Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 53]

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BOARD OF TRUSTEES Report of Comptroller

[September 29

Dentistry-Medicine-Pharmacy Building Revenue Bond Fund of 1951 (Business Manager, Chicago Colleges, authorized to purchase by Board of Trustees, December 16, 1953, Minutes, page 1191) Purchase $2,000 U.S. Treasury 2*4 per cent Bonds due June 15, 1962 $ 2 029 38 Dentistry-Medicine-Pharmacy Building Revenue Bond Fund — Construction (Purchases authorized by Board of Trustees Resolution dated March 15, 1951, Minutes, page 632) Purchases $75,000 U.S. Treasury Bills due August 26, 1954 $74 874 38 75,000 U.S. Treasury Bills due September 9, 1954 74 887 50 75,000 U.S. Treasury Bills due September 23, 1954 74 887 50

This report was received for record.

BUSINESS PRESENTED BY THE PRESIDENT OF THE UNIVERSITY

The Board considered the following reports and recommendations from the President of the University.

SALE OF UNIVERSITY HOUSE (1) Pursuant to the plan authorized by the Board of Trustees for the sale of University-owned residence properties in Urbana-Champaign which are outside the area of future campus expansion, the Comptroller and the Director of the Physical Plant recommend the sale of the house at 410 Hessel Boulevard, Champaign, to Professor Charles B. and Marjorie Eleanor Looker at a price of $10,000. This house, which was constructed in February, 1948, cost $9,752.07, and has been appraised at $10,000. I concur in this recommendation. If the Board approves this sale, the following resolution should be adopted: Resolution WHEREAS, Charles Burdick Looker, Jr., and Marjorie Eleanor Looker, his wife, of Champaign, Illinois, hereinafter termed "Purchasers," have offered to purchase the hereinafter described property known as 410 Hessel 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 the 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 $10,000, 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: