordingly, the vice president for business and finance recommends that authority be given to consolidate the credit card processing service and open an additional bank account for the purpose described above with First of America BankChampaign N.A., that the following resolution be adopted, and that the comptroller be authorized to renew this agreement with First of America on an annual basis subject to the availability of funds. The new account for Chicago campus deposits would become active on November 1, 1994, or as soon as all necessary documentation can be completed and filed. Urbana campus deposits will continue to use the existing account at First of America. Upon conclusion of all Chicago campus credit card business with the current processor, the relationship will be terminated. I concur. Resolution Be It Resolved, that First of America Bank-Champaign N.A. (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 endorse for deposit 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. Endorsements for deposit may be by the written or stamped endorsement without designation of the person making the endorsement; 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
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