Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 387]

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BOARD OF TRUSTEES

[July 21

6. T o create a trust or trusts, in which the Board itself may serve as trustee, for the acquisition, through lease, purchase or construction, and for maintenance and operation of self-liquidating buildings, such as a student center building or student residence halls, or both, through the collection of service charges or rentals from students, and for whose use such funds shall be held by the Board in its own treasury, which service charges or rentals shall be so held in trust by the Board and expended solely for the purpose described in the instruments creating the trust or t r u s t s ; 7. T o exercise all or any part or combination of the power herein granted and to execute all instruments and contracts and to do all things necessary or convenient to carry out the powers herein granted; provided, however, that the obligations under leases, trust agreements or otherwise incurred by the Board pursuant to this Act shall not be a debt of the State of Illinois and the State shall not be liable thereon, and provided further that the bonds and other obligations of an active trustee appointed hereunder by the Board shall not be a debt of the Board or the State and neither the Board nor the State shall be liable thereon, and the bonds shall in substance so recite. T h e obligations under leases, trust agreements or otherwise incurred hereunder by the Board and the bonds or other obligations of an active trustee appointed hereunder shall not constitute an indebtedness within the meaning of any constitutional or other debt limitation or restriction. Sec. 2. T h e powers conferred by this Act shall be in addition and supplemental to, and not in substitution for, the powers conferred by any other law, and may be exercised in conjunction with such powers conferred by other laws, and no restrictions or limitations upon the powers of the Board of Trustees of the University of Illinois contained in Section I of this Act shall be applicable in the case of any leases, contracts or undertakings entered into by such Board relating to the construction, use or operation of any building erected by the University of Illinois Building Commission under and pursuant to any Act creating such a Commission.

H U G H W. CROSS

Speaker, Approved July 11, 1939

HENRY HORNER

House

of

Representatives of the Senate

J O H N STELLE

President

Governor

This report was received for record.

THE BUDGET FOR 1 9 3 9 - 1 9 4 0 (3) T h e University budget for the fiscal year beginning July 1, 1939, and the academic year beginning September 1, 1939, is submitted herewith. I recommend that this budget, covering the allocation of the University's income from all State appropriations (including the appropriation of the University Income Fund representing all general income) as well as Federal funds and trust funds, and including provisions for all salaries, wages, operation, plant repairs and improvements, special, non-recurring appropriations, and all other expense for the fiscal year beginning July 1, 1939, and the academic year beginning September 1, 1939, be approved; that the President of the University be authorized to make such changes and adjustments as are needed, to make such additional appointments as are necessary, and to accept resignations offered, in accordance with the needs of the University and the equitable interests involved ; and that the Executive Committee of the Board be hereby authorized to make appropriations from the General Reserve Fund and such other adjustments in the budget as may be needed from time to time whenever it is necessary to take such action in the absence of a quorum of the Board.