Caption: Board of Trustees Minutes - 1994
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470 BOARD OF TRUSTEES [January 18 These three managers were interviewed by University personnel and further evaluated to produce a recommendation. The recommended investment manager is Hotchkis and Wiley, Los Angeles, California. The firm has strong capabilities in the management of short-term fixedincome investments. In addition, the manager has a reasonable fee schedule1 and is willing to tailor a short-term portfolio to meet the specific needs of the University. Accordingly, the vice president for business and finance requests authority to establish an investment account with Hotchkis and Wiley for the purposes described and that the following resolution be adopted. I recommend approval. Resolution Be It Resolved, that the Comptroller of the Board of Trustees of the University of Illinois is authorized to enter into agreements with Hotchkis and Wiley to provide investment management services. Be It Further Resolved, that the Comptroller is authorized from time to time to designate in writing to Hotchkis and Wiley those officers, employees, and other agents of the University of Illinois authorized to give written or verbal instructions on behalf of the University of Illinois. Be It Further Resolved, that each of the foregoing resolutions shall continue in force until written notice of its recision or modification has been received by Hotchkis and Wiley. On motion of Ms. Reese, this recommendation was approved and the foregoing resolution was adopted. Authorization to Apply for and Accept a Fiscal Year 1996 Grant from the Federal Aviation Administration, Willard Airport (10) The Federal Aviation Administration has recommended that the University of Illinois at Urbana-Champaign apply for a grant to fund Phase I of a multi-phase, multi-year project to rehabilitate Primary Runway 14R/32L, its parallel taxiway system and intersecting pavements. The site investigation and development of construction plans are already underway as authorized by previous board action (February 9, 1995). Total funds needed for this portion of the project have been established at $3,220,000. The FAA grant will provide $2,898,000 (90 percent of the project cost). The State of Illinois Department of Transportation, Division of Aeronautics will provide the State's five percent matching share of $161,000. The remaining five percent of the project cost ($161,000) will be provided by Airport PFC funds collected from passengers using Willard Airport. The authority to collect these charges for use on certain eligible airport improvement projects (including the rehabilitation of the subject runway and taxiway) was granted by the Federal Aviation Administration to the University on September 5, 1995. $ 161 000 provided from State of Illinois Department of Transportation 161 000 provided by Airport PFC funds collected from passengers using Willard 326 900 carried over from the Fiscal Year 1995 entitlement funds 571 100 from the current year 1996 entitlement fund allocation 2 000 000 in Federal Aviation Administration discretionary funds $3 220 000 This runway was last resurfaced in 1974. The stress caused by 21 years of winter 1 The annual fee is 17.5/100 of 1 percent applied to the average daily funds invested based on cost value.
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