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Caption: Board of Trustees Minutes - 1986
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1986] UNIVERSITY OF ILLINOIS 571 Memorandum of Understanding, University Communications, Inc., Urbana (Delegation of Administrative Authority) (18) T h e Board of Trustees approved a Memorandum of Understanding between die University and University Communications, Inc. ( U C I ) on May 16, 1985. This memorandum was brought to the board to call attention to certain potential conflicts of interest. Modifications to the memorandum are needed which do not bear upon conflict of interest. Normally, authority to effect such modifications is delegated to administrators through the General Rules Concerning University Organization and Procedure and the Servicing Agreement with University Patents, Inc. However, due to language in the original Memorandum of Understanding, unless the board delegates authority to administrators to modify or amend the memorandum, the board must authorize each change. It is recommended that the board authorize that this agreement be treated like any other such agreement so long as the conflict of interest aspects are not changed. In this particular instance, the modifications are necessary to clarify language and to reflect final negotiations, none of which affect the disclosed potential conflicts of interest. The chancellor at Urbana has recommended approval of this delegation of authority. The vice president for business and finance approves. I concur. On motion of Mr. Forsyth, this recommendation was approved. By consensus, the board agreed that one roll call vote would be taken and considered the vote on each agenda items nos. 19 through 32 inclusive. The recommendations were individually discussed but acted upon at one time. (The record of board action appears at the end of each item.) University of Illinois Auxiliary Facilities Revenue Refunding and Improvement Bonds, Series 1986 (19) As indicated in the item approved by the board on April 10, 1986, the reduction in interest rates since the Series 1984 Auxiliary Facilities System Revenue Bonds were issued has been such that it is in the best interest of the system to sell a new series of bonds, Series 1986, that will provide funds: (a) for the advanced refunding of a portion of the Series 1984 bonds; and (b) for the improvement of the system by the addition a n d / o r enhancement of facilities. Since April, the comptroller, with the assistance of bond counsel and representatives of the underwriters, has taken the various steps necessary to prepare for the sale of bonds. If the board further approves the actions recommended below, such sale could be consummated shortly. However, it should be noted that the magnitude of the financial advantage is highly sensitive to the interest rates at the time of sale. Thus, the sale of the Series 1986 bonds may be delayed well beyond May 8, 1986, to such time as it is prudent to act. At a later date the board will be requested to approve the specific additions a n d / o r enhancements to the system, called the "project" in the Preliminary Official Statement. A number of alternatives are being considered at both campuses, including, but not limited to, acquisition of property for surface parking a n d / o r parking structures, and acquisition of property for future recreation sites and renovation of existing facilities. The president, with the concurrence of the appropriate administrative officers, recommends the following:
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