Caption: Board of Trustees Minutes - 1992
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BOARD OF TRUSTEES
The BSF currently operates a student residence facility at 402 E. Daniel Street. For several years, they have attempted to replace that building with a more modern facility located within the same block as their other buildings. A property has been located at 306 E. Daniel Street that would be acceptable for their program. The University has concluded negotiations with the owners of both properties. The owner of 306 E. Daniel Street is willing to sell the property to the University for a price of $185,000. The University will provide for half the payment upon execution of the contract and the balance with the receipt of possession on June 1, 1993. The BSF will then exchange with the University the property at 402 E. Daniel for the property at 306 E. Daniel. The latter property will be transferred to the BSF on June 1, 1993, to permit the construction of the replacement housing facility on that site. The BSF will transfer the property at 402 E. Daniel Street to the University on June 1, 1994, upon the payment by the University of the additional sum of $32,385. All of the above transactions are within appraisal prices received by the University. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends that the University acquire the property at 306 E. Daniel and exchange it for the Baptist Student Foundation's property at 402 E. Daniel Street, Champaign. Funds are available in the Division of Campus Parking at the Urbana-Champaign campus.
Vice President Bazzani described for the board the need to acquire this piece of property for the purpose of trading it for a piece adjacent to an existing University building. He noted that an item recommending this acquisition was in the agenda for the trustees' vote later in the day. On motion of Dr. Bacon, the trustees approved of the recommendation as submitted, formal action to be taken subsequently when the board convenes in open meeting.
EXECUTIVE SESSION ADJOURNED
There being no further business, the executive session was adjourned. The Board of Trustees convened in regular session at 9:45 a.m.
INSTALLATION OF NEW TRUSTEES1
President Lamont welcomed Dr. Jeffrey Gindorf and Ms. Ada N. Lopez to the board and asked each separately to come to the front of the room where he read the following statement to each one:
The statutes of the State of Illinois which created the University in 1867 prescribe the powers of the trustees: to establish and provide for the educational program; to hold and convey property; to provide the requisite buildings, apparatus and conveniences, etc., etc. The University of Illinois Statutes, promulgated by this board, emphasize the responsibility of the board: to secure the needed revenues for the University and to determine the ways in which the University funds shall be applied — and they make clear the distinction between the formulation of policy by the board and the execution of policy by the president, other officers, and other bodies of the University under authority delegated by the board. However, beyond these formal specifications, are certain intangible factors which arise out of our traditions as a popularly-elected board of
1 Prior to this, President Lamont congratulated Mrs. Judith Ann Calder on her reelection and asked her to stand for recognition from her colleagues.