Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 52]

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1984]

UNIVERSITY OF ILLINOIS

41

The Committee of the Whole met on Tuesday, September 19, as well, to receive a report from Director Jerry I. Newman of the College of Medicine at Peoria. Members of the student body and staff reported on various aspects of the work of the college.

BUSINESS PRESENTED BY THE PRESIDENT OF THE UNIVERSITY

The board considered the following reports and recommendations from the president.

Employment of Bond Counsel, Series 1984 Bonds

( l ) T h e university counsel has recommended the employment of the law firm of Chapman and Cutler to act as bond counsel for the University in connection with the University of Illinois Auxiliary Facilities System Revenue Bonds, Series 1984 (Refunding and Improvement). Funds are available for this service from the bond proceeds or the operating funds of the auxiliary enterprises participating in the system. I concur.

On motion of Mr. Stone, this recommendation was approved by the following vote: Aye, Mrs. Day, Dr. Donoghue, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Logan, Mr. Madden, Mrs. Shepherd, Mr. Stone; no, none; absent, Governor Thompson. (The student advisory vote was: Aye, Mr. Lamm, Mr. Pittman; no, none.)

Contract with Clayton Brown & Associates, Inc.

(2) T h e vice president for business and finance has recommended that Clayton Brown & Associates, Inc. serve as financial advisor to the University for the 1984 debt refinancing of the Auxiliary Facilities System, including the issuance of the Series 1984 Refunding and Improvement Bonds. Clayton Brown & Associates, Inc. will provide the following services for approximately $110,000 ($2 per thousand of Series 1984 Bonds Issued), which includes all out-of-pocket expenses of the firm: — Be available on a timely basis to serve the University and to coordinate the financing with related professionals; —• Assist in the development of an overall financing program that is consistent with the University's goals, objectives, and philosophies; -—• Seek innovative methods of structuring and marketing the financing program on the most advantageous terms to the University; — Commit the time and professional resources required to facilitate a smooth, efficient process in completing financing requirements; and — Describe the operations of the University in a manner that conveys to the investment community, the national rating services, and other interested groups the University's contribution to higher education. More specifically, Clayton Brown would provide the following services to assist the University with its financing activities: 1. Work with bond counsel, university counsel, accountants, and the University staff to organize a financing timetable and assign responsibilities to ensure a successful, coordinated financing; 2. Make an in-depth analysis of financial and operational factors which will affect the terms of the proposed financing;