Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1403]

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BOARD OF TRUSTEES

[March 17

delivery of the said Purchase Agreements the proper officers of the University shall be and they are hereby authorized, empowered, and directed, for and in the name and under the corporate seal of the University to execute the said Bonds in the aggregate principal amount of $600,000, and in such denominations as may be requested by the Purchasers therof, and thereafter to sell and deliver the said $600,000 aggregate principal amount of the Bonds to the Purchasers at a price of 101.425687 per cent of the principal amount thereof plus accrued interest thereon from the date of the said Bonds to the date of delivery thereof, or such other price as shall be determined on the date of delivery of said Bonds to provide a yield of 3.90 per cent in accordance with standard financial practice, and otherwise in accordance with the terms and provisions of the said Purchase Agreements to be entered into between the University and the Purchasers. Resolved Further, that the proper officers of the University shall be and they are hereby authorized, empowered, and directed to do all such acts and things and to execute and deliver all such documents as may be necessary or by them deemed desirable in order to carry out the purpose and intent of these resolutions, and all of the acts and doings of the officers of the University which are consistent with the purpose and intent of these resolutions shall be and the same are hereby in all respects ratified, approved, and confirmed. 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 t h e f o l l o w i n g v o t e : Aye, M r . Clement, M r . Dilliard, M r . H a r e w o o d , M r . H u g h e s , M r . Johnston, M r . Pogue, Mr. Swain, Mrs. Watkins, M r . Wilkins, Mr. Williamson; no, none; absent, M r . Kerner. ADDITION TO CONTRACT FOR C O N S T R U C T I O N O F ASSEMBLY HALL (24) The Director of the Physical Plant and the Vice-President and Comptroller recommend an increase of $96,115.84 in the contract with Felmley-Dickerson Company for construction of the Assembly Hall to provide for improved access to the service entrance. I concur.

On motion of Mr. Johnston, this change in contract was authorized.

REPORT O F COMMITTEE ON GENERAL POLICY AND FINANCE COMMITTEE ON REQUEST OF URBANA COMMUNITY SCHOOLS M r . Johnston and M r . S w a i n submitted the following report: Since 1950, the University has been making payments to local governments in Champaign County and elsewhere in the state of Illinois for municipal and other governmental services, sometimes referred to as payments "in lieu of taxes," on certain University housing properties rented to members of the faculty and to others (excluding, however, residence halls occupied by students), and on other properties which are operated solely on a revenue-producing basis and are not used as facilities for University educational and research programs. Such payments are authorized by state law enacted in 1949 and are wholly permissive, not mandatory. T h e law provides that the University may enter into an agreement with the State's Attorney of any county in which such properties are located for payments by the University to local governments on properties not used for educational purposes or for student housing, these payments in effect amounting to the taxes which would be levied if the properties were on the tax rolls. T h e Board of Education of the Urbana Community Schools has requested that the Board of Trustees of the University of Illinois consider increasing the rate of payment being made on such University properties not on local property tax rolls to reflect any increase that may have been experienced in property values generally. The request was referred by the Board to its Committees on Finance and General Policy. T h e Committees have studied the request and now submit the following joint report. It deals solely with University properties in the city of Urbana. Under the general practice described, the University has made payments "in lieu of taxes" for the years 1950 to 1960. For all properties other than the Student-Staff Apartments, the payments have been based upon the assessed valuation as determined by the local assessor in accordance with local practices,