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Caption: Board of Trustees Minutes - 1994 This is a reduced-resolution page image for fast online browsing.
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68 BOARD O F T R U S T E E S [September 15 with the current procedure. This change will also reduce service charges associated with getting the funds deposited. Accordingly, the vice president for business and finance recommends that authority be given to establish this bank account for the purpose described above with First Bank of Oak Park, that the following resolution be adopted, and that the comptroller be authorized to renew this agreement with First Bank of Oak Park on an annual basis subject to the availability of funds. The accounts would become active on October 1, 1994, or as soon as all necessary documentation can be completed and filed. I concur. Resolution Be It Resolved, that First Bank of Oak Park, 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 endorse 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. 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 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 in the University's name, including those drawn to the individual order of any person or persons whose name or names appear thereon as signer or signers thereof, when bearing or purporting to bear the facsimile signatures, whether reproduced manually, mechanically, or otherwise, of the chair and the secretary of the Board of Trustees, jointly, and the Bank shall be entitled to honor, and to charge the account of the 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;
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