Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 571]

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568

BOARD OF T R U S T E E S

[July 21

T h e land was transferred to the University by quitclaim deed dated May 25 1959, subject to leases which will be in effect until February 29, 1960, and to the condition that the University shall continue to use this land for educational purposes for a period of twenty years, as set forth in the application. Failure to do so would result in forfeiture of title, or the University could pay the United States Government the fair market value of the land less a credit of five per cent for each twelve months of use of the property for the purposes specified in the application. The fair market value of the 160 acres, including the improvements thereon, in $6o,ooo. I recommend assignment of this land to the Agricultural Experiment Station for the use of the Department of Agronomy.

On motion of Mr. Hughes, this assignment was approved.

RESOLUTION DELEGATING SIGNATURES FOR CONSTRUCTION F U N D ACCOUNTS AT THE HARRIS TRUST A N D SAVINGS BANK (17) On March 12, 1959, the Board adopted a resolution delegating signatures for the Construction Fund for the Housing Revenue Bonds of 1958, Series A and B. The Finance Committee has approved the designation of the Harris Trust and Savings Bank as the depositary for the Construction Fund Account 1959B, which will be used for the construction of the graduate students residence hall. Therefore, the Finance Committee recommends that the resolution be amended to read: WHEREAS, T h e Board of Trustees of the University of Illinois has designated and in the future may designate the Harris Trust and Savings Bank, Chicago, as the depositary for certain Construction Fund Accounts and authorized said Bank to act as investment counsel for the purchase of government securities as temporary investment of all such Funds, and Therefore, It Is Hereby Resolved by the Board of Trustees of the University of Illinois, a public corporation, that the President of the Board of Trustees be and hereby is authorized to delegate to C. C. DeLong, to R. W . Zimmer, and to R. F . Wood authority to sign his name as President of the Board of Trustees to warrants drawn on said Construction Funds, covering vouchers approved in accordance with regulations of the Board. The Secretary of the Board of Trustees be and hereby is authorized to delegate to Maude Archdeacon, to George H . Bargh, and to Everett G. Smith authority to sign his name as Secretary of the Board of Trustees to warrants drawn on said Construction Funds, covering vouchers approved in accordance with regulations of the Board. Be It Further Resolved, That the H a r r i s Trust and Savings Bank of Chicago, be and it (including its correspondent banks) is hereby requested, authorized, and directed to honor checks, drafts, or other orders for the payment of money drawn in this corporation's name, including those drawn to the individual order of any person or persons whose name or names appear thereon as signer or countersigner thereof, when bearing the facsimile signatures of the two following: K. E. Williamson, President, and A. J. Janata, Secretary; and the Harris Trust and Savings Bank of Chicago (including its correspondent banks) shall be entitled to honor and to charge this corporation for all such checks, drafts, or other orders, regardless of by whom or by what means facsimile signature or signatures thereon may have been offered thereto, if such facsimile signatures duplicate the facsimile specimens duly certified to or filed with the H a r r i s Trust and Savings Bank of Chicago by the Secretary or other officer of this Corporation; and Be It Further Resolved, That H . O. Farber, Comptroller of this Board, is hereby authorized to direct the H a r r i s Trust and Savings Bank to execute orders for the purchase, sale, or exchange of United States Government securities acquired as temporary investment of said Construction Funds, and H. O. Farber is further authorized to delegate to C. C. DeLong and to W. M. Griffith authority to sign his name to such orders.

On motion of Mr. Johnston, this resolution was adopted.

N O N R E C U R R I N G APPROPRIATIONS (18) T h e Vice-President and Provost and the Vice-President and Comptroller recommend the following assignments from the General Reserve: 1. College of Liberal Arts and Sciences, equipment and improvements in