Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 458]

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448

BOARD OF TRUSTEES

[November 19

INVESTMENT IN MINORITY BANKS (16) There is a national effort to secure new bank deposits for the thirty-three minority banks across the country, and it is appropriate that the University of Illinois cooperate in this effort. There are three such banks in the Chicago area: Highland Community Bank, the Independence Bank of Chicago, and Seaway National Bank. It is proposed that a $20,000 one-year Certificate of Deposit be purchased from each of these banks at the established rate which currently is 5v£ per cent. If the investments work out well, it is proposed that the program be continued indefinitely. T h e certificates will be held and the interest received by T h e First National Bank of Chicago. Under the By-Laws of the Board of Trustees, the Treasurer does not have the authority to invest any permanent funds or convert any securities in his hands except as directed by the Board. After consultation with appropriate administrative officers, the President recommends the Treasurer be directed to implement this program. O n m o t i o n of M r . N e a l , 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 . PURCHASES (17) The President submitted, with his concurrence, a list of purchases recommended by the Directors of Purchases and the Vice President and Comptroller. This list of purchases was presented in two categories: purchases from appropriated funds (i.e., from state appropriations to the University) and purchases from institutional funds. The latter term designates funds received by the University under contracts with the United States government, contracts with private corporations and other organizations, funds from foundation grants, and grants from corporations and other donors, and University revolving funds authorized by law. The total amounts of these purchases w e r e : From Appropriated Recommended From Institutional Recommended Grand Total Funds $168 333 36 Funds 270 368 11 $438 701 47

A complete list of the purchases, with supporting information, including the quotations received, was sent to each member of the Board in advance of the meeting, and a copy is being filed with the Secretary of the Board for record. O n m o t i o n of M r . F o r s y t h , t h e p u r c h a s e s r e c o m m e n d e d w e r e authorized. COMPTROLLER'S REPORT OF PURCHASES APPROVED (18) The Vice President and Comptroller also submitted a report of purchases approved by him on recommendation of the Directors of Purchases in amounts of $5,000 to $7,500. A copy of this report is filed with the Secretary. This report was received for record. COMPTROLLER'S MONTHLY REPORT OF CONTRACTS EXECUTED (19) The Comptroller's monthly report of contracts executed was presented. Chicago Circle Change

With Whom Tal Rauhoff, Inc. Total

Orders

Amount to be Paid by the University $ S 891 $ 5 891

Purpose General work—Parking lot: Furnish and install concrete curbs and walkways, asphalt paving, and chain link fence