Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 6]

EXTRACTED TEXT FROM PAGE:

1954]

UNIVERSITY OF ILLINOIS

3

Resolution WHEREAS, William E. Schaede and Eleanor C. Schaede, his wife, of Urbana, Illinois, hereinafter termed "Purchasers," have offered to purchase the hereinafter described property known as 302 Hesscl Boulevard, Champaign, Illinois, upon the terms and conditions hereinafter set forth; Now, therefore, be it resolved by the Board of Trustees of the University of Illinois, a public corporation of the state of Illinois, that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized and directed, in the name and in behalf of, this Corporation, to enter into an agreement with said Purchasers providing for the sale and conveyance to them of the hereinafter described property upon the following terms and conditions: (A) At a sale price of $12,000, with customary adjustments to be made therein for taxes, insurance, and abstracting costs; (B) This Corporation to furnish Purchasers a merchantable abstract of title and pay for the required Federal Revenue stamps; (C) Possession to be delivered to Purchasers at the time final payment is made; (D) A deposit of $500, to be made by the Purchasers at the time the Contract of Sale is executed and the balance of the purchase price to be paid at the time of delivery of the deed and not later than six months after the date the contract is executed ; (E) The Title to be conveyed to be subject to special assessments, building restrictions, and easements of record; ( F ) Such other terms and conditions as said Comptroller and Secretary may deem necessary or desirable. Be it further resolved that upon compliance with the terms of said agreement by Purchasers, and in accordance with the terms thereof, said Comptroller and Secretary be, and they hereby are, authorized and directed, to execute, acknowledge, and deliver, in the name and in behalf of, this Corporation, and under its Corporate Seal, a Warranty Deed and such other documents in connection therewith as said Comptroller and Secretary may deem necessary or desirable in order to convey to Purchasers, not in tenancy in common, but in joint tenancy, title to the following described property, viz: Lot Fifteen (15) in Lewis S. Colbert's Replat of Lots 119, 120, 121 and part of Lots 115 and 118, in Highland Place Addition to the City of Champaign, situated in the City of Champaign, in the County of Champaign, in the State of Illinois. O n m o t i o n of M r . H e r r i c k , t h e s a l e of t h e s e p r o p e r t i e s w a s a u t h o r ized a n d t h e f o r e g o i n g r e s o l u t i o n s w e r e a d o p t e d b y t h e f o l l o w i n g v o t e : A y e , M r . Bissell, M r . H e r r i c k , M r . H i c k m a n , M r s . H o l t , M r . J o h n ston, M r . L i v i n g s t o n , M r . M e g r a n , M r . N i c k e l l , M r s . W a t k i n s ; n o , none; absent, M r . Grange, M r . Stratton. BIENNIAL BUDGET (2) The President of the University reported on the studies made of the biennial budget for 1955-57 and discussed the major problems involved, including maintenance of the present scale of operations, provisions for academic and nonacademic salary increases, and provisions for reasonable growth and development. H e stated that intensive studies will be made of educational and research programs, other services and administrative overhead to determine wherein economies can be effected. A preliminary review of building needs was also given. Consideration is also being given to tuition fees to determine if the present rates are adequate ( a ) in relation to costs of instruction and (b) in comparison with fees charged at other institutions. A report of the faculty Committee on Fees and Scholarships on the latter phase of this question has been made and copies of it have been sent to all members of the Board of Trustees. T h e President stated that he would defer making a recommendation until further studies have been made, including a report from a subcommittee of the Citizens Committee which has been appointed to advise him on the matter.