Repository: UIHistories Project: Board of Trustees Minutes - 1984 [PAGE 269]

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260

BOARD OF TRUSTEES

[June 16

acquiring, selling (including short sales), possessing, transferring, exchanging, pledging, or otherwise disposing of, or realizing upon, and generally dealing in and with any and all agricultural commodities, commodity options and/or contracts for the future delivery thereof, whether represented by trust, participating a n d / o r other certificates or otherwise, to execute any and all documents and agreements with Shearson and generally to do and take all action necessary in connection with the accounts, or considered desirable by such officer a n d / o r agent with respect thereto. Second: Shearson may deal with any and all of the persons directly or indirectly by the foregoing resolution empowered, as though they were dealing with the University directly and may rely upon any certification given in accordance with these resolutions, as continuing fully effective until and unless Shearson shall receive written notice to the contrary. Third: The Secretary of T h e Board of Trustees of the University of Illinois be, and is authorized, empowered and directed to certify, under the seal of the University, or otherwise to Shearson: (a) a true copy of these resolutions; (b) specimen signatures of each and every person empowered by these resolutions; (c) a certification that the University is duly organized and existing, that its charter empowers it to transact the business by these resolutions. Fourth: in the event of any change in the office or powers of persons hereby empowered, the Secretary shall certify such changes to Shearson in writing, which notification, when received, shall be adequate both to terminate the powers of the persons theretofore authorized, and to empower the persons thereby substituted. Fifth: T h e foregoing resolutions and the certificates actually furnished to Shearson by the Secretary of The Board of Trustees pursuant thereto be, and they hereby are, made irrevocable until written notice of the revocation thereof shall have been received by Shearson.

On motion of Mr. Howard, the foregoing resolution was adopted. Bank Account, First National Bank, Champaign: Bank Credit Card Service, Urbana

(17) In 1978 and 1980, the Board of Trustees authorized the use of MasterCard and VISA for certain auxiliary activities at the Urbana-Champaign campus. T h e use of these cards has facilitated the marketing and collection activities of these units. Bank services have been provided by local banks on the basis of competitive bids. T h e current agreement with the Bank of Illinois terminates on June 30, 1983. Competitive bids have been received for continuation of the service in Fiscal Year 1984, with an option to renew for an additional one-year period under the same terms and conditions. The bank submitting the bid offering the most economic advantage to the University is the First National Bank in Champaign. One of the provisions of the bid submitted by the bank is that a deposit account be maintained with a minimum balance of $5,000. The chancellor at Urbana-Champaign has recommended that authority be given to establish an appropriate bank account with the First National Bank in Champaign and to execute the contract necessary to provide MasterCard and VISA services to the University. Upon the conclusion of all business in process with the Bank of Illinois, that account will be closed. It is also recommended that the board adopt the following resolutions authorizing the opening of a deposit account and authorizing the comptroller and the secretary to execute the necessary agreement. T h e vice president for business and finance recommends approval. I concur.