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Caption: Board of Trustees Minutes - 1968
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814 BOARD OF TRUSTEES [November 10 on September 20, 1967, requested the Illinois Building Authority to award contracts for the construction. The capital costs of the project, including the construction award, are to be financed by Illinois Building Authority funds in the sum of $7,205,000.00, the balance to come from federal funds and state appropriations to the University. T h e Illinois Building Authority has now sent the University the form of the lease which should be used on this project and has requested that the Board of Trustees take specific action to approve the same. A copy of said lease form is presented herewith and is being filed with the Secretary of the Board for record. T h e lease relates to the following project and is on the terms indicated. Annual Rent Due December 1,1967, and on or before September 1 of Total Legislative Amount of Each Year Rental Project Declaration IBA Bonds Thereafter Payments Behavioral $10 399 300 00 $7 205 000 00 $512 560 00 $12 814 000 00 Sciences Center Building, Chicago Circle Funds for rental payments under the lease during the current biennium, 1967-69 are available to the University from appropriations made by the Seventyfifth General Assembly. The President recommends that the Comptroller and the Secretary of the Board of Trustees be given specific authorization to execute this lease in substantially the form presented in this meeting and that the following resolution be adopted. R e s o l u t i o n A u t h o r i z i n g L e a s i n g of Behavioral Sciences C e n t e r Building at t h e Chicago Circle from t h e Illinois Building A u t h o r i t y WHEREAS The Board of Trustees of the University of Illinois on July 26, 1967, 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-fifth 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 Seventyfifth General Assembly of the State of Illinois has declared, among others, the following University of Illinois project at the Chicago Circle to be in the public interest: Behavioral Sciences Center Building at the Chicago Circle $10,399,300.00 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 project as follows: Chicago Circle Campus IBA #75-03 Construct Behavioral Sciences Center Building $ 7,205,000.00 will not cause said aggregate amount to be exceeded; and WHEREAS the Illinois Building Authority has forwarded to the University of Illinois the form of the permanent construction lease which it requests be used for this project; and has requested that the Board of Trustees take specific action to approve the same; copy of which lease form is presented herewith and is 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 a lease with the Illinois Building Authority in substantially the form presented to this meeting for the following building and facility :
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