Repository: UIHistories Project: Board of Trustees Minutes - 1988 [PAGE 306]

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296

BOARD OF TRUSTEES

[June 11

except to the extent that, this Resolution shall be revoked or modified by a subsequent Resolution of this Board, and until a certified copy of such subsequent Resolution has been received by the Bank. Be It Further Resolved, that the Bank is further authorized to pay to the debit of any account of this Corporation, any and all checks, drafts, and other instruments for the payment of money drawn in the name of this Corporation bearing or purporting to bear the facsimile signature (s) of Oval P. Myers, Val J. Eylands, Thomas A. McCowen, signing singly, inclusive of any in favor of any person(s) whose facsimile signature(s) appear(s) thereon, if the facsimile signature (s) thereon, regardless of by whom or what means affixed, resemble (s) the specimen (s) thereof filed with the Bank. Be It Further Resolved, that the Secretary of this Corporation is authorized to deliver and certify to the Bank a certified copy of this Resolution and that it is in conformity with the Charter and Bylaws of this Corporation, together with signature cards setting forth the names and certifying to the signatures of the persons authorized by this Resolution.

On motion of Miss Smith, the foregoing resolution was adopted. Banking Services, Marine American National Bank of Champaign (Urbana Payroll Account)

(17) The University has solicited proposals relating to banking services for the Urbana payroll checking account, an account used to disburse payroll checks to employees based in Urbana-Champaign. Responses were received from ten banks, and seven of the ten offered significant cost savings to the University. The Marine American National Bank of Champaign submitted the proposal offering the greatest economic advantage. The annual cost is estimated to be $5,401, with the unit price guaranteed for four years. This compares with a current annual cost of approximately $38,000, with no price guarantee. Accordingly, the vice president for business and finance and comptroller has recommended that authority be given to establish a bank account for the purpose described with the Marine American National Bank of Champaign, and that the following resolution be adopted. The account would be opened on July 1, 1987, or as soon as all necessary documentation can be completed and filed. Upon the conclusion of all business in process with the current processor, the First National Bank of Chicago, that account will be closed. I recommend approval. Resolution Be It Resolved, 1. That the Marine American National Bank of Champaign, Champaign, Illinois, be and is hereby designated a depository of the University of Illinois in connection with an agreement to provide Urbana campus local payroll checking account services to the University of Illinois, and that funds so deposited may be withdrawn upon a check draft, note or order of the University of Illinois; 2. That all checks drawn on or payable against said account shall be signed by any two persons from time to time holding the following offices of this institution: President of the Board of Trustees Secretary of the Board of Trustees; 3. That the Marine American National Bank of Champaign be and it is hereby requested, authorized, and directed to honor and to charge this institution