Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 817]

EXTRACTED TEXT FROM PAGE:

814

BOARD OF TRUSTEES

[December 18

lands are shown on the sketch attached hereto as a part of Exhibit " A " except the following lands which the University has been requested to acquire, to wit: T h e Southwest Quarter of the Northeast Quarter of Section 3 ; A rectangular tract of approximately one acre out of the Southeast Corner of the East Half of the Southeast Quarter of the Northwest Quarter of Section 10; and The Northwest Quarter of the Southeast Quarter of Section 10; all of the above being in Township 18 North, Range 8 East of the Third Principal Meridian. and that said lands except the above described tracts are held by the University free from any lien, lease, easement, or other encumbrance, except the right of former owners and present tenants in possession to remain in possession until March I, 1944 for removal of growing crops, fences and certain buildings or to occupy residences located thereon. T h e above described lands which the University has been requested to acquire constitute a relatively small part of the total of the land necessary for the project and are now in the process of being acquired and the University has been advised that the project may be started without these lands. (b) That the University has the power and authority to adopt this resolution through its Board of Trustees and to perform all of the covenants contained herein, subject only to such legislation as may hereafter be enacted by the General Assembly of the State of Illinois. (c) That the University is financially and practically able to perform all of the covenants contained in this resolution. ( d ) T h a t there is no pending or threatened litigation or other legal proceeding, and no material and relevant fact, which might adversely affect the prosecution of the project, the operation of the Airport, or the performance of any of the covenants contained in Section I hereof, which has not been brought to the attention of the Administrator. (e) That the Board of Trustees of the University is the proper body to adopt this resolution and has complied with all requirements of law in so doing. ( f ) That such of the above representations and warranties as involve questions of law are made upon the advice of Chapman and Cutler, counsel of the University, whose certificate as to such matters has previously been delivered to the Board of Trustees and is annexed hereto and made a part hereof, as Exhibit "A." Section 3. T h a t Chapman and Cutler be and they are authorized and directed to furnish the Administrator copies of all documents representing or evidencing the encumbrances described in Section 2 ( a ) hereof, together with such legal and factual information relative to the Airport, the project and this resolution as the Administrator may reasonably request. Section 4. T h a t five certified copies of this resolution be sent forthwith to the Administrator, through the Regional Manager of the Civil Aeronautics Administration, 608 South Dearborn Street, Chicago, Illinois. Section 5. That this resolution shall be effective immediately. 1 approve of the adoption of the foregoing resolution.

by CHAPMAN AND CUTLER AMOS H . W A T T S

REPORT OF FINANCE COMMITTEE

Mr. McKelvey reported that on advice of the University's investment counsel, the First National Bank of Chicago, the Finance Committee approved the following securities as investments of surplus cash in student loan funds:

$25 000 Union Pacific 1st 4's of 1047. Approximate market io8}4. Yield 163. $25 000 Canadian Northern Railway Debentures, 6^2's of 1046. Approximate market 112%.. Yield 1.88. (Unconditionally guaranteed as to principal and interest by the Dominion of Canada and payable in United States funds.)

On motion of Mr. McKelvey, this action was approved and confirmed.