Caption: Board of Trustees Minutes - 1992
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BOARD OF TRUSTEES
Delegation of Authority, Grainger Engineering Library Information Center, Urbana
(20) On January 16, February 13, May 14, and June 11, 1992, the Board of Trustees approved the award of construction contracts for the Grainger Engineering Library Information Center at the Urbana campus. In order for the project to proceed without delays, the comptroller was authorized (January 16, 1992) to approve contract change orders for general condition items of work for the project. The project is a time-sensitive project in that it must be completed in November 1993. It is anticipated that there may be changes in the work which will exceed $25,000 as a result of the necessity to maintain the required construction schedule. Such increased costs could include the authorization of premium time work, modification of construction details to minimize the effects of winter construction, and claims for sequencing of construction activities not anticipated in the contract construction schedule. Accordingly, it is recommended that the president or his designee be delegated the authority to approve contract change orders of up to $100,000 that may be needed as a result of these conditions. All such items would be reported to the board at the next regularly scheduled meeting. Funds are available from private gift and institutional funds.
On motion of Mrs. Gravenhorst, this recommendation was approved by the following vote: Aye, Dr. Bacon, Mr. Downey, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Reese, Mrs. Shepherd; no, none; absent, Mr. Boyle, Mrs. Calder, Governor Edgar. (The student advisory vote was: Aye, Mr. Begovich, Mr. Lawless; no, none.) Circle Court Resolution
(21) The board authorized the acquisition of Circle Court in September 1990. The acquisition has been extremely difficult since the owners declared bankruptcy and the savings and loan association was placed in receivership by the Resolution Trust Corporation (RTC). It now appears that the property will be acquired before the end of the year. Repairs and extensive remodeling will be necessary. The costs of acquisition and remodeling will be financed through the sale of certificates of participation or bonds. Some costs have already been incurred and will be eligible for reimbursement from the debt issue along with the future expenditures for the project. The vice president for business and finance has recommended approval of the following resolution which provides for the reimbursement of the eligible costs incurred to date and for payment of the future costs which will be incurred from the debt issue for the financing of this project. The university counsel concurs. I recommend approval.
Circle Court Resolution Resolution Expressing Official Intent Regarding Certain Expenditures to be Reimbursed from Proceeds of Debt.
Whereas, the Board of Trustees of the University of Illinois (the "Board") has identified a capital project ("Circle Court") described in Exhibit A hereto; and Whereas, expenditures relating to the project have been or will be paid on or after the passage of this Resolution (the "Expenditures"); and Whereas, the Board reasonably expects to reimburse itself for the expenditures by incurring debt; Now, Therefore, Be It, and It Is Hereby, Resolved by the Board of Trustees of the University of Illinois, as follows: