| |
| |
Caption: Board of Trustees Minutes - 1972
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
1972] UNIVERSITY OF ILLINOIS 601 the sum of Nine Hundred Forty-four Thousand, Five Hundred Forty-seven Dollars and Two Cents ($944,547.02) should be refinanced. Now, Therefore, Be It, and It Hereby Is Resolved, that the Comptroller and Secretary of this public corporation be, and they hereby are, authorized for, and in the name of, and on behalf of, this public corporation: (1) to enter into an amendment of the Agreement, Lease, and Sublease, or to enter into a supplemental agreement, with Foundation whereby: (a) the term of the presently existing lease between this public corporation and Foundation will be extended for an additional ten (10) year period from May 31, 1982, to May 31, 1992, subject to prior termination upon the indebtedness incurred by Foundation being paid and discharged; (b) Foundation will enter into a loan agreement with the Northern Trust Company of Chicago, Illinois providing for a loan in the sum sufficient approximately One Million Six Hundred Twenty Thousand Dollars ($1,620,000.00) to pay for said renovative repairs, new seating and improvements to Memorial Stadium and to pay and discharge the present indebtedness to The First National Bank of Chicago, and which note would be due in ten years and provide for quarterly repayments in the amount of Thirty-two Thousand Five Hundred Dollars ($32,500.00) each, to be applied first to interest at the rate of four and three-fourths per cent (4J4%) per annum on the principal balance remaining from time to time unpaid, and then to principal; (c) the rental under the presently existing sublease between this public corporation and Foundation will be adjusted to correspond with the quarterly repayments in the amount of Thirty-two Thousand, Five Hundred Dollars ($32,500.00) each; and (d) Foundation will agree to make, furnish and perform the renovative repair, new seating, and improvement work required for Memorial Stadium in accordance with plans and specifications therefor approved by this public corporation; (2) to commit this public corporation to act as agent for Foundation in the supervision of construction and administration of contracts therefor and change orders thereto, and the adm nistration and service of said indebtedness, and in making payments of and disbursements from and of funds made available by the creditor of Foundation for the purpose of said improvement and repair of Memorial Stadium; (3) to enter into an amendment of the present agreement or to enter into a supplemental agreement with The Athletic Association of the University of Illinois, a not-for-profit corporation of the State of Illinois, providing for the operation of Memorial Stadium at a rental or operating charge sufficient in amount to provide for the amortization of said Foundation indebtedness; and (4) to sign, execute, acknowledge, and deliver any and all other documents and instruments deemed necessary or desirable by said Comptroller and Secretary to accomplish the purposes herein set forth. On motion of Mr. Swain, the foregoing resolution was adopted. PURCHASES (30) The 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. T h e total amounts of these purchases w e r e :
| |
