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Caption: Board of Trustees Minutes - 1960
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i960] UNIVERSITY OF ILLINOIS 1179 Be It, And It Hereby Is Further Resolved that said Comptroller and Secretary be, and they hereby are, authorized for, and in the name of, and on behalf of, this University to enter into a Lease Agreement with Foundation providing for the leasing to this University of the tract of land hereinabove described as the Pell Tract for an original term, commencing on the date Foundation acquires title to said Pell Tract and ending on the 30th day of June, 1061, and which term shall be automatically extended for successive two (2) year periods from July I, 1961, to June 30, 1963, and from July 1, 1963, to June 30, 1965, unless written notice of termination is given to Foundation by this University on or before June 30, 1961, whereupon said Lease shall terminate on June 30, 1961; or on or before June 30, 1963, whereupon said Lease shall terminate on June 30, 1963. The rental shall be equivalent to the interest charges incurred by Foundation under its Loan Agreement with The First National Bank of Chicago providing for funds for the acquisition by Foundation of title to said Pell Tract and any financial charges incidental to the acquiring or renewal of said Loan Agreement. During the term of the Lease the University shall pay any and all special assessments or taxes assessed against said Pell Tract or will secure an exemption therefrom, or will otherwise see that no lien for taxes or assessments is or becomes effective, or if becomes effective is not enforced against said premises, and University shall agree that it will keep said Pell Tract free from any Mechanic's Liens and to make, and to pay for any costs of, necessary repairs and upkeep of said Pell Tract while in its possession under this Lease. Said Lease shall contain an option giving this University the right to purchase and acquire title in fee simple absolute to said Pell Tract by paying all principal and interest costs and financial charges incidental thereto incurred by Foundation under the terms of said Loan Agreement with The First National Bank of Chicago or in connection therewith. Be It, And It Hereby Is Further Resolved that the Comptroller of this University be, and he hereby is, authorized and directed to deposit with the County Treasurer of Champaign County, Illinois, for the benefit of the persons thereto entitled, as provided for by statute, the amount of the compensation award for said Pell Tract entered by the Circuit Court of Champaign County, Illinois, in the sum of $112,000.00, and to pay the court costs of said suit, and any additional costs incidental thereto or incurred in connection therewith in the acquiring of, or in order to vest in this University title to, said Pell Tract. On motion of Mr. Hughes, the foregoing resolution was adopted by the following vote: Aye, Mr. Clement, Mr. Harewood, Mr. Hughes, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Herrick, Mr. Stratton. HOMECOMING, I960 Mr. Clement presented the following statement and motion: October 8, i960 has been designated as Homecoming Day this year. It is noted that the tradition of observing Homecoming Day, which has now been established at many colleges and universities, was started at the University of Illinois in 1910, and this year will mark the Fiftieth Anniversary of Homecoming on the University of Illinois campus. T h e University of Illinois Alumni Association is making a special effort to have this Golden Anniversary Homecoming be a week end of significance. On behalf of the Committee on Alumni, I move that the Board of Trustees request Governor William G. Stratton to issue a proclamation calling public attention to the "Golden Anniversary of the University of Illinois Homecoming" on October 8, i960. This motion was unanimously adopted. APRIL MEETING On motion of Mr. Swain, the Board voted to hold its April meeting in Chicago on Wednesday, April 20, i960. DEGREES CONFERRED The Secretary presented for record the following list of degrees con-
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