Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 298]

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246

BOARD OF TRUSTEES

[November 10

pany, an Illinois corporation, hereinafter referred to as "Grantee", its successors and assigns, the right and easement to construct, reconstruct, operate, maintain, repair, alter, replace, move and remove a 12" high-pressure gas main and other equipment appurtenant thereto under, through and across the land hereinafter described and the right of ingress to and egress therefrom; the rights and easement granted to be limited to the extent that this public corporation has the present right and capacity to grant the same. Grantee shall agree to repair any damage caused to property of this corporation by the construction, reconstruction, operation, maintenance, repairing, alteration, moving and removing of said gas main and to indemnify this corporation and its representatives from liability in connection with Grantee's activities. T h e right-of-way easement shall remain in full force and effect from the date granted and for so long thereafter as said gas transportation line is continued in service and has not been abandoned or discontinued. Upon termination of the easement Grantee shall peaceably surrender possession of said premises to this corporation and full and complete title then shall remain in this corporation free and clear of said easement and without necessity of re-entry or demand. T h e right-of-way easement shall be over the following described property: Situated in the State of Illinois, the County of Champaign, and being a part of the Southeast Quarter of Section 24, Township 19 North, Range 8 East of the Third Principal Meridian and being more fully bounded and described as follows : The West 20 feet of all that part of the south half of the Southeast Quarter of Section 24, Township 19 North, Range 8 East of the Third Principal Meridian lying east of the east line of the Illinois Central Railroad right-of-way.

On motion of Mr. Hughes, the foregoing resolution was adopted by the following vote: Aye, Mr. Clement, Mr. Dilliard, Mr. Hughes, Mr. Johnston, Mr. Jones, Mr. Page, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Governor Kerner.

AMENDMENTS OF POLICY FOR INVESTMENT OF FUNDS A N D INVESTMENT PROCEDURES (21) On June 20, 1962, the Board of Trustees authorized the investment of current restricted funds in United States government securities maturing not more than eighteen months from the date of purchase, in commercial paper of certain specified corporations in amounts not exceeding $500,000 in any one of them, and in certificates of deposit and interest-bearing accounts in certain specified banks. These investments may be made by the Comptroller without prior approval of the Finance Committee or the Board, but with a later report to the Board. The Finance Committee has approved amendments to that action taken June 20, 1962, as follows: Increase to $1,000,000 the amount of current funds which may be invested in commercial paper of each of the specified companies; add Associates Investment Company to the list of companies; add authority to invest up to $3,000,000 in Federal National Mortgage Association obligations maturing not more than eighteen months from date of purchase; and add The Northern Trust Company of Chicago, Illinois, to the list of banks in which current funds may be invested in certificates of deposit and special interest-bearing accounts. T h e procedure on the investment and safekeeping of securities requires one modification to conform to the prevailing practice of the banks. All securities of the University are held by the safekeeping agent designated by the Board of Trustees. An exception to this rule is recommended for certificates of deposit, which will be held by the issuing bank, and upon maturity, the funds will be transferred to the proper checking account. AH other policies and procedures for the investment of current funds adopted on June 20, 1962, remain in effect. T h e policy includes a resolution authorizing the Treasurer of the Board of Trustees to exercise certain functions. An amendment of the resolution was approved by the Board on April 17, 1963, following a change in the Treasurership. In view of the change in the Office of the Secretary, it is requested that the following resolution be adopted to replace the former one.