Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 333]

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330

BOARD O F T R U S T E E S

[May

26

Gregory Hall Change Order No. 2, contract with W. E. O'Neil Construction Company for General Work. Install two 14* diameter and four 8" diameter wood forms in upper south wall of compressor room near west side, exact location directed, t o provide for later piping from room t o Library. After forms are removed, fill openings with masonry to permit later cutting out without undue difficulty when it is desired at some future date to install the piping—addition 30 00 Change Order No. 3, contract with W. E. O'Neil Construction Company for General Work. Furnish and deliver five specimens for testing rib bolts in accordance with attached blueprint. Additional cost 88 00 Illini Union Building Change Order No. 2, contract with General Paving Company for Storm Sewer Construction. Provide b u t one set of steps in manholes instead of the two sets specified, deduction 8 80 O n m o t i o n of M r s . P l u m b , t h e a c t i o n of t h e P r e s i d e n t of t h e U n i versity in authorizing these change o r d e r s w a s approved a n d confirmed. PLAN FOR F I N A N C I N G THE CONSTRUCTION O F NEEDED BUILDING T H R O U G H BOND ISSUES (20) C. W . M c N e a r and Company, investment bankers of Chicago, desire to submit to the Board of Trustees plans for financing self-liquidating projects:

Refinancing: PLAN N o . 1

Medical and Dental Building loan Illini Union Building loan Loan for construction of Men's Dormitory (to house 650 men) Total

Refinancing: PLAN N O . 2

?

989 000 650 000 1 300 000 $2 939 000 989 000 650 000 350 000 750 000 1 300 000 $4 039 000

Medical and Dental Building loan Illini Union Building loan Chemical Laboratory Agricultural Laboratory Men's Dormitory Total

$

Both plans would require bond issues—the first one, totaling $2,939,000, which could be amortized by annual payments of $115,000 over a period of thirty y e a r s ; and the second, totaling $4,039,000, which could be amortized by an annual payment of $220,000 over a period of thirty years. T h e interest rate would be 3^4 per cent. Any financing plan of this sort would require legislation authorizing the Board of Trustees ( o r some other agency) to issue bonds and also certain collateral or supplementary legislation. Representatives of the Company have been advised that such legislation is fundamental to their proposal, but nevertheless they desire to present their plan to the Board.

Action on this matter was deferred.

BIDS O N POWER PLANT EQUIPMENT (21) T h e following report from the special Advisory Committee on Power Plant Improvements on bids received by Sargent and Lundy on equipment for the new power and heating plant and distribution system.