Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 444]

EXTRACTED TEXT FROM PAGE:

1959]

Student Plan Student Spouse Children

UNIVERSITY OF ILLINOIS Semester $ 8 00 1200 8 00 Quarterly Semiannual $ 8 25 ? i 6 25 15 00 29 75 1750 34 75

44I Year $2400 3600 24 00 Annual $33 25 59 25 6925

Staff Plan Employee Employee and One Dependent Family

On the basis of these rates, the plans will operate on a self-sustaining basis. The excess over the cost of the coverage would be used by the University to defray the administrative cost of the three programs. I concur in the recommendation for the award of these contracts. O n m o t i o n of M r . H e r r i c k , t h e s e c o n t r a c t s w e r e a w a r d e d a s r e c ommended. EASEMENT FOR GAS PIPE L I N E TO MARRIED S T U D E N T S APARTMENTS (16) The Director of the Physical Plant and the Vice-President and Comptroller recommend that an easement ten feet wide beginning at Orchard Street and Florida Avenue, Urbana, and continuing around the site of the married students apartments, be granted the Illinois Power Company to lay, operate, and maintain a pipe line for delivery of gas to the buildings. I recommend that the Comptroller and the Secretary of the Board be authorized to execute such an easement. 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 . FINANCING OF RESIDENCE HALL FOR GRADUATE STUDENTS (17) Bids were received at 11:00 a.m. today, June 23, for the sale of Housing Revenue Bonds of 1959, to finance the construction of the first unit of residence halls for single graduate students. No bids were received from private companies for the Series B bonds in the amount of $1,530,000. One bid was received for $110,000 Series A bonds. The Vice-President and Comptroller recommends that: 1. The Loan Agreement with the Housing and H o m e Finance Agency, as submitted herewith, be approved and that the action of the Comptroller and Secretary in executing the Loan Agreement be ratified and confirmed. 2. The Series A bonds in the amount of $110,000 be sold to White, Weld and Company at a price of $107,000.05 and at an effective interest rate of 4.2156 per cent, which represents the lowest interest cost to the University. 3. The $1,530,000 of Series B bonds be sold to the Housing and Home Finance Agency at an interest cost of 2% per cent in accordance with, and pursuant to, the above mentioned Loan Agreement. 4. The construction contract for $1,349,000 be awarded to Felmley-Dickerson Company, Urbana. 5. The advance of Housing Division reserves to finance construction prior to the delivery of bonds, as authorized by the Board on April 14, be increased from $100,000 to $200,000 in order that the contractor may proceed with construction. 6. All actions of the Comptroller in connection with the loan application and advertisements for bid on the bonds be confirmed and approved. 7- The firm of Chapman and Cutler be retained as bond counsel for this issue. 8. The First Supplemental Housing Revenue Bond Resolution as submitted herewith be approved. 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 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. 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 l i a m s o n ; n o , n o n e ; a b s e n t , M r . S t r a t t o n , M r . W i l k i n s .