Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 928]

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928

BOARD OF TRUSTEES

[ M a y 20

Union Bond and Interest (Chicago Circle) Purchases * $193 000 U.S. Treasury bills due 3/23/70 ... ... 369 000 U.S. Treasury bills due 9/30/70 ... 560 000 U.S. Treasury bills due 9/30/70 Women's Residence Halls of 1956 Purchase: $ 35 000 U.S. Treasury 5% per cent notes due 8/15/74 . . . T h i s report was received for record.

5.89 7.05 6.87 6.93

192.370 02 353 157 60 540 020 80 33 184 38

AMENDMENT TO AGREEMENT W I T H NATIONAL DISTILLERS A N D CHEMICAL CORPORATION FOR RENTAL O F HANGER AT UNIVERSITY O F 1LLINOIS-WILLARD AIRPORT

(37) The Board of Trustees in their meeting of February 24, 1960 (minutes, pages 1177-1178), approved arrangements whereby The National Distillers and Chemical Corporation, New York, New York, constructed a hanger at the University of Illinois-Willard Airport. Upon completion of the hanger, it was deeded to the University in return for which the University leased the hanger to the Corporation at a nominal rent for ten years, subject to negotiated renewal for an additional five-year period. Under terms of the original lease dated July 1, I960, it is now proposed to amend the Agreement by extending it for an additional five-year period, July 1, 1970, to June 30, 1975. The terms of the original lease remain in effect, except that provision is made in the amendment to allow maintenance work by The National Distillers and Chemical Corporation personnel upon their own aircraft. In addition, the tenant is given the option to renew and extend the term of the lease for an additional five-year period commencing July 1, 1975, and extending to June 30, 1980. Rental for this subsequent term is to be negotiated at the time the option is exercised. Finally, the lease amendment provides that the University may assign parking spaces and assess reasonable fees for parking privileges. The Vice President and Comptroller, and the Director of the Institute of Aviation, recommend approval of the renewal lease, and further recommend that the Comptroller and the Secretary of the Board be authorized to execute a lease Agreement in accordance with the terms herein described. I concur. On motion of Mr. Jones, these recommendations were approved.

STANDING COMMITTEES

The President of the Board announced that he had appointed Dr. Earl E. Walker to the following standing committees of the Board: Alumni, Chicago Departments, and Student Welfare and Activities.

FUTURE MEETINGS

Mr. Hughes announced that the next meeting of the Board would be held on June 17 on the Urbana-Champaign campus. The Board agreed to change the regular dates for the July and August meetings to July 22 and August 12; and to hold these meetings on the Urbana-Champaign campus. RECESS The regular meeting of the Board was recessed and the President of the Board stated that a meeting of the Committee on Buildings and Grounds had been called and that an executive session had been requested and was being ordered, following the Committee meeting, to consider reports and recommendations relating to patentable inventions, acquisition of property and personnel items. EXECUTIVE SESSION When the Board reconvened, the same members of the Board, officers