Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 607]

EXTRACTED TEXT FROM PAGE:

604

BOARD OF TRUSTEES MATTERS PRESENTED BY PRESIDENT WILLARD

[April 18

The Board considered the following matters presented by the President of the University.

MEDICAL A N D DENTAL BUILDING PROJECT ( i ) A report from the University Counsel on the present status of the procedure necessary to comply with the requirements of the Federal Government in the legal and financial arrangements for the construction of the second unit of the Medical and Dental College Laboratories Building. A copy of this report is hereby handed to the Secretary of the Board for record.

This report was received for record.

LEGISLATION REQUIRED TO SECURE FEDERAL FUNDS FOR MEDICAL AND DENTAL BUILDING (2) A report of the passage by the 59th General Assembly, First Special Session, of the legislation, reported to the Board on February 22, 1936 (Minutes, page 530), as being required by the United States Government for the completion of the legal and financial arrangements for the construction of the second unit of the Medical and Dental College Laboratories Building as a project of the Federal Emergency Administration of Public Works. Certified copies of these two Acts are hereby handed to the Secretary of the Board for record. I recommend that they be printed in the minutes.

A N A C T T O A U T H O R I Z E T H E BOARD O F T R U S T E E S O F T H E U N I V E R S I T Y O F I L L I N O I S TO CREATE TRUSTS, TO CONVEY PROPERTY IN TRUST, TO ENTER INTO TRUST AGREEMENTS PROVIDING THE POWERS AND DUTIES OF THE TRUSTEE AND PROVIDING FOR THE ISSUANCE OF BONDS BY SUCH A TRUSTEE AND PROVIDING FOR THE PAYMENT AND SECURING THEREOF; TO ENTER INTO YEAR TO YEAR OR OTHER LEASES, TO PLEDGE FOR THE PERFORMANCE OF ITS OBLIGATIONS UNDER SUCH LEASES CERTAIN RECEIPTS AND COLLECTIONS WHICH THE BOARD IS AUTHORIZED BY " A N ACT TO AMEND SECTION 6 O F ' A N A C T I N RELATION T O S T A T E F I N A N C E , ' APPROVED J U N E 10, 1919, A S AMENDED," APPROVED J U L Y I I , 1935, T° RETAIN IN ITS OWN TREASURY, AND TO ENTER INTO COVENANTS WITH THE UNITED STATES OR ANY AGENCY THEREOF AND TO TAKE OTHER ACTION FOR THE PURPOSE OF OBTAINING GRANTS FROM THE UNITED STATES TO AID IN FINANCING THE CONSTRUCTION AND EQUIPPING OF UNIVERSITY, COLLEGE OR EDUCATIONAL BUILDINGS ON W H I C H SAID BOARD SHALL BE GIVEN A YEAR TO YEAR OR OTHER LEASE OR THE PRIVILEGE THERETO.

Be it enacted by the People of the State of Illinois, represented in the General Assembly: Section I. F o r the purpose of obtaining a grant or inducing the making of a grant by the United States or any agency thereof (herein called the "Government") to aid in financing the construction and equipping of any university, college, or educational building or buildings (herein called the "project") on which the Board of Trustees of the University of Illinois (herein called the "Board") shall enter into a year to year or other lease, or be given the privilege to enter into any such lease, the Board shall have the following powers in addition to those conferred by other laws: 1. To create a trust or trusts (the trustee or trustees thereunder being herein called the "active trustee") for the purpose of constructing any such project and providing for the use thereof during such period as the Board may determine and for other purposes, which trust may be for exclusively university or other public educational purposes; to convey, upon such terms as it may determine, any of its property to an active trustee to be held in trust under the terms and provisions of the trust agreement relating thereto; 2. To enter into trust agreements providing the powers and duties of the active trustee, which may consist of such powers and duties as the Board may deem necessary or convenient to accomplish the purposes of the trust, including (without limiting the generality of the foregoing) the power of such active trustee: