Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 392]

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1985]

UNIVERSITY OF ILLINOIS

381

The recommendations were individually discussed but acted upon at one time. (The record of board action appears at the end of each item.)

Designation of Amalgamated Trust and Savings Bank as a University Depository and Designated Agent

(15) The vice president for business and finance has recommended the designation of Amalgamated Trust and Savings Bank of Chicago as the University's designated agent and depository for the receipt of State of Illinois Medicaid payments for services rendered in the University Hospital. Amalgamated will accelerate receipt of Medicaid payments by picking up warrants payable to the University prior to mailing by the State Treasurer's office and depositing them in a University account established at the bank. Funds deposited in the Amalgamated account will be transferred after one day to the University's primary bank account at the First National Bank of Chicago. The estimated annual volume of such payments is $30 million. It is anticipated that the process will expedite the availability of these funds for investment by five days, with no additional cost to the University. It is further recommended that the board adopt the following resolution, authorizing Amalgamated Trust and Savings Bank as a depository for the purposes outlined above. I concur. O n m o t i o n of M r . H o w a r d , these 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 by t h e following v o t e : Aye, M r s . D a y , M r . F o r s y t h , M r s . G r a v e n h o r s t , M r .

Hahn, Mr. Howard, Mr, Logan, Mrs. Shepherd, Miss Smith; no, none; absent, Mr. Madden, Governor Thompson. (The student advisory vote was: Aye, Mr. Becker, Mr. Lamm; no, none.) Resolution

I, Earl Porter, do hereby certify that I am the duly elected Secretary to the Board of Trustees of the University of Illinois, a public body corporate created by the statutes of the State of Illinois, and the keeper of the records and corporate seal thereof, and that the following is a true and correct copy of a certain resolution duly adopted at a meeting of the Board of Trustees thereof, convened and held in accordance with the law and bylaws of the University on the 12 th day of September, 1985, and that such resolution is now in full force and effect and is not in contravention of, or in conflict with the bylaws, rules, regulations, or applicable state statutes, and the following resolution also constitutes an agreement between the University and Amalgamated Trust and Savings Bank in respect to the matters herein set forth: Be It Resolved that Amalgamated Trust and Savings Bank (hereinafter "bank") be and hereby is designated as a depository of the University. The depository relationship governed by this resolution and agreement may be terminated by University by written notice to Bank, or by Bank's written notice to University. Be It Further Resolved that the funds of University may be deposited by University officers, agents and employees and that any two of the following officers are hereby authorized to open and maintain an account with Bank, the President of the Board, Comptroller, Deputy Comptroller, Secretary. Further, that any one of the above officers may endorse and deposit with Bank negotiable instruments and orders for the payment of money which endorsements may be made in writing or by a stamp and without designation of the person so endorsing, and it being undei-