Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 29]

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1968]

UNIVERSITY OF ILLINOIS

29

ACQUISITION A N D FINANCING OF 1 1 1 6 - 1 1 I B WEST NEVADA STREET. URBANA (52) The Board of Trustees on December 20, 1967, authorized the acquisition of the property at 1116-1118 West Nevada Street, Urbana (part of the site for the Music Building), through condemnation proceedings, and the use of funds available in state capital appropriations to the University. The condemnation suit has been completed in the Circuit Court of Champaign County, Illinois. T h e jury award of $197,500 is within the range of the testimony of expert witnesses at the trial. It is now desirable to fund this purchase from the Contract Research Reserve. Accordingly, the President of the University, with the concurrence of appropriate administrative officers, recommends that the University accept the jury award and pay the same in accordance with the judgment order and that $197,500 be appropriated for this purpose from the Urbana-Champaign Contract Research Reserve. Funds are available in the Contract Research Reserve.

On motion of Mr. Pogue, this recommendation was approved by the following vote: Aye, Mr. Clement, Mr. Grimes, Mr. Hahn, Mr. Hughes, Mr. Jones, Mr. Pogue, Mr. Swain, Mr. Williamson; no, none; absent, Mr. Page, Governor Shapiro, Dr. Weatherly.

ACQUISITION OF CONSTRUCTION MATERIALS RESEARCH LABORATORY (53) 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. Pursuant to that request, the Foundation has taken action to finance and construct the facilities. It is now deemed advisable to approve the actions taken by the Foundation with respect to financing and constructing the Laboratory and to authorize acceptance by the Comptroller on behalf of the University of title to the Laboratory subject to the lien of the mortgage and the rights of the United States of America under the lease. The President of the University, with the concurrence of appropriate administrative officials, recommends the adoption of the following resolution. Resolution of t h e B o a r d of T r u s t e e s of t h e 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 the facilities in accordance with a plan outlined to the Board, and WHEREAS, the Board of Trustees directed and authorized the Comptroller of the Board and the Legal Counsel of the University to approve the form of any obligations of the Foundation issued in furtherance thereof, and WHEREAS, pursuant to that request and direction, the University of Illinois Foundation proposes to issue up to $3,500,000 aggregate principal amount of its general obligation Bonds in accordance with and subject to the terms and conditions of a Mortgage, a near-final draft of which was presented to the Board of Trustees for inspection and review, and the Comptroller of the Board and the Legal Counsel of the University have specifically approved the form of said obligations, and WHEREAS, the Board of Directors of the Foundation in its meeting of July 18, 1968, has resolved to pass title to the real estate and premises comprising the research laboratory to the Board of Trustees of the University of Illinois, subject to the lien of the Mortgage and the Lease, between the Foundation and the United States of America, as soon as practicable subsequent to the execution of the Mortgage, and in no event later than October 1, 1968, Now, Therefore, after discussion and upon motion duly made and carried, the following Resolutions were adopted: Resolved, that the issuance of up to $3,500,000 aggregate principal amount of University of Illinois Foundation general obligation bonds, subject to the terms and conditions of the Mortgage presented to the Board of Trustees for inspection