Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 892]

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892

BOARD OF TRUSTEES

[April 15

both urged that this problem be solved partially by authorizing them to place University securities held in safekeeping by those institutions in the name of the nominees of those banks or in bearer form. Each of the banks has undertaken to indemnify the University for any loss occasioned by reason of the acts of any nominee in whose name the University's securities are registered by them. To accomplish the desired flexibility in completing sales, the Vice President and Comptroller recommends that the following resolutions be adopted: Resolution The Board of Trustees of the University of Illinois hereby authorizes the First National Bank of Chicago to hold any and all property of The Board of Trustees of the University of_ Illinois in the name of The Board of Trustees of the University of Illinois or in the name of a nominee or in bearer form. Resolution The Board of Trustees of the University of Illinois hereby authorizes the Continental Illinois National Bank and Trust Company of Chicago to hold any and all property of The Board of Trustees of the University of Illinois, G. A. Miller Endowment Fund, in the name of The Board of Trustees of the University of Illinois or in the name of a nominee or in bearer form. I concur. O n motion of Mr. Grimes, the foregoing resolutions were adopted.

REGULATIONS GOVERNING PROCUREMENT A N D BIDDING AT T H E UNIVERSITY OF ILLINOIS

(26) The Illinois Purchasing Act, as amended by the Seventy-sixth General Assembly, requires each state agency annually to update and file rules and regulations governing its procurement practices and procedures and requires that such rules and regulations shall be filed and become effective in accordance with an act entitled "An Act Concerning Administrative Rules." The "Regulations Governing Procurement and Bidding at the University of Illinois," as originally approved by the Board of Trustees on April 17, 1958, pursuant to the Illinois Purchasing Act have, with only minor modifications, been in effect since June 1, 1958. The Business Office and the University Counsel's Office, in collaboration with other administrative departments of the University, have revised and updated these regulations. The President of the University, with the concurrence of appropriate administrative officers, recommends that the Board approve and adopt the revised "Regulations Governing Procurement and Bidding at the University of Illinois" and authorize the Vice President and Comptroller to file the revised regulations with the Secretary of State, in accordance with the provisions of the Illinois Purchasing Act.

On motion of Mr. Swain, this recommendation was approved by the following vote: Aye, Mr. Clement, Mr. Grimes, Mr. Harm, Mr. Hughes, Mr. Jones, Mr. Stone, Mr. Swain; no, none; absent, Governor Ogilvie, Mr. Page, Mr. Steger.

PURCHASES

(27) The President submitted, with his concurrence, a list of purchases recommended by the Directors of Purchases and the Vice President and Comptroller. 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 were: From Appropriated Funds — Recommended $307 701 08 From Institutional Funds — Recommended 646 100 36 Total $953 801 44