Repository: UIHistories Project: Board of Trustees Minutes - 1972 [PAGE 590]

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580

BOARD OF TRUSTEES

[March 15

AMENDMENT TO LEASE O F AIRCRAFT (19) On October IS, 1969, the Board of Trustees authorized execution of a lease with the University of Illinois Foundation for six new two-engine Piper PA-23250 ( A Z T E C D ) aircraft. The lease provided for quarterly rental payments sufficient to amortize the Foundation's loan with The First National Bank of Chicago over a five-year period; at the end of the period title to the aircraft would vest in the University. A Cessna Model 401 aircraft has recently been made available for the University's use through a cooperative arrangement with a Champaign-Urbana bank. Thus, the University can release to the Foundation its interest in one of the Piper Aztec aircraft without interfering with essential operations at the Willard Airport. The release will expedite the time for acquisition of title to, and decrease the cost of acquiring title to, the remaining five aircraft. Therefore, the President of the University, with the concurrence of appropriate administrative officers, recommends that the Comptroller and the Secretary be authorized to enter into an amendment of the present lease with the University of Illinois Foundation to provide for the deletion of one of the Piper Aztec aircraft from the lease and that the Foundation be requested to sell such aircraft and apply the proceeds to reduce the present indebtedness to The First National Bank of Chicago.

On motion of Mr. Swain, this recommendation was approved.

PURCHASES (20) T h e President submitted, with his concurrence, a list of purchases recommended by the Directors of Purchases and the Vice President and Comptroller; also purchases authorized by the President. The 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 Funds Recommended $ 138 964 33 From Institutional Recommended Authorized Total Grand Total Funds $ 548 831 74 9 583 57 558 415 31 $ 697 379 64

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.

On motion of Mr. Forsyth, the purchases authorized by the President were confirmed, and the purchases recommended were authorized.

COMPTROLLER'S REPORT O F PURCHASES APPROVED (21) T h e 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.