Repository: UIHistories Project: Board of Trustees Minutes - 1980 [PAGE 56]

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BOARD OF TRUSTEES

[September 20

Budget of the Athletic Association of the University of Illinois at Urbana-Champaign for FY 1979

(3) The director of intercollegiate athletics has submitted, on behalf of the Board of Directors of the Athletic Association, the budget for the association for 1978-79, which is summarized as follows with comparative figures for the preceding year: Sources of Budget Appropriations 1977-78 1978-79 Estimated income from Athletic Association activities. . $2 932 053 $3 067 350 Athletic Association unappropriated surplus -0352 692 Available for appropriation $2 932 053 $3 420 042 Appropriations $2 931 277 $3 420 042 The budget has been reviewed and approved by the chancellor at the UrbanaChampaign campus and by the vice president for administration. I recommend that this budget be approved and that the Board of Directors of the Athletic Association be authorized to make such changes and adjustments, including approval of new appointments and acceptance of resignations, as are necessary within the total income and surplus of the association, provided that appointments to the positions of director, head football coach, head basketball coach, as well as the assignment of funds for new projects or nonrecurring capital expenditures in excess of $12,500 shall be presented to the Board of Trustees for approval.

T h e student advisory vote was: Aye, Miss Kooper, Mr. Sobotka, Mr. Watson; no, none. On motion of Mr. Livingston, this recommendation was approved and authority was given as recommended by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Lenz, M r . Livingston, Mr. Neal, Mrs. Rader, Mrs. Shepherd, Mr. Velasquez; no, none; absent, Governor Thompson. Auxiliary Facilities System Revenue Bonds, Series N

(4) Bids were received at 10:00 a.m. on September 20, 1978, for the sale of $35,500,000 of Auxiliary Facilities System Revenue Bonds, Series N, of the Board of Trustees of the University of Illinois to finance the construction of a multipurpose pavilion, at the Chicago Circle campus, an addition to the student union at the Medical Center campus, and a residence hall at the Medical Center campus to be a part of the Auxiliary Facilities System, and to remodel, repair, replace equipment, and improve certain of the existing facilities of the Auxiliary Facilities System. The vice president for administration and comptroller recommends that the bonds be sold to Morgan Guaranty Trust Company of New York at a price of par plus a premium of $377.00 plus accrued interest from October 1, 1978, and at an effective interest rate of 6.0711 percent, which represents the lowest interest cost to the University. Tabulation of the bids received is being filed with the secretary of the board for record. T h e vice president for administration and comptroller also presents a First Supplemental System Revenue Bond Resolution 1 of the Board of Trustees of the University of Illinois authorizing and providing for the issuance of $35,500,000 Auxiliary Facilities System Revenue Bonds, Series N, and recommends its adoption. He further recommends that the board: (1) authorize the execution of the bonds by Earl W. Porter, secretary of the board, by facsimile signatures of the president of the board, and by the facsimile signatures of Park Livingston and Earl L. Neal, members of the board; (2) authorize the Continental Illinois National

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A copy of the resolution is filed with the secretary of the board for record.