Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 411]

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BOARD OF TRUSTEES

[May 16

1971, if this proves to be advantageous to the University. The paying agent for the issue designated is the Sears Bank and T r u s t Company, Chicago. Further details will be set forth in the formal resolution to be adopted later by the Board of Trustees. T h e effective interest cost to the University, if the bonds are paid according to the normal schedule of maturities, will be 4.32 per cent. If refunded in 1971 the effective interest cost will be 4.47 per cent. This represents a reasonable interest charge in the current bond market. White, Weld and Company has offered to handle the transaction at a cost of $2.00 a bond, or $15,500 for the entire issue. T h e Finance Committee recommends acceptance of this offer and that the firm of Chapman and Cutler, Chicago, be retained as counsel for the bond issue. The Finance Committee has been informed that the Legal Counsel is of the opinion that the sale of the bonds on a negotiated basis does not contravene the provisions of Section 11(b) or Section 15(d) of the General Rules Concerning University Organization and Procedure, but, to the extent, if any, that such sale of said bonds may conceivably constitute a departure from the policy contemplated by, or the provisions of, said sections, or either of them, he recommends that the Board authorize and ratify such departure from said policy and provisions in this instance. O n m o t i o n of M r . S w a i n , t h e s e r e c o m m e n d a t i o n s w e r e a p p r o v e d by the following vote: Aye, M r . Clement, M r . H a r e w o o d , M r . Herrick, Mr. Hughes, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, M r . Wilkins, M r . Williamson; no, n o n e ; absent, M r . Stratton. CONTRACT FOR CONSTRUCTION OF ASSEMBLY HALL (13) The Director of the Physical Plant and the Vice-President and Comptroller recommend award of a contract for $6,457,292 to the Felmley-Dickerson Company, Urbana, the lowest bidder, for the construction of the Assembly Hall. T h e original low bid on this project was $7,859,788. As a result of extended review and studies of the design and specifications by the architects, the Physical Plant Department, and representatives of the contractor, changes have been made which will reduce the low bid by $1,402,496, without impairing the design, reducing the seating capacity, or eliminating any of the functions for which the building is to be constructed. These studies were reported to the Committee on Buildings and Grounds on April 13, and the Committee recommended that, subject to availability of funds, the University proceed with the project. Financing now having been assured, it is recommended that formal action be taken to award this contract in accordance with the previous recommendation of the Committee on Buildings and Grounds. Submitted herewith is a report from the Physical Plant Department on the bidding on this project, including a schedule of bids received and the project budget based upon the reduced building construction contract, and a copy is being filed with the Secretary for record. I concur. O n m o t i o n o f M r . P o g u e , t h i s c o n t r a c t w a s a u t h o r i z e d b y t h e following vote: Aye, M r . Clement, M r . H a r e w o o d , M r . H u g h e s , Mr. Johnston, M r . Pogue, M r . Swain, M r s . W a t k i n s , M r . Wilkins, Mr. Williamson; no, M r . H e r r i c k ; absent, M r . Stratton. CONTRACT FOR CONSTRUCTION OF ADDITION TO SERVICE BUILDING ANNEX (14) T h e Director of the Physical Plant and the Vice-President and Comptroller recommend award of a contract for $7,550 to H a r r i s Company, Urbana, the lowest bidder, for the construction of an addition to the Physical Plant Department's Service Building Annex. I recommend award of the contract and assignment of the funds for this purpose from the Physical Plant Stores account. O n m o t i o n of M r . J o h n s t o n , t h i s c o n t r a c t w a s a u t h o r i z e d b y the following vote: Aye, M r . Clement, M r . H a r e w o o d , M r . Herrick, Mr.