Caption: Board of Trustees Minutes - 1992
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166 BOARD OF TRUSTEES [February 12 Ms. Lopez asked about the powers and responsibilities of the Executive Committee and was told it functions between the regular meetings of the board on emergency questions requiring board authorization. Its actions are binding upon the board. Ms. Lopez expressed her concern about the ability of the Executive Committee to bind the board. In her experience, executive committees made recommendations. In her view, all trustees were elected and entrusted by the people with equal powers. The ability of three trustees to bind all trustees is inconsistent with this principle. She therefore objected and abstained from the election of trustees to serve on the Executive Committee. Ms. Reese spoke, saying that usually the minority party selects a member of their party to sit on the Executive Committee and stated that a majority of that group of the board, the minority party members, had decided that she should serve for the year ahead. She indicated that she felt that this was an alarming disregard for the tradition associated with membership on the Executive Committee. The nominations were closed, and by voice vote, Dr. Bacon and Mr. Grabowski were elected members of the Executive Committee to serve until the next annual meeting of the board or until their successors shall have been elected. Treasurer's Bond On motion of Dr. Bacon, the amount of the treasurer's bond was fixed at $6,000,000 and the Finance and Audit Committee was instructed to see that the treasurer presents a satisfactory bond in the amount specified above and to report the same to the board. Authority to Receive Moneys Ms. Reese offered the following resolution and moved its adoption: Resolved that the Treasurer of the Board of Trustees of the University of Illinois be, and hereby is, authorized to receive and receipt for all moneys, and to endorse all orders, drafts, and checks due and payable to the Board of Trustees or to the University of Illinois, and especially all drafts drawn by the Treasurer of the United States payable to the Board of Trustees or the University of Illinois. The resolution was unanimously adopted. Delegation of Signatures On motion of Dr. Bacon, the following resolution was unanimously adopted. Resolved that the president of the Board of Trustees is authorized to delegate to such individuals as he/she may designate from time to time authority to sign his/her name as president of the Board of Trustees to vouchers presented to the State Comptroller and authority to sign his/her name to warrants on the University Treasurer covering vouchers approved in accordance with regulations approved by the board; and
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