Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 1150]

EXTRACTED TEXT FROM PAGE:

1098

BOARD OF TRUSTEES

[June 19

quarters shelter building and the balance of facilities have been requested for 1969-71. O n m o t i o n of M r . Clement, this r e c o m m e n d a t i o n w a s a p p r o v e d . PROPOSED CHANGE IN MAXIMUM INTEREST RATES (35) The state statutes which authorize T h e Board of Trustees of the University of Illinois, the Board of Trustees of Southern Illinois University, the Board of Regents, and the Board of Governors to issue revenue bonds to finance the construction of residence halls, union buildings, etc. include a restriction that the effective interest rate on bonds issued can not exceed five per cent. Current interest rates are such that it is unlikely that revenue bonds can be sold in today's market under this restriction. The Board of Governors, the Board of Regents, and the Board of Trustees of Southern Illinois University have agreed to request the General Assembly to amend the statutes to provide that bonds may be sold so long as the effective interest cost does not exceed six per cent. The Vice-President and Comptroller recommends that The Board of Trustees of the University of Illinois authorize its administrative officers to request a similar amendment to the statutes which relate to the University of Illinois. I concur. O n m o t i o n of M r . W i l l i a m s o n , t h i s r e c o m m e n d a t i o n w a s a p p r o v e d . CONTRACT FOR SCHOOL OF MUSIC RECORDING. URBANA (36) For many years the School of Music has been seeking an effective method of distributing recordings of the performances of new music by contemporary composers and music of great historical significance. Distribution through University channels has been of limited effectiveness. During 1967 the University entered into agreements with Metro-GoldwynMayer for the release of records containing seven compositions by five University of Illinois composers, and such releases have been very successful. The Elektra Corporation of New York now has offered a contract to record a composition by two University of Illinois composers to be performed under University sponsorship in July. It is proposed that the Elektra Corporation reimburse the University a total amount of $500 to cover the cost of preparing a tape of the performance for release on commercial records, and for the conveyance of title thereto to the Elektra Corporation. The President of the University, with the concurrence of the Chancellor at Urbana, the Executive Vice-President and Provost, and the Vice-President and Comptroller, recommends that authority be granted to enter into this conract wih Elektra Corporation. O n m o t i o n of M r . J o n e s , a u t h o r i t y w a s g i v e n a s r e c o m m e n d e d . RECOMMENDATIONS FROM THE UNIVERSITY COMMITTEE ON COPYRIGHTS AND RECORDINGS A s s i g n m e n t of I n c o m e from R e n t a l of V i d e o - T a p e d L e s s o n s (37) Professor E. G. Smith, Jr., a former faculty member of the University, produced a series of video-taped lessons in the field of geography in 1964. From the rental of these tapes to the Great Plains Regional Instructional Library, the University has received income amounting to $360. The entire costs of the production were met with funds provided from external grants, and hence all of the rental fees constitute net income. The University Committee on Copyrights and Recordings was asked to review the circumstances related to the production of these video-taped lessons by Professor Smith and to recommend an appropriate disposition of the accumulated rental fees. In the light of its review, the Committee has recommended that the entire amount be awarded to Professor Smith, in view of the unusual amount of time and energy required for the preparation of these lessons. A s s i g n m e n t of R o y a l t i e s for B o o k R e s u l t i n g from R e s e a r c h U n d e r a Grant from t h e N a t i o n a l I n s t i t u t e of M e n t a l H e a l t h Professor Lee J. Cronbach, a former faculty member of the University of Illinois,