Repository: UIHistories Project: Board of Trustees Minutes - 1974 Version B [PAGE 59]

EXTRACTED TEXT FROM PAGE:

1972]

UNIVERSITY OF ILLINOIS

51

of the 1972 Bonds, resolve to grant to the Board of Trustees, and shall deliver to the Comptroller of the Board or legal counsel to the University, in form acceptable to said legal counsel, an irrevocable option to acquire title to the North 15.175 acres contiguous to the present site of the Laboratory in consideration of the payment of $1, such option to be exercisable by the Board of Trustees at any time subsequent to the acquisition of said 15.175 acres, and shall further resolve to cause title to said 15.175 acres to be conveyed to the Board of Trustees upon retirement of the 1972 Bonds if not conveyed prior thereto, and WHEREAS, the Foundation has previously assigned to the Board of Trustees all of its rights, title and interest in and to any rental payments to be received from the United States of America under the lease between the Foundation and the United States of America, dated November 6, 1967, subject to certain rights of the Foundation, and WHEREAS, as a part of the financing plan, the Board of Trustees has agreed that if the lease of the premises between the Foundation and the United States shall be cancelled or terminated for cause or otherwise, that the University would make such payments to the Foundation as would have been made to the Foundation by the United States had the lease not been cancelled or terminated, until such time as the 1972 Bonds are retired, and WHEREAS, it appears that the annual interest rate on said bonds may be reduced from 61/2% to 5V2% by committing income or additions to the University's Contract Research Reserve account to the payment of the obligation undertaken by the University as outlined in the preceding paragraphs, Now, Therefore, after discussion, and upon motion duly made and carried, the following resolutions were adopted: Resolved, that, subject to the delivery by the Secretary of the University of Illinois Foundation to the Comptroller of the Board of Trustees of the University, or legal counsel to the University, of a certified copy of resolutions of the Board of Directors of the Foundation, or its duly authorized Executive Committee, by which the Foundation undertakes to (1) convey title to the 1.915 acres upon which a free-standing building for housing the shock-test machine shall be constructed, to the University, subject to the lien of the mortgage and the lease, between the Foundation and the United States of America, as amended to reflect rentals for said building, as soon as practicable subsequent to the execution of the mortgage, and in no event later than December 31, 1972, the right of the University to cause delivery of title to be evidenced by an irrevocable option to acquire said 1.915 acres upon payments of $1, in form acceptable to legal counsel to the University, and (2) to grant an irrevocable option to the University, in form acceptable to legal counsel to the University, to acquire, subject to the lien of the mortgage and the lease, between the Foundation and the United States of America, as amended to reflect rentals for such land, the North 15.175 acres contiguous to the present site of the Laboratory upon payment of $1, payable at any time subsequent to the acquisition of said 15.175 acres by the University of Illinois Foundation, the issuance of up to $550,000 aggregate principal amount of University of Illinois Foundation General Obligation Bonds, subject to the terms and conditions of the mortgage presented to the Executive Committee of the Board of Trustees for inspection and review, as modified or completed without material change, the proceeds of which shall be utilized by the Foundation to construct a free-standing building for housing a shock-test machine and to acquire the North 15.175 acres contiguous to the present site of the Construction Engineering Research Laboratory all in accordance with the plan approved by the Board of Trustees in its meeting of July 19, 1972, and the activities of the Foundation in connection with the issuance of the Bonds and the construction of the free-standing building for housing a shock-test machine and the acquisition of the North 15.175 acres contiguous to the present site of said laboratory be and hereby are approved. Further Resolved, that the Comptroller of the Board be and hereby is authorized and directed to accept delivery of title to the 1.915 acres of land upon which said free-standing building for housing a shock-test machine is to be located, sub-