Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 506]

EXTRACTED TEXT FROM PAGE:

1943]

$1,930.

UNIVERSITY OF ILLINOIS

503

expenses of $218,865 with an estimated excess of receipts over expenses of I recommend that this budget be approved and that the President of the University be authorized to make such changes and adjustments as are necessary, including new appointments and acceptance of resignations, as are authorized by the Board of Directors of the Athletic Association, within the total estimated income.

On motion of Dr. Meyer, this budget was approved, and the President of the University was authorized to make minor adjustments on recommendation of the Board of Directors and to report the same to the Board.

ACTION OF JULY 2 8 , 1 9 4 3 , AMENDED OF CHICAGO PROPERTY PURCHASE

On motion of Mr. Davis, the following resolution was adopted.

Whereas subsequent to the meeting of this Board held on July 28, 1943, on further consideration it is deemed (a) inadvisable to institute foreclosure proceedings with respect to the premises known as 1840 Taylor Street, Chicago, Illinois, and (b) necessary that further consideration be given to the question of vacating the alley north of and adjoining said premises: Now, therefore, be it and it is hereby resolved, that the motion adopted at said meeting, reading as follows: "On motion of Mr. Davis, the employment of Mr. Amos Watts of the firm of Chapman and Cutler in foreclosure proceedings and to draft the ordinance for vacating the alley was authorized as recommended." be and the same is hereby repealed, annulled, and held for naught. On motion of M r . Jensen, the following resolution was adopted: Whereas with respect to the acquisition of the title to the premises known as 1840 Taylor Street, Chicago, Illinois, it is deemed advisable for the purposes of the University to acquire such title at the earliest possible date and to that end to engage counsel for such purpose: Now, therefore, be it and it is hereby resolved, that the firm of Chapman and Cutler, attorneys in Chicago, Illinois, be employed and retained as counsel for and on behalf of the State of Illinois and the University to acquire title to premises known as 1840 Taylor Street, Chicago, Illinois, by virtue of eminent domain proceedings and in connection therewith to procure title policy based thereon from Chicago Title and Trust Company.

CALLING OF BONDS ON CHICAGO UNION BUILDING

(10) The bond issue of $130,000 on the Chicago Union Building, approved by the Board on June 28, 1940 (Minutes, page 981), and issued by the University of Illinois Foundation, included the sum of $50,000 for the use of the Illini Union Building in Urbana in accordance with action of June 7, 1940 (Minutes, page 965). The latter item was included with the provision that this sum should "be repaid from money to be collected from the alumni." The Comptroller reports that from collections thus made and turned over to him by the Foundation, the sum of $12,000 is available for the call of bonds on October 1, 1943, the call price being 102^4. In accordance with the action of the Board, notice of this call is being given on the required date, August 31, 1043. It is further proposed that the Executive Committee be authorized to consider and act on a proposal from Northwestern Mutual Life Insurance Company, the holder of this bond issue, to exchange the outstanding 3J4% bonds for new 3J4% bonds of the Board of Trustees carrying the same provisions as the present issue, to be issued under authority of the financing act as amended by the last General Assembly. The Comptroller presented this matter. On motion of Dr. Meyer, the Executive Committee was authorized to act on this proposal as recommended.