Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 490]

EXTRACTED TEXT FROM PAGE:

1961]

UNIVERSITY OF ILLINOIS

487

to long-range improvement in methods of treatment that could be used throughout the s t a t e - Unless such improvement can be secured through research and through better-trained personnel, the staggering costs of mental disturbances will continue to mount, in Illinois as elsewhere. 1 recommend that the Board of Trustees authorize the administrative officers of the University to negotiate with the Department of Public Welfare for the establishment on the Urbana-Champaign campus of a mental health clinic facility including authorization of an offer of a site in relation to the educational and research opportunities which would become formally a part of the University's program. On motion of Mr. Swain, authority was granted, as requested.

HOUSING REVENUE BONDS

(Jl) The Vice-President and Comptroller submits the following recommendation relating to the issue of the Board of Trustees of the University of Illinois Housing Revenue Bonds of 1960, Series B and C: That Series B bonds in the amount of $4,680,000 maturing in the years 1971 through 2000 be sold to the Housing and Home Finance Agency at an interest cost of 3v£ per cent in accordance with and pursuant to the Loan Agreement approved April 19, 1961, and that Series B bonds in the amount of $320,000 maturing in the years 1963 through 1970 be sold to White, WeW, and Company at a price of $320,854.45 and at an effective interest rate of 3.457 per cent; That Series C bonds in the amount of $750,000 be sold to John Nuveen and Company and Associates at a price of $750,201 and at an effective interest rate of 3.6226 per cent, which represents die lowest interest cost to the University; _ That the bonds be executed 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; That the Board ratify and confirm all actions taken or to be taken by the oificers and members of the Board in connection with the sale and delivery of ilie bonds; and That the resolution submitted herewith be adopted, I concur. On motion of M r . Swain, the Board adopted the following resolution by a record vote. Those voting aye, M r . O e m e n t , M r . Dilliard, Mr. Harewood, M r , Hughes, M r . Pogue, M r . Swain, M r s . W a t k i n s , Mr. Williamson; those voting no, none; absent, M r . Johnston, M r . Kemer, Mr. Willrins, Fourth Supplemental Housing Revenue Bond Resolution Supplementing Resolution Approved December 17, 1958, and Creating $5,000,000 Housing Revenue Bonds of 1960, Series B, and $750,000 Housing Revenue Bonds of 1960, Series C.

A RESOLUTION CREATING AND AUTHORIZING THE ISSUE, AUTHENTICATION AND DIUVEKY OF $5,000,000 HOUSING REVENUE BONDS OF 1960, SERIES B, AND $750,000 HOUSING REVENUE BONDS OF I960, SERIES C, AND FURTHER SUPPLEMENTING A RESOLUTION DULY ADOPTED BY T F E BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS ON DECEMBER 17, 1958.

WHEREAS, The Board of Trustees of the University of Illinois, on due consideration and investigation, does now find and determine that it is advisable Md necessary and in the interests of the University of Illinois and the welfare <* its students and faculty to construct and equip additional buildings and related facilities for the purpose of housing its students and staff; and WHEREAS, in order to provide such facilities it is advantageous to the University and necessary that the University borrow money and issue and sell revenue bonds under the provisions of paragraphs 48.1 through 48.7 of Chapter 1+ 1 of the Illinois Revised Statutes 1959, and all laws amendatory thereof and supplemental thereto; and