Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 558]

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1939)

UNIVERSITY OF ILLINOIS

555

Trustees pro tempore, and Acting Clerk of the Executive Committee, to serve until Mr. Cunningham returns and is available for the performance of the duties of said office; and Be it further resolved, that the said Sveinbjorn Johnson is authorized to perform all acts incidental to the duties and responsibilities of the Secretary of the Board of Trustees and Clerk of the Executive Committee. This resolution was adopted, by the following vote: Aye, Mr. Mayer, Mr. Moschel, Mrs. P l u m b ; no, n o n e ; absent, none. AGREEMENT WITH THE UNIVERSITY OF ILLINOIS FOUNDATION AND THE CONNECTICUT MUTUAL LIFE INSURANCE COMPANY RE ILLINI U N I O N BUILDING EASEMENT Mrs. Plumb moved that the President and the Secretary pro tempore of the Board of Trustees be authorized to execute an agreement with the University of Illinois Foundation and the Connecticut Mutual Life Insurance Company to the effect that any refinancing of the mortgage indebtedness of the University of Illinois to the Connecticut Mutual Life Insurance Company shall not be regarded as a payment of such mortgage indebtedness as the term payment is used in a conveyance of an easement appurtenant to certain property owned by the University of Illinois Foundation, which conveyance was dated September 30, 1938, and that such refinancing shall not in any circumstances constitute or cause a reverter of the rights and easements granted in the conveyance mentioned, and such easement shall remain in force until principal and interest of such indebtedness are discharged. The resolution was adopted, by the following vote: Aye, Mr. Mayer, Mr. Moschel, Mrs. P l u m b ; no, n o n e ; absent, none. INCLUSION OF THE UNIVERSITY OF ILLINOIS FOUNDATION AND THE CONNECTICUT MUTUAL LIFE INSURANCE COMPANY AS OBLIGEES IN PERFORMANCE BONDS FOR CONSTRUCTION OF ILLINI U N I O N BUILDING Mr, Moschel moved that the President and Secretary pro tempore of the Board of Trustees of the University of Illinois be authorized to execute any and all papers and documents necessary to make the University of Illinois Foundation, a non-profit corporation of the State of Illinois, and the Connecticut Mutual Life Insurance Company, a foreign corporation, obligees in the performance bonds executed to secure the performance of all construction contracts for the erection of the Illini Union Building and to affix the seal of the University of Illinois to any and all such documents. The resolution was adopted, by the following vote: Aye, Mr. Mayer, Mr. Moschel, Mrs. P l u m b ; no, n o n e ; absent, none. GIFT TO THE UNIVERSITY On motion of Mr. Moschel, the offer of Dr. A. F . Kaeser of Highland, Illinois, of a gift of $10,000 for student loans, and in certain contingencies, student scholarships, made to President Willard under date of August 25 and 26, 1939, was accepted and the Secretary pro tempore instructed to notify the donor accordingly and express the appreciation of the University. The gift was accepted by the following vote: Aye, Mr. Mayer, Mr. Moschel, Mrs. P l u m b ; no, n o n e ; absent, none. DEPOSIT ON CONTRACT FOR PURCHASE OF LOTS FROM POTTER PALMER ESTATE A recommendation from Mr. Havens concerning the deposit on the contract for the purchase of lots from the Potter Palmer estate was considered. Mr. Havens recommends that the deposit on the proposed purchase be forfeited in order that the balance of the contract ($2,000) may be applied on either the remodeling program for the rehousing of the College of Pharmacy or the purch ase of the property now leased from the University of Chicago.