Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 503]

EXTRACTED TEXT FROM PAGE:

1967]

U N I V E R S I T Y OF I L L I N O I S

451

that the Board of Trustees take specific action to approve the same. Copies of said lease forms are presented herewith and are being filed with the Secretary of the Board for record. The leases relate to the following University projects and are on the terms indicated:

Project Legislative Declaration Amount of IB A Bonds $3 610 000 00 1 2 3 6 500 00 Two-Year Rent Annwl Rent Paid Under Due September Interim Lease 1, 1967, and During 1965-67 Each Year Biennium Thereafter $552 020 00 $256 145 00 114 960 00 90 615 00 Total Rental Payments $6 420 365 00 2 119 106 00

PsyohotaByBuilding, Urbana.. 53 879 800 00 Medical Sciences Building Addition, Medical Center... 808 000 00

Funds for the rental payments under the leases during the current biennium, 1965-67, have been paid from appropriations made by the General Assembly under the interim leases previously executed as authorized on September 22, 1965. The Vice-President and Comptroller, the Director of the Physical Plant, and the Legal Counsel recommend that the Comptroller and Secretary of the Board of Trustees be given specific authorization to execute these leases in substantially the form presented in this meeting and that the following resolution be adopted. I concur. Resolution Authorizing Leasing of Psychology Building and Medical Sciences Building Addition from Illinois Building Authority WHEREAS T h e Board of Trustees of the University of Illinois on September 22, 1965, authorized the Comptroller and Secretary of the Board to execute the necessary documents to permit the Illinois Building Authority to proceed with certain University projects which the Seventy-Fourth General Assembly of the State of Illinois had declared to be in the public interest; and WHEREAS in accordance with the Illinois Building Authority Act the Seventyfourth General Assembly of the State of Illinois has declared, among others, the following University of Illinois projects at the Champaign-Urbana Campus and the Medical Center Campus to be in the public interest: A. Construct Psychology Building Champaign-Urbana Campus $3 879 800 00 B. Construct Medical Sciences Building Addition, Medical Center Campus $ 808 000 00 and WHEREAS said declaration also provides that the cost of any specific project could exceed the amount set forth therefor so long as the aggregate amount stated therein to be financed by the Illinois Building Authority for the University is not exceeded; and WHEREAS the amount designated for said projects as follows: A. Champaign-Urbana Campus IB A # 74-09 Construct Psychology Building $3 610 000 00 B. Medical Center Campus IBA #74-13 Construct Medical Sciences Building Addition $1 236 500 00 will not cause said aggregate amount to be exceeded; and WHEREAS the interim leases applicable to these projects which were heretofore executed pursuant to prior authorization were for different amounts than now being designated; and WHEREAS the Illinois Building Authority has forwarded to the University of Illinois forms of the permanent construction leases which it requests be used for these projects and which will supersede the interim leases; and has requested that the Board of Trustees take specific action to approve the same; copies of which lease forms are presented herewith and are being filed with the Secretary of the Board for record; Now, Therefore, Be It, and It Hereby Is, Resolved that the Comptroller and Secretary of this Board of Trustees be, and hereby are, authorized to execute, acknowledge, and deliver in the name and on behalf of this corporation leases with the Illinois Building Authority in substantially the forms presented to this meeting for the following buildings and facilities : A. Construction of a Psychology Building at Champaign-Urbana, Illinois, at a cost to the Illinois Building Authority of $3,610,000.00 requiring an initial rental