Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 198]

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188

BOARD OF TRUSTEES

[January 20

DESIGNATION O F MADISON BANK A N D TRUST COMPANY AS DEPOSITARY OF CONSTRUCTION F U N D PROCEEDS (27) The notice of sale for the Chicago Circle Union Bonds, Series 1970, provided that the purchaser could designate a bank in the City of Chicago as the depositary for the Construction Fund, subject to approval of the University. John Nuveen & Co., purchaser of the bonds, has requested that the Madison Bank and Trust Company be designated as the Construction Fund depositary. Since the University presently does not have any money deposited in this bank, the VicePresident and Comptroller recommends that the following resolution be adopted: Resolution Be It Resolved, That the Madison Bank and Trust Company, in the City of Chicago, Illinois, be and hereby is designated a depositary in which construction funds of this corporation may be deposited by its officers, agents, and employees and that the Comptroller, or any other officer of this corporation, be and hereby is authorized to open and maintain an account or accounts with said Bank and to endorse and deposit with said Bank negotiable instruments and orders for the payment of money which endorsements may be made in writing or by a stamp and without designation of the person so endorsing, and it being understood and agreed that on all such items deposited, all prior endorsements are guaranteed by this corporation whether or not an express guaranty is incorporated in such endorsements. And Be It Further Resolved, That the Madison Bank and Trust Company as a designated depositary of this corporation be and it 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 signed or signers thereof, when bearing or purporting to bear the facsimile signatures of the President and Secretary, and the Madison Bank and Trust Company 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 the facsimile signatures thereon may have been affixed thereto, if such facsimile signatures resemble the facsimile specimens duly certified to or filed with the Madison Bank and Trust Company by the Secretary or other officer of this corporation. And Be It Further Resolved, That the Comptroller or his representative be and hereby is authorized to sign orders and issue instructions to said Madison Bank and Trust Company for the purchase, transfer, registration, sale, substitution, exchange, and delivery of United States Government securities, and any other securities authorized by this corporation as investments of construction funds. And Be It Further Resolved, That the Secretary or any other officer of this corporation be and hereby is authorized to certify to said Bank a copy of these resolutions and the names and signatures of this corporation's officers or employees hereby authorized to act in the premises and said Bank is hereby authorized to rely upon such a certificate until formally advised by a like certificate of any changes therein, and is authorized to rely on any such additional certificates. I concur.

On motion of Mr. Swain, the foregoing resolution was adopted.

PATENT AGREEMENT W I T H AMERICAN GAS ASSOCIATION (28) The University holds a $25,000 a year grant from the American Gas Association for research to broaden the understanding of the toughness of carbon steel. The work will assist the Association in efforts to reduce catastrophic pipeline failure, which is in the public interest. The American Gas Association requires that the following patent provision be a part of the grant agreement: "Patent — Title to any invention resulting from the performance of this research will remain with the University of Illinois. In recognition of the need to give preferential treatment to the sponsor, the University of Illinois grants the American Gas Association an irrevocable, royalty-free, non-exclusive license including the right of American Gas Association to sublicense its members, for use of such inventions for their own purposes." The American Gas Association is a nonprofit organization and ordinarily