Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 194]

EXTRACTED TEXT FROM PAGE:

1958]

UNIVERSITY OF ILLINOIS

191

The instrument itself will occupy about five acres, and will be located in the extreme southern portion of the above described 136.8-acre tract. T o provide protection from electrical disturbances and to achieve the necessary privacy, it is desirable to acquire an additional 66.22 acres, more or less, adjacent to and immediately south of the site, described approximately as follows: 83.22 acres off the west side of the northwest fractional quarter of Section 1, and also the following described piece or parcel of land, described as follows: Beginning at the northwest corner of the southwest fractional quarter section of said Section 1, thence down the Vermilion River following the meanderings thereof 58 poles to a stone, thence in a northeasterly direction or course to a point so as to strike the north line of said Southwest Fractional Quarter of Section I, 17 poles west of the northeast corner of said Southwest Fractional Quarter of Section I ; thence west to the place of beginning; except 4J4 acres in a triangular shape off the northeast corner of last described tract in Southwest Fractional Quarter, Section 1 ; all in Township 18 North, Range 11 west 2nd P.M., in Vermilion County, Illinois, containing 101.22 acres more or less, except 35 acres off the south end of the west 83.22 acres off west half of northwest fractional quarter of Section 1, Township 18 North, Range II west of the 2nd P.M., east of the Vermilion River, Vermilion County, Illinois, amounting to 66.22 acres more or less. An option to purchase this second tract has been secured from Mr. and Mrs. Willard Burgoyne of Danville at a price of $2,200, or $33.22 an acre. The difference in price between the Thompson and the Burgoyne tracts is because the Thompson property is operated as a livestock farm, the area to be acquired being used for grazing, while the Burgoyne tract is largely wasteland. T h e Head of the Department of Astronomy, the Dean of the Graduate College, and the Vice-President and Comptroller recommend the purchase of these tracts at the prices indicated, viz.: $13,680 for the Thompson property and $2,200 for the Burgoyne tract. Funds for this purchase have been allocated by the University Research Board. I concur and recommend that the Comptroller and the Secretary of the Board be authorized to execute the necessary documents to acquire these tracts. O n m o t i o n of M r . S w a i n , t h i s p u r c h a s e of p r o p e r t y w a s a u t h o r i z e d by t h e f o l l o w i n g v o t e : A y e , M r . B i s s e l l , M r . H e r r i c k , M r s . H o l t , M r . Hughes, Mr. Johnston, Mr. Livingston, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, n o n e ; absent, M r . Nickell, M r . Stratton. SALE O F H O U S I N G R E V E N U E B O N D S O F 1 9 5 8 (24) Bids were received on November 18, 1958, for the sale of $3,150,000 of the Board of Trustees of the University of Illinois Housing Revenue Bonds of 1958 to finance the construction of a Central Food Stores Building, a Snack Bar and Service Building, and 120 apartment units for married students. No bids were received from private companies for the Series B bonds in the amount of $1,525,000 which will be sold to the Housing and Home Finance Agency at an interest cost of 3 per cent. Seven bids were received for the Series A bonds, par value $1,625,000. T h e Vice-President and Comptroller recommends that: 1. T h e Series A bonds in the amount of $1,625,000 be sold to White, Weld, and Company, Chicago, and Associates at a price of $1,590,000.10 and at an effective interest rate of 3.944 per cent which represents the lowest interest cost to the University; 2. Funds in the Housing Division reserves be advanced, if necessary, to finance construction costs until the bonds are delivered and the proceeds are available; 3. The H a r r i s T r u s t and Savings Bank, Chicago, be designated as the depositary for the Construction Fund Account, and that it be authorized to act as investment counsel for the purchase of government securities as temporary investment of this F u n d ; 4. The Loan Agreement with the Housing and Home Finance Agency, as submitted herewith, be approved.