Repository: UIHistories Project: Board of Trustees Minutes - 1988 [PAGE 305]

EXTRACTED TEXT FROM PAGE:

1987]

UNIVERSITY OF ILLINOIS

295

Adoption of Revised Resolution of Bank Account, A.I.D. Contract in Zambia

(16) In 1982, the University received a contract for $9,997,550 from the United States Agency for International Development for a project entitled "Zambia Agricultural Development: Research and Extension." Staff from the Urbana campus have been working in cooperation with others from Southern Illinois University at Carbondale and the University of Maryland Eastern Shore to conduct a technical assistance program in agriculture in the Republic of Zambia. The contract has a termination date of December 31, 1987. The University is required to maintain administrative offices in Zambia to facilitate research and service activities, and services, material, supplies, and other support are procured on site and paid for locally. To meet these needs, the trustees on March 18, 1982, approved the establishment of a bank account in Lusaka, Zambia, with the project team leader designated to receive and disburse funds in accord with the contract and University policies and procedures. The account was established on an imprest basis at a level of $60,000 through Citibank in New York City. The team leader has recently changed and Citibank has asked for a resolution of the Board of Trustees to facilitate the updating of Citibank records and to identify those individuals the University now wishes to have authority to receive and disburse funds. The chancellor at the Urbana campus has recommended that the following resolution be approved. The vice president for business and finance concurs. I recommend approval. Resolution Be It Resolved, that Citibank, N.A. (hereinafter called the "Bank") be and hereby is designated a depository of the funds of this Corporation, and Oval P. Myers, Val J. Eylands, Thomas A. McCowen, signing singly, are hereby authorized (i) to sign for and on behalf of this Corporation any and all checks, drafts, or other orders with respect to any funds at any time to the credit of this Corporation with the Bank and/or against any account of this Corporation maintained at any time with the Bank, inclusive of any such checks, drafts, or other orders in favor of any of the above designated officer(s) and/or other person(s) and/or (ii) to make withdrawals at any time of any such funds or from any such account by any other means authorized the Bank, including (without limitation) a debit card, a credit card, a terminal or other device or facility providing access to any such funds or account, and that the Bank be and hereby is authorized (a) to pay such checks, drafts, or orders, and/or to honor such withdrawals, by debiting any account of this Corporation then maintained with it; (b) to receive for deposit to the credit of this Corporation, and/or for collection for the account of this Corporation, any and all checks, drafts, notes, or other instruments for the payment of money, whether or not endorsed by this Corporation, which may be submitted to it for such deposit and/or collection, it being understood that each such item shall be deemed to have been unqualifiedly endorsed by this Corporation; and (c) to receive, as the act of this Corporation, any and all stop-payment instructions (inclusive of any relative agreement) with respect to any such checks, drafts, or other orders as aforesaid and reconcilement(s) of account when signed by any one or more of the officer(s) and/or other person (s) as hereinbefore designated. Be It Further Resolved, that any and all withdrawals of money and/or other transactions heretofore had in behalf of this Corporation with the Bank are hereby ratified, confirmed, and approved, and that the Bank (and any interested third party) may rely upon the authority conferred by this entire Resolution unless, and