Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 99]

EXTRACTED TEXT FROM PAGE:

1966]

UNIVERSITY OF ILLINOIS

47

required to be paid by Foundation during the term of said sublease on Foundation's indebtedness incurred in connection with the construction of said buildings and facilities and which interest installment payments on said loan it is contemplated will be payable in forty quarterly installments due and payable on or before the last day of September, December, March and June in each year, but upon which Additional Rental University shall have the right to take credit for interest earned by Foundation on construction funds during the construction period (provided that the cumulative total of such credits shall not exceed the total of such interest), and a Deficiency Rental equal to any shortages in scheduled Krannert gifts, payable in eight quarterly installments beginning with the first quarter of the biennium subsequent to the term or any renewal term of the sublease in which such deficiency in Krannert gifts occurred; said sublease to run from the date of the closing of Foundation's permanent loan secured for the financing of said improvements and extend to June 30 of the first subsequent odd-numbered year thereafter; and which sublease shall contain options giving to this public corporation the right to renew said sublease for successive two year periods from July 1 of each oddnumbered year to June 30 of the next succeeding odd-numbered year by giving written notice to Foundation between the first and fifteenth day of July in each year when such renewal is to be made, to and including June 30, 1976, or until said sublease is finally terminated by the payment, and liquidation of the above mentioned indebtedness, whichever shall first occur; and which sublease shall provide that this corporation subject to the availability of funds which may lawfully be applied to the payment of such rental will exercise said options for renewal for such biennial periods; (4) to commit this public corporation to act as agent for Foundation in the supervision of construction and administration of contracts therefor and change orders thereto, and the administration and service of said indebtedness, and in making payments of and disbursements from and of funds made available by the creditor of Foundation for the purpose of said construction and acquisition of facilities; and (5) to commit this corporation to hold all monies, instruments, accounts, securities or other property, and the income from investments thereof, which it now has or may hereafter receive or become entitled to from any person or entity for the use of the Krannert Center for the Performing Arts for and devoted to such purpose; and (6) to sign, execute, and acknowledge and deliver any and all other documents and instruments deemed necessary or desirable by said Comptroller and said Secretary to accomplish the purposes herein set forth. T h e S e c r e t a r y of t h e B o a r d a n d C l e r k of t h e C o m m i t t e e r e p o r t e d t h a t a m a j o r i t y of t h e m e m b e r s of t h e B o a r d h a v e m d i v i d u a l l y , in w r i t i n g , a u t h o r i z e d t h e E x e c u t i v e C o m m i t t e e t o a c t f o r t h e B o a r d in this matter. O n m o t i o n of M r s . W a t k i n s , t h e r e c o m m e n d a t i o n s w e r e a p p r o v e d , authorization w a s given as requested, and the foregoing resolution w a s adopted by the following vote: Aye, M r . Clement, M r . Johnston, M r s . W a t k i n s ; no, n o n e ; absent, none. CONTRACTS FOR EXTENSION OF STEAM SERVICE TO COORDINATED SCIENCE LABORATORY (3) The Director of the Physical Plant and the Vice-President and Comptroller recommend award of contracts for extension of steam service to the Coordinated Science Laboratory, the award in each case being to the lowest bidder. Division AA, Underground Piping and Thermal Insulation Work — M. J. Holleran, Inc., Chicago, Illinois $21 902 00 Division BB, Extension of Underground Steam Tunnel — J D P Associates, Inc., Terre Haute, Indiana 29 S0O 00 Funds are available in state capital appropriations to the University for 1965-67 and have been released. A report from the Physical Plant Department, including a schedule of bids received, is submitted herewith, and a copy is filed with the Secretary of the Board for record. I concur.