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Caption: Board of Trustees Minutes - 1988
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1987] UNIVERSITY OF ILLINOIS 405 Recent changes in State law require the trust to deposit cash or securities valued at $100,000 with the director of insurance of the State of Illinois. The trust has deposited these securities with the Department of Insurance safekeeping agent, Marine Bank of Springfield. T h e securities were purchased with funds available from the $300,000 deposit in the trust fund. The Department of Insurance has requested that the board adopt the following resolution relating to the deposit, exchange, or withdrawal of securities. T h e vice president for business and finance recommends approval. I concur. Resolution Whereas, this company has deposited, or is about to deposit, with the Director of Insurance of the State of Illinois, pursuant to statutory enactments of the State of Illinois, certain bonds, stock, mortgages, or other securities; and Whereas, it becomes advisable and necessary from time to time to withdraw or exchange these securities and to deposit other securities; and Whereas, the Director of Insurance demands that these securities be deposited, withdrawn a n d / o r exchanged upon the request of not less than two authorized agents, Therefore, Be It Resolved by the Board of Trustees in regular or special meeting assembled that Craig S. Bazzani and Earl W. Porter be and they are hereby authorized and empowered to deposit, and to request the withdrawal and/or exchange and to withdraw a n d / o r exchange the bonds, stock, mortgages, notes, or other securities deposited with the Director of Insurance by affixing their signatures to the request and notification of withdrawal or exchange, and that they be and are hereby authorized and empowered to receipt for the return of any such securities in the name of this company, said request, notification, a n d / o r receipt to bear the seal of the company. The term "company" designates corporation, company, association, or other organization. O n m o t i o n of M r . Wolff, t h e f o r e g o i n g r e s o l u t i o n w a s a d o p t e d . Easement to Illinois Power Company (15) T h e Illinois Power Company has requested an easement along the south border of the Grein and McCullough tracts at the AT&T Road in Champaign County. The easement is for a ten-inch gas line. The area affected is currently utilized by the College of Agriculture. T h e required easement is described in the following resolution. Illinois Power Company will pay $9 per rod for the easement and will pay for all damages should there be any. T h e area involved is currently a border strip of the agricultural engineering and the horticulture research areas and a feed lot of the Grein Farm. Neither of these areas will be adversely affected by the easement. Accordingly, the president of the University, with the concurrence of the appropriate administrative officers, recommends that the easement described be granted and that the Board of Trustees adopt the following resolution. Resolution Authorizing a Gas Transmission Line Easement to Illinois Power Company Over University Property Along AT&T Road Be It, and It Hereby Is Resolved by the Board of Trustees of the University of Illinois, a Public Corporation of the State of Illinois, that the Comptroller and the Secretary of this Public Corporation be, and they hereby are, authorized to execute, acknowledge, and deliver in the name and on behalf of this Corporation such instruments of conveyance, contract, or other document or documents as to
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