Repository: UIHistories Project: Board of Trustees Minutes - 1988 [PAGE 413]

EXTRACTED TEXT FROM PAGE:

1987]

UNIVERSITY OF ILLINOIS

403

Resolution of Hie Board of Trustees of the University of Illinois

Be It Resolved that the A M C O R E Bank N.A., Rockford, Illinois, be and is hereby designated a depositary of the funds of this corporation and that any officer of this corporation be and is hereby authorized for and on behalf of this corporation, to open and maintain an account or accounts with said Bank and make such arrangements for the conduct thereof as to him shall seem proper; and that any officer, employee, or agent of this corporation be and is hereby authorized to deposit the funds of this corporation therein and endorse for deposit negotiable instruments and orders for the payment of money, which endorsements may be made in writing or by a stamp with or without designation of the person so endorsing; in the absence of any such endorsement, said Bank be and is hereby authorized to make such endorsement itself for deposit in the name of this corporation, and that on all such items deposited, all prior endorsements are guaranteed by this corporation whether or not an express guaranty is incorporated in such endorsements. And Be It Further Resolved that any two of the following: Robert J. Yingling or Kenneth J. Mount; Carol J. Smith or William H. Langewish are hereby authorized to sign any and all checks, drafts, and orders, including orders or directions in informal or letter form withdrawing funds from any account of this corporation, and said Bank is hereby authorized and directed to honor and pay any and all checks, drafts, or orders so signed and drawn and charge them to the account or accounts of this corporation, without inquiry as to the circumstances of their issue or the disposition of their proceeds, whether such checks be payable to the order of or endorsed or negotiated in their individual capacities, or deposited to the individual credit of any officer or person signing them, or any other person or officer, and without inquiry in regard to the use of said checks, drafts, or orders, or the proceeds thereof by such officers or persons; and to endorse for negotiation, negotiate and receive the proceeds of any negotiable instrument, check, draft, or order for the payment of money payable to or belonging to this corporation. And Be It Further Resolved that none are hereby authorized to borrow from said Bank from time to time on behalf of this corporation such sums of money for such times and upon such terms as may seem advisable to them, and to execute and sign in the name and for and in behalf of this corporation, notes (including notes with a confession of judgement provision, drafts, acceptances, or agreements for the repayment of any sum so borrowed and they and each of them are authorized to discount with said Bank any of the notes, bills receivable or acceptances held by this corporation upon such terms as they deem advisable; and to sell, pledge, hypothecate, or assign as security to said Bank any of the notes, bonds, stocks, bills, or accounts receivable, warehouse receipts, or other documents, securities, and other property of the corporation, and to execute and deliver any and all endorsements or instruments of assignment or transfer which may be necessary to effectually transfer to said Bank the property so hypothecated or delivered; and to execute and deliver applications and agreements for the purchase or sale of domestic or foreign exchange, letters of credit, and agreements with respect thereto, containing such purchases as they deem proper; and to withdraw, receive, and receipt for, and to sign orders authorizing the bearer to withdraw, substitute, or exchange any and all collateral securities or any other property pledged, assigned, or otherwise held for its account, on the responsibility of and at the risk of this corporation. And Be It Further Resolved that the secretary or any other officer of this corporation is authorized and directed to deliver to said Bank specimen signatures of the officers or employees of this corporation heretofore and herein authorized to sign in behalf of this corporation.