Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 235]

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BOARD O F TRUSTEES

[December 21

The regular eight-week summer session, traditionally a program to serve teachers and administrators in the elementary and secondary schools of Illinois, with its normal complement of undergraduate and graduate courses, will also be offered, according to the usual schedule beginning wilh the third or fourth week in June and ending with the second week in August, In approving the budget estimates for 1961-63, the Board in principle authorized the twelve-week summer term but for the purpose of the record I recommend specific authorization at this time of the offering of such a program. The budget and faculty appointments for the two summer terms will be recommended to the Board later. O n motion of M r , Wilkins, this recommendation was approved.

LOAN AGREEMENT FOR ILLINI U N I O N ADDITION AND HEALTH CENTER

(9) The Vice-President and Comptroller presents the Loan Agreement with the Housing and Home Finance Agency [Project 111. ll-CH-80 ( S ) ] , wherein the federal government agrees to purchase $2,750,000 of the Illini Union and Health Center Bonds of 1960, Series B, and recommends that it be approved and that the authorization previously given to the Comptroller and the Secretary to execute the Loan Agreement be ratified and confirmed. O n motion of M r . Johnston, the Loan Agreement w a s approved, and t h e Comptroller and the Secretary of the Board were authorized to execute the same. This action was taken by the following vote: Aye, M r . Clement, M r . Harewood, M r . Herrick, M r . Hughes, Mr. Johnston, M r . Pogue, M r . Swain, M r s . Watkins, M r . Wilkins, Mr. Williamson; no, none; absent, M r . Stratton.

ILLINI U N I O N A N D HEALTH CENTER BONDS

(10) The Vice-President and Comptroller presents the following resolutions and recommends their adoption. Resolution Authorizing $7,950,000 of Illini Union and Health Center Bonds, Series A and B of I960 $5,200,000 Illini Union, and Health Center Bonds of 1960, Series A $2,750,000 UUni Union and Health Center Bonds of 1960, Series B

A RESOLUTION AUTHORIZING AND PROVIDINC FOR THE ISSUANCE OF REVERE BONOS FOR THE PURPOSE OF PAVING THE COST OF ACQUIRING, CONSTRUCT!^, EQUIPPING, ENLARGING, OK IMPROVING THE ILLINI UNION BUILDING AND A STUDENT HEALTH CENTER BUILDING IN THE CITY OF URRANA, ILLINOIS, BY T H E BOAW; OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS, SETTING FOBTH THE TERMS UDDER W H I C H SUCH REVENUE BONDS ARE TO BE ISSUED, PROVTDINC FOR THE RIGHTS O F THE HOLDERS THEREOF, AND PROVIDING FOR THE ACQUISITION, CONSTRUCTION, A D N EQUIPMENT OF SUCH FACILITIES, AND THE MANAGEMENT, MAINTENANCE, IMPROVEMENT, AND OPERATION THEREOF.

WHEREAS The Board of Trustees of the University of Illinois on H« consideration and investigation does now find and determine that it is advisable and necessary and required for the good and benefit of the University of Illinois and the best interests of its students and faculty to construct and equip an addition to the Illini Union Building, to improve said Illini Union Building, and to construct and equip a Student Health Center Building (hereinafter sometimes called the "buildings" or "Project"); and WHEREAS, in order to produce the funds necessary to construct and equip said Project it is advantageous to the University and necessary that the University borrow money and issue and sell revenue bonds under the provisions of paragraph 48.1 through 48.7 of Chapter 144 of the Illinois Revised Statutes, 1959, and all laws amendatory thereof and supplemental thereto;