Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1026]

EXTRACTED TEXT FROM PAGE:

1959]

UNIVERSITY OF ILLINOIS

IO23

APPRAISAL OF UNIVERSITY BUILDINGS (6) The Business Manager of the Chicago Colleges and the Vice-President and Comptroller recommend the employment of Marshall and Stevens, Inc., Chicago, to appraise the following properties for insurance purposes, at a fee of $5,650, the cost to be charged against the income of operations housed in these buildings: Staff Apartment Building, 809 South Marshfield Avenue, Chicago Residence Hall, 800-818 South Wolcott Street, Chicago \partment Building, 829-833 South Marshfield Avenue, Chicago Second Unit of the Dentistry-Medicine-Pharmacy Building, 808 South Wood Street, Chicago It is the practice of the University to carry fire and extended coverage insurance on income producing buildings and other buildings financed through bond issues. (The Second Unit of the Dentistry-Medicine-Pharmacy Building was included in the bond issue which financed the construction of the other three buildings.) The insurance is subject to the 80 per cent co-insurance clause in order to obtain favorable rates. It is important to have accurate evaluations of buildings to assure that University coverage is adequate. T h e only evaluations accepted by insurance companies in the event of an insured loss are those certified by a professional appraisal company. The buildings listed here have not been previously appraised. After the initial appraisal, renewals of appraisals are made at a cost of approximately 10 per cent of the original fee. Since this appraisal is a professional service it is not subject to the requirements of competitive bidding but nevertheless quotations were secured from two companies and the quotation from Marshall and Stevens, Inc. is lower. I concur. O n m o t i o n of M r . J o h n s t o n , t h i s r e c o m m e n d a t i o n w a s a p p r o v e d b y the f o l l o w i n g v o t e : A y e , M r . C l e m e n t , M r . H a r e w o o d , M r . H e r r i c k , Mr. J o h n s t o n , M r . S w a i n , M r s . W a t k i n s , M r . W i l k i n s , M r . W i l l i a m son; no, n o n e ; a b s e n t , M r . H u g h e s , M r . P o g u e , M r . S t r a t t o n . HOUSING REVENUE BONDS OF 1 9 5 9 SERIES C A N D D (7) The Vice-President and Comptroller presents the Second Supplemental Housing Revenue Bond Resolution and recommends its adoption. H e also recommends that the Board: 1. Ratify and confirm the actions of the Executive Committee in connection with the sale of these bonds. 2. Ratify and confirm the action of the Comptroller and the Secretary in executing the Loan Agreement with the Housing and Home Finance Agency. 3. Authorize the execution of the bonds by Frances B. Watkins, Timothy \V. Swain, Members of the Board, and A. J. Janata, Secretary, and by the facsimile signature of the President of the Board. 4 Authorize the Comptroller and Treasurer to deliver the Series C Bonds to F. S. Smithers and Company and the Series D Bonds to the Housing and Home Finance Agency. 5. Ratify and confirm all actions taken or to be taken by the officers and members of the Board in connection with the sale and delivery of the Bonds. I concur.

The Loan Agreement for Project No. 111. n - C H - 9 4 ( D ) , of the Board of Trustees of the University of Illinois, Urbana, Illinois, Contract No. H(402)-370, was presented by the Secretary, and examined by the Trustees. On motion of Mr. Johnston, the Second Supplemental Housing Revenue Bond Resolution, as printed below, was adopted, and the Board ratified and confirmed the actions of its Executive Committee an -d of its officers as recited above. This action was taken by the following vote of record: Aye, Mr. Clement, Mr. Harewood, Mr. Herrick, Mr. Johnston, Mr. Swain, Mrs. Watkins, Mr. Wilkins, Mr. Williamson; no, none; absent, Mr. Hughes, Mr. Pogue, Mr. Stratton.