Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 215]

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1968]

SCHULMAN, MARTIN

UNIVERSITY OF ILLINOIS

215

P., Professor of Pharmacology, College of Medicine, Medical Center campus, sabbatical leave of absence for one year from September 1, 1968, cancelled without prejudice.

A N N O U N C E M E N T S BY T H E P R E S I D E N T O F T H E B O A R D

President Swain called attention to the schedule of the next three meetings of the Board of Trustees: January IS, 1969, on the Urbana-Champaign campus; February 19, 1969, on the Medical Center campus; and March 19, 1969, on the Urbana-Champaign campus. He announced that a request had been received for a change in the date of the April, 1969, meeting. The Board agreed to change the date of this meeting from April 16, to Wednesday, April 9, 1969, according to a schedule and at a place to be determined by the President and Secretary of the Board. President Swain announced that an executive session had been requested and was being ordered for consideration of reports and recommendations relating to property acquisition and pending litigation. The Board recessed for five minutes.

EXECUTIVE SESSION

When the Board reconvened, the same members of the Board, officers of the Board, and officers of the University were present as recorded at the beginning of these minutes, except Mr. Ray Page who asked to be excused. The Board considered the following recommendations from the President of the University.

ACQUISITION OF CONSTRUCTION MATERIALS RESEARCH LABORATORY (29) At its meeting on January 17, 1968, the. Board of Trustees approved the establishment of a Construction Materials Research Laboratory in the vicinity of the Urbana-Champaign campus and requested the University of Illinois Foundation to provide the facilities in accordance with a plan then outlined. On July 24, 1968, the Board of Trustees adopted certain formal resolutions approving the issuance of up to $3,500,000 aggregate principal amount of University of Illinois Foundation general obligation bonds for financing of the project and authorizing the Comptroller to accept delivery of title to the real estate involved subject to the lien of the bond holders and the rights of the United States of America as lessee of the property. It now appears that for the Foundation to secure an interest rate of SV2 per cent per annum for the financing of this project, it will be necessary for the University to provide additional security to the bond holders by committing funds which the University is entitled to retain in its own treasury and which are not subject to appropriation by the General Assembly to the payment of the rental obligations undertaken by the University for the use of the building in the event of the cancellation or termination of the lease of the property to the United States of America. Such rental obligations should not exceed $300,000 per annum and can be satisfied out of additions or income to the Contract Research Reserve. The President of the University, with the concurrence of appropriate administrative officials, recommends the adoption of the following resolution: Resolution of T h e Board of Trustees of the University of Illinois WHEREAS, in its meeting of January 17, 1968, the Board of Trustees approved the establishment of a Construction Materials Research Laboratory in the vicinity of the Urbana-Champaign campus and requested the University of Illinois Foundation to provide such facilities in accordance with the plan then outlined to the B o a r d ; and WHEREAS, in its meeting of July 24, 1968, the Board of Trustees approved