Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 868]

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816

BOARD OF TRUSTEES

[November 10

sary 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 Medical Center to be in the public interest: College of Nursing Office and Classroom Building Medical Center Campus $6,850,300.00 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: Medical Center Campus IBA #7S-08 Construct College of Nursing Office and Classroom Building $2,455,000.00 will not cause said aggregate amount to be exceeded; and WHEREAS the interim lease applicable to this project which was heretofore executed pursuant to prior authorization was for different amounts than now being designated; and WHEREAS the Illinois Building Authority has forwarded to the University of Illinois the form of a permanent construction lease which it requests be used for this project and which will supersede the interim lease; and has requested that the Board of Trustees take specific action to approve the same; a 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: Construction of College of Nursing Office and Classroom Building at the Medical Center at a cost of $2,455,000.00 requiring 25 rental payments as follows: an initial rental on or before May 1, 1966 in the sum of $184,750.00 and on or before September 1, 1966 the sum of $184,750.00 (payments of which have heretofore been made) ; and during each successive renewal term of the Lease, the annual sum of $173,770.00 on or before December 1, 1967 and on or before the 1st of September of each year thereafter for 22 years with total rental payments of $4,366,210.00. O n m o t i o n of M r . J o n e s , t h e f o r e g o i n g r e s o l u t i o n w a s a d o p t e d b y the following vote: Aye, M r . Clement, M r . Grimes, M r . H a l m , Mr. H u g h e s , M r . Johnston, M r . Jones, M r . Pogue, M r . S w a i n ; no, n o n e ; absent, Governor K e r n e r , M r . Page, Dr. W e a t h e r l y . BEQUEST OF E. G. WOODS (16) T h e late E. G. Woods, an alumnus of the University of the Class of 1931, of Manatee County, Florida, bequeathed to the University of Illinois his residuary estate consisting primarily of two parcels of land, which have been sold by previous actions of the Board of Trustees. T h e value of the estate, after the payment of expenses, is $74,101. There are no restrictions in the will. The President of the University recommends that the fund be held as an endowment and that the income be used for such purposes as may be approved by the President. O n m o t i o n of M r . S w a i 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 . PURCHASES (17) T h e President submitted, with his concurrence, a list of purchases recommended by the Director of Purchases and the Vice-President and Comptroller; also a list of purchases authorized by the President.