Repository: UIHistories Project: Board of Trustees Minutes - 1994 [PAGE 79]

EXTRACTED TEXT FROM PAGE:

1994]

UNIVERSITY OF ILLINOIS

67

same, without further inquiry or regard to the authority of said person or persons or the use of the checks, drafts, or orders or the proceeds thereof; Be It Further Resolved, that the Bank as a designated depository of the University be and it (including its correspondent banks) is hereby requested, authorized, and directed to honor checks, drafts, and other orders for the payment of money drawn in the University's name, including those drawn to the individual order of any person or persons whose name or names appear thereon as signer or signers thereof, when bearing or purporting to bear the facsimile signatures, whether reproduced manually, mechanically, or otherwise, of the chair and the secretary of the Board of Trustees, jointly, and the Bank shall be entitled to honor, and to charge the account of the University for such checks, drafts, or other orders for the payment of money, regardless of by whom or by what means the actual or purported facsimile signature or signatures thereon may have been affixed thereto, if such signature or signatures resemble the facsimile specimens of such signature(s) certified to or filed with the Bank by or on behalf of the University; Be It Further Resolved, that the comptroller of the Board of Trustees is authorized from time to time to designate in writing to the Bank those officers, employees, and other agents of the University authorized to issue written, telephonic, electronic, or oral instructions with respect to the transfer of funds of the University on deposit with the Bank (or otherwise transferable by the Bank), by wire or otherwise, without any written order for the payment of money being issued with respect to such transfer, and, for and on behalf of the University, to enter into such agreements with the Bank with respect to any such transfer(s) as such officer(s) in (his) (their) sole discretion deem(s) advisable. Be It Further Resolved, that each of the foregoing resolutions shall also be understood to apply in full to any account, transaction, or property at or with any facility or facilities or branch or branches of the Bank; Be It Further Resolved, that each of the foregoing resolutions shall continue in force until express written notice of its rescission or modification has been received by the Bank.

On motion of Mr. Grabowski, these recommendations were approved and the foregoing resolution was adopted by the following vote: Aye, Mr. Boyle, Mrs. Calder, Dr. Gindorf, Mr. Grabowski, Mrs. Gravenhorst, Mr. Lamont, Ms. Lopez, Ms. Reese; no, none; absent, Dr. Bacon, Governor Edgar. (The student advisory vote was: Aye, Mr. Didato-Castillo, Mr. Rose; no, none.)

Establishment of Banking Services with First Bank of Oak Park (Depository Account for Austin Health Center Receipts)

(20) The Austin Health Center currently makes weekly deposits via armored truck to a University of Illinois bank account at the First National Bank of Chicago. The cost of this armored truck delivery service is $105 per month. The average weekly deposit during Fiscal Year 1994 was $3,000. Daily receipts of checks and cash are kept in a safe at the clinic until they are deposited. The First Bank of Oak Park has a branch facility in the building that houses the Austin Health Center. The current level of daily receipts at the clinic would produce approximately $25 in monthly fees for a depository account at First Bank of Oak Park. The collected balances could be drawn out periodically to the University's main account at First Chicago. Making a daily deposit will increase the security of the clinic's receipts compared