Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 312]

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1985]

UNIVERSITY OF ILLINOIS

301

mends that the University release its rights in this invention to the inventors, subject to the retention of shop rights in the invention by the University. I concur. O n m o t i o n of M r . F o r s y t h , t h e s e r e c o m m e n d a t i o n s w e r e a p p r o v e d .

Establishment of Account, Champaign National Bank, Credit Card Services, Urbana

(18) In 1978 and 1980, the Board of Trustees authorized the use of MasterCard and VISA for certain auxiliary activities at the Urbana-Champaign campus. The use of these cards has facilitated the marketing and collection activities of these units. Bank services have been provided by local banks on the basis of competitive bids. The current agreement with the First National Bank in Champaign terminates on June 30, 1985. Competitive bids have been received for continuation of the service in Fiscal Year 1986, with an option to renew for an additional one-year period under the same terms and conditions. The bank whose bid offered the greatest economic advantage to the University is the Champaign National Bank. One of the provisions of the bid is that a deposit account be maintained with a minimum balance of $13,500. The chancellor at Urbana-Champaign has recommended that authority be given to establish an appropriate bank account with the Champaign National Bank and to execute the contract necessary to provide MasterCard and VISA services to the University. Upon the conclusion of all business in process with the First National Bank in Champaign, that account will be closed. It is also recommended that the board adopt the following resolutions authorizing the opening of a deposit account. The vice president for business and finance concurs. I recommend approval.

Resolution of the Board of Trustees (Authority to Open Deposit Account)

Be It Resolved, that the Champaign National Bank, Champaign, Illinois, be, and it is hereby, designated a depository of this Corporation in connection with an agreement to provide bank credit card services to the Corporation, and that funds so deposited may be withdrawn upon a check, draft, note, or order of the Corporation. Be It Further Resolved, that all checks, drafts, notes, or orders drawn against said account be signed by any one of the following: Name Roger D. Pohlmann Ray D. Sanden Joseph D. Creek Harold G. Poindexter Dorothy R. Pondy Robert H. Suter Clarence H . Alley whose signatures drafts, notes, or signed. Be It Further to honor and pay Title Assistant Director of Business Affairs Collection Specialist Administrative Assistant I Director of Business Affairs Chief Accountant Assistant Chief Accountant Accountant II

and countersigned by any one of the following:

shall be duly certified to said Bank, and that no checks, orders drawn against said Bank shall be valid unless so Resolved that said Bank is hereby authorized and directed any checks, drafts, notes, or orders so drawn, whether such