Repository: UIHistories Project: Board of Trustees Minutes - 1988 [PAGE 158]

EXTRACTED TEXT FROM PAGE:

148

BOARD OF TRUSTEES

[November 13

(The student advisory vote was: Aye, Mr. Filip, Mr. Starkeson; no, none.)

Purchases

(31) The president submitted, with his concurrence, a list of purchases recommended by the directors of purchases and the vice president for business and finance. The purchases were presented in two categories: purchases from appropriated funds (i.e., from State appropriations to the University); and purchases from institutional funds. The latter term designates funds received by the University under contracts with the United States government, private corporations, and other organizations; grants from foundations, corporations, and other donors; and University revolving funds authorized by law. The total amounts of these purchases were: From Appropriated Recommended From Institutional Recommended Grand Total Funds $ Funds 7 736 811 96 $7 873 811 96 137 000 00

A complete list of purchases, with supporting information (including the quotations received), was sent to each member of the board in advance of the meeting. A copy is being filed with the secretary of the board for record. O n m o t i o n of M r . M a d d e n , t h e purchases r e c o m m e n d e d were authorized by t h e following v o t e : Aye, Mrs. D a y , M r . Forsyth, M r s . Gravenhorst, M r . H a h n , M r . H o w a r d , M r . L o g a n , M r . M a d d e n , M r s . Shepherd, Miss S m i t h ; n o , n o n e ; absent, Governor T h o m p s o n . ( T h e student advisory v o t e w a s : Aye, M r . Filip, M r . Starkeson; n o , none.)

Auxiliary Facilities System Revenue Bonds, Series 1986

(32) As reported to the board on September 11, 1986, the net proceeds of the sale of Auxiliary Facilities System Revenue Bonds, Series 1986, available for improvements and additions to the "System" (the project) were $5,529,915. These funds have been used to purchase interest-bearing securities that have been deposited in a project fund. In addition, it was reported that the present value of savings in 1994 approximates $320,000. When the net proceeds of the bond sale, the investment earnings on those proceeds, and the present value of future savings axe combined, it is anticipated that approximately $6 million will be available to fund improvements and additions to the System. The second Supplementary Bond Resolution, approved May 8, 1986, requires that, "The Board shall adopt a resolution which describes the Project in sufficient detail to allow the Project to be included in the System (the "Project Description") and which includes the Project in the System," prior to the expenditure of funds on the project. After a review of auxiliary facility needs, the chancellors on both campuses and the vice president for business and finance have recommended that the board resolve that the following project description be adopted: Project Description Chicago Campus Supplement the Series 1985 funds remaining (about $1,350,000) that were assigned to surface parking at the southwest corner of Taylor and Wood with up to