Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1098]

EXTRACTED TEXT FROM PAGE:

1961]

UNIVERSITY OF ILLINOIS

1095

Resolution Be It, and It Is Hereby Resolved, by this Board of Trustees of The Board of Trustees of the University of Illinois, a public corporation, that the Comptroller and Secretary of this public corporation be, and they hereby are, authorized, empowered and directed, for and on behalf of, and ip the name of, this public corporation to prepare, execute, acknowledge and deliver to the State of Illinois, and its Department of Public Works and Buildings, Division of Highways such agreement, grant, and other documents as they, after consultation with and approval by the Legal Counsel, deem necessary and desirable to release to the State of Illinois and its Department of Public Works and Buildings, Division of Highways, its right, title, and interest acquired in, through or by that Grant of Easement dated August 3, 1944, from Samuel R. Somers, Grantor, to the University of Illinois, Grantee, which said easement is recorded in Book 266, page 402, in the Recorder's Office of Champaign County, Illinois, (and which said easement entitles this public corporation to certain rights of drainage and to maintain a tile across the South One Half (S Yi) of the South-East OneQuarter (SE Vi) of Section 4, Township 18 North, Range 8 East of the third P.M. in Champaign County, Illinois) to the extent necessary to subordinate this public corporation's rights under said easement to the rights hereunder to be granted to the people of the State of Illinois to construct, reconstruct, operate and maintain a highway designated as Federal Aid Interstate Route 57 across said property at the following location: That part of the S Vi of the SE V* of Section 4, T, 18 N., R. 8 E., of the 3rd P.M., Champaign County, Illinois, that lies between a line parallel to and 125 feet Westerly of, and a line parallel to and 135 feet Easterly of, the surveyed centerline of proposed Federal Aid Interstate Route 57 as recorded in Book M, page 131 of the records in the Recorder's Office in Champaign County, Illinois, extending from the South tine of the above described property at Station 189+75.52 Northerly along said centerline to the North line of the above described property at Station 203+20,46. AH distances between parallel lines are measured normal to the said centerline. The said tract of land contains 8.03 Acres, more or less, situated in Champaign County, Illinois; to insure adequate and sufficient lateral and vertical support thereof, and to enable the State to control access thereto; on condition that the State of Illinois, through its Department of Public Works and Buildings, and Division of Highways will maintain and keep In good repair said public corporation's tile drainage system within the limits of that area wherein the State of Illinois, through its Department of Public Works and Buildings, and Division of Highways acquires rights hereunder to the control of the surface.

On motion of Mr. Johnston, the foregoing resolution was adopted without a dissenting vote.

SALE OF SECURITIES

(16) The investment counsel for the University's pooled endowment funds recommends the sale of certain stocks held as assets of that fund. The Finance Committee has studied the recommendation and concurs in it. To carry out this sale, the Board of Trustees is requested to approve the following resolution; Resolution. WHEREAS, The Board of Trustees of the University of Illinois is the owner of 500 shares of Abbott Laboratories, 624 shares of Continental Insurance, and 10 shares of Standard Oil Company of New Jersey common stocks, and WHEREAS, the Finance Committee of said Board has determined that it is advantageous to sell the above listed securities, Now, Therefore, Be It Resolved by The Board of Trustees of the University of Illinois that these securities be sold and that H. O. Farber, Comptroller, and A. J. Janata, Secretary, be authorized to execute all documents necessary to complete such sale. On motion of Mr. Swain, the foregoing resolution was adopted.