Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1392]

EXTRACTED TEXT FROM PAGE:

i960]

UNIVERSITY OF ILLINOIS

1389

SALE OF BONDS FOR GRADUATE RESIDENCE HALL ADDITION AND ORCHARD DOWNS APARTMENTS (35) Bids were received at 11:00 a.m., June 14, i960, for the sale of $5,000,000 of "The Board of Trustees of the University of Illinois Housing Revenue Bonds of i960, Series A" to finance construction of the Graduate Residence Hall Addition and the Orchard Downs Apartments. Bids were received as follows: Effective Total Interest Interest Interest Company Price Rates Rate Cost Blyth and Company, Inc., and White, Weld, and Company and Associates $4 925 540 3>£, 4,4.10, 4.20 4.1862 $5 739 290 John Nuveen and Company and Associates 4 925 000 4 ^ , 4H, 4- 2 o 4.2888 5 879 910 F. S. Smithers and Company and Associates 4926450 \% 4-3°36 5900300 The Vice-President and Comptroller recommended that the bonds be sold to Blyth and Company, Inc., and White, Weld, and Company and Associates at a price of $4,925,540 plus accrued interest and at an effective interest rate of 4.1862, which represents the lowest interest cost to the University. The successful bidder has requested that the Continental Illinois National Bank and Trust Company of Chicago be designated as depository for the Construction Fund. The Vice-President and Comptroller recommends that this request be approved; that the bank be authorized to accept the facsimile signatures of the President and Secretary of the Board of Trustees on checks drawn in the Corporation's name; that the bank be entitled to honor and to charge this Corporation for all such checks, drafts, or orders, regardless of by whom or by what means facsimile signatures may have been affixed if such facsimile signatures duplicate the facsimile specimens filed with the Continental Illinois National Bank and Trust Company of Chicago; and that the Vice-President and Comptroller and those deputized by him be authorized to execute orders for the purchase, sale, or exchange of United States securities acquired as temporary investment of the funds. O n m o t i o n of M r . S w a i n , t h e sale of t h e b o n d s t o B l y t h a n d C o m pany, I n c . , a n d W h i t e , W e l d , a n d C o m p a n y a n d A s s o c i a t e s a t a p r i c e of $ 4 , 9 2 5 , 5 4 0 p l u s a c c r u e d i n t e r e s t a n d a t a n effective i n t e r e s t r a t e of 4.1862, w h i c h r e p r e s e n t s t h e l o w e s t i n t e r e s t cost t o t h e U n i v e r s i t y , w a s authorized and the other foregoing recommendations w e r e a p p r o v e d by t h e 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. H u g h e s , M r . J o h n s t o n , M r . P o g u e , M r . S w a i n , M r s . W a t k i n s , Mr. W i l k i n s , M r . W i l l i a m s o n ; no, n o n e ; absent, M r . Stratton. SECRETARY'S REPORTS The Secretary presented for record the following lists: ( 1 ) appointments m a d e b y the P r e s i d e n t ; ( 2 ) g r a d u a t e fellows; ( 3 ) resignations and d e c l i n a t i o n s ; ( 4 ) l e a v e s of a b s e n c e ; ( 5 ) c h a n g e s in s a b b a t i c a l leaves of a b s e n c e . APPOINTMENTS MADE BY THE PRESIDENT (The date in parentheses is the date on which the appointment was made by the President of the University. C = College; S = Station; E = Extension.) ADAMSTONE, FRANK B., Research Professor of Zoology, two months from June 16, i960, $1444.44 a month; this is in addition to his present appointment (6-1-60). ALLEN, ALFRED W., Professor of Ceramic Engineering ( C ) , two months from July 1, i960, $1166.66 a month; this is in addition to his present appointment (5-10-60).