Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 198]

EXTRACTED TEXT FROM PAGE:

I960]

UNIVERSITY OF ILLINOIS

195

The Series B bonds in the amount of $2,750,000 be sold to the Housing and Home Finance Agency at sin interest cost of 3yi per cent in accordance with and pursuant to the above mentioned Loan Agreement; The bonds be execnted by facsimile signatures of Frances B. Watkins and Timothy W. Swain, members of the Board, by the facsimile signature of Kenney E. Williamson, President of the Board, and by the signature of A. J. Janata, Secretary of the Board; The firm of Chapman and Cutler be retained as bond counsel for this issue; The Board ratify and confirm all actions taken or to be taken by the officers and members of the Board in connection with the sale and delivery of the bonds. I concur.

On motion of Mr. Swain, the foregoing recommendations were approved by the following vote: Aye, Mr. Clement, Mr. Harewood, Mr. Hughes, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Herrick, Mr. Stratton, Mr. Wilkins,

BIENNIAL OPERATING BUDGET

(2) The Board of Trustees at its meeting on July 26, 1960, approved recommendations for state capital appropriations for 1961-63. I now submit the operating budget estimates for the two-year period beginning July 1, 1961. This budget has been in preparation for several months by the University's Budget Committee1 under the chairmanship of the Vice-President and Provost, and in consultation by him with the deans, directors, and other administrative officers. The estimates prepared by the colleges, schools, institutes, and other departments have been carefully reviewed, revised, and in a number of cases substantially reduced. The University Council has likewise been consulted and has approved the estimates as now submitted. This budget has also been carefully studied by the Finance Committee of the Board in two special work sessions in which other Trustees have participated. f recommend that these budget estimates be approved as a basis for filing with the State Department of Finance and presentation to the State administration and to the Illinois Budgetary Commission.

The President of the University presented the recommendations in detail and invited discussion of them. His recommendations, together with the budget estimates and supporting materials, had been sent to all members of the Board for study several weeks in advance of today's meeting. Mr. Swain, Chairman of the Finance Committee, reported that the budget recommendations had previously been considered by the Committee in consultation with the President of the University, other University officials, and other Trustees in two work sessions held on October 19 and November 10. Representatives of the press were invited to the Finance Committee meeting on November 10 to hear the discussion of the budget and for a press conference. Following the presentation of these reports and recommendations, on motion of Mr, Swain, the following budget was approved, and the President of the University was authorized to file this budget with the Department of Finance; and the President of the Board, the Chairman of the Finance Committee, and the President of the University were authorized to represent the Board in conferences with state officials

• Lyle H. Lanier, Vice-President and Provost, Chairman; H. O. Farber, Vice-President J and Comptroller; Joseph S. Begando, Acting Vice-President in charge of the Chicago Professional Colleges; F, T, Wall, Dean of the Graduate College; C. A. Knudson, Professor and Head of the Department of French; O. Burr Koss, Professor and Head of the Department of Amtnal Science; H. S. Stitlwetl, Professor arid Head of the Department of Aeronautical Engineering; C. A. Mover, Professor and Head of the Department of Accountancy; A. J. Schneider, Associate Professor of Accountancy, Chicago Undergraduate Division; W. V. Whicehorn, Pro* •essor of Physiology, Chicago Professional Colleges.