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Caption: Board of Trustees Minutes - 1984
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580 BOARD OF TRUSTEES [June 21 NCAA Investigation Chancellor Cribbet was asked to review this matter. He noted that the University's response to a letter of inquiry from the National Collegiate Athletic Association was nearly complete, that a prehearing conference would be held within the next few weeks, followed by meetings with the NCAA Commission on Infractions. The trustees will be kept informed throughout the review process and prior to general announcements or public comment. EXECUTIVE SESSION ADJOURNED FOR COMMITTEE MEETINGS Following a meeting of the Buildings and Grounds Committee and the board meeting as a Committee of the Whole, the board reconvened in regular session at 11:30 a.m. Note: The board met as a Committee of the Whole to consider two matters. (1) A report on the retail sales controversy at Urbana. Paul Doebel, associate vice chancellor for administrative affairs, reported for a task force seeking the resolution of disagreement on this matter with local merchants, in particular those in the campustown area concerned over the sale by the University of certain retail merchandise. He reported on current legislation, presumably to be approved by the governor, which establishes a basis for University operations of this type and which is consistent with the University's objectives. University officers and representatives of the merchants have sought to reconcile differences, although it is possible that on some issues they will have to agree to disagree. Both parties are meeting in good faith, with the hope of resolving as many differences as possible. (2) Federal construction grant support, and retirement of Higher Education Facilities Act bonds. (a) Vice President Bazzani reported that a limited amount of Federal money may become available quickly (at a rate of 3 percent) for remodeling or other construction. The committee authorized the officers to apply for such funds, specifically to remodel existing student housing at the Chicago campus. (b) HEFA bonds. Mr. Bazzani advised that notice just received from the Federal government has indicated its willingness to call these bonds and at favorable terms. The University has $17 million outstanding in principal and could "buy out" the debt at a cost of $11 million. The need to arrange financing would be urgent as the government has provided very little time prior to its deadline: the University would have to have sufficient funds available by September. Various means of arranging for a favorable cash flow through such a step, the management of lines of credit, and other matters were
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