Repository: UIHistories Project: Board of Trustees Minutes - 1984 [PAGE 570]

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1984]

UNIVERSITY OF ILLINOIS

561

trical Engineering; fringe and other benefits as provided chancellors presently; and a $15,000-per-year, tax-deferred annuity program, with vesting established at the rate of 20 percent per year for five years. T h e annuity would be financed entirely through the University of Illinois Foundation and with nonstate funds. No recommendation was presented, the general terms having been agreed upon following the Board of Trustees' and president's meetings with Dr. Everhart during the previous week. Later, with the other general officers joining the meeting, the president reported on plans for Dr. Everhart's formal election and visit to the Urbana-Champaign campus. Inasmuch as he could not be present for the current meeting of the board, but would be able to visit U r b a n a on May 22, the president requested authorization to make the announcement on that date, with the understanding that a formal recommendation would be presented to the trustees at the J u n e meeting. T h e authorization was granted. A further item, concerning the current financial status of the Continental Bank in Chicago, was discussed briefly by Vice President Bazzani, who reviewed the bank's difficulties, its support from a consortium of leading banks and Federal agencies, and the University's holdings in the Continental Bank. H e reported a general sentiment that the banking community is not likely to allow Continental, one of the largest banks in the country, to fall. H e expressed his judgment, and that of others, that it would be wise for the University to retain its trust funds and certificates of deposit in the bank. T h e matter will be watched carefully. EXECUTIVE SESSION ADJOURNED FOR COMMITTEE MEETINGS Mr. Forsyth announced that the executive session would adjourn for meetings of the Finance and Audit Committee and Buildings and Grounds Committee. T h e Board of Trustees reconvened in regular session at 10:30 a.m. MINUTES APPROVED T h e secretary presented for approval the press proof of the minutes of the Board of Trustees meeting of February 16, 1984, copies of which had previously been sent to the board. O n motion of M r . Logan, these minutes were approved. BUSINESS PRESENTED BY THE PRESIDENT OF THE UNIVERSITY President Ikenberry recognized and introduced observers from the campus senates and from the University Senates Conference. 1

1 University Senates Conference: Rose Ann Grundman, associate professor of mathematics in medicinal chemistry and pharmacognosy, Healthy Sciences Center: Chicago campus Senates: Gene W. Ruoff. associate professor of English, University Center, and D. Jean Wood, professor and head of the Department ol Psychiatric Nursing. Health Sciences Center; Urbana-Champaign Senate Council: James Simon, associate professoi of architecture.