Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 613]

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BOARD OF TRUSTEES

[April 18

No. 1057, for the purpose of constructing a Medical and Dental Uni!- in Chicago; and, Whereas, Such loan and grant application have been duly allowed and approved by the United States Government; and Whereas, Under the agreement with the United States Government it is necessary to designate an active trustee which will perform such duties, in connection with financing of the undertaking and the discharge of the obligations of the University of Illinois under contract or contracts with the United States; and Whereas, The Board of Trustees of the University of Illinois has requested the University of Illinois Foundation to act as such trustee; Now, therefore, be it resolved, by the Executive Committee of the University of Illinois Foundation, being duly empowered to act in the premises, that the University of Illinois Foundation will act as such trustee and perform all the duties and obligations of that position under and pursuant to the offer of the United States Government to purchase securities and the acceptance thereof by the Board of Trustees of the University of Illinois on January 24, 1936, and in conformity with all other conditions, stipulations, contracts, rules and requirements of the United States Government relating to the completion of the said project; Be it further resolved, T h a t Glenn M. Hobbs be and hereby is authorized and directed to execute any and all papers, documents, or contracts which may be required by the United States Government in connection with the above described project and in relation to the duties of the trustee, as above set forth. Be it further resolved, T h a t a copy of the by-laws and the constitution of the University of Illinois Foundation authorizing the Executive Committee to act, be appended to a copy of this resolution, all of which shall be transmitted to the Board of Trustees of the University of Illinois. 2. Trust Agreement with United States Government The Executive Committee of the Board of Directors of the University of Illinois Foundation was authorized to execute a Trust Agreement with the United States or any department or agency thereof and the Board of Trustees of the University of Illinois, or other person, by the terms of which the University of Illinois Foundation will serve as Trustee thereunder in connection with the execution of Illinois Project 1057, Federal Emergency Administration of Public Works, involving the construction and financing of a Medical and Dental Unit for the University of Illinois. Such Trust Agreement may include or concern additional or other bodies than those named in this resolution. 3. Construction Fund Agreement with United States Government The Executive Committee of the Board of Directors of the University oi Illinois Foundation was authorized to execute a Construction Fund Agreement with the United States Government or any department or agency thereof, and with a bank or trust company, or other party, in conformity with the plan outlined by the United States Government in relation to the financing of Illinois Project 1057, Federal Emergency Administration of Public W o r k s , involving the construction of a Medical and Dental Unit for the University of Illinois. 4. Purchase of Bonds The University of Illinois Foundation accepted the offer of the United States Government to purchase the bonds to be issued by the University of Illinois Foundation in connection with the execution of the trust under a Trust Agreement, entered into with the United States Government or any department or agency thereof, and the President of the Board of Directors, or the Chairman of the Executive Committee, were authorized and directed to notify the United States or its proper officer or agent of the acceptance of such offer.

This report was received for record.