Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 1087]

EXTRACTED TEXT FROM PAGE:

1042

BOARD OF TRUSTEES

[February 19

Orchard Downs and SG-2 (June 14, 1960) Purchase $ 103 000 U. S. Treasury bills due 3/19/64 Orchard Downs Addition (May 24, 1962) Purchase J 65 000 U. S. Treasury bills due 2/13/64 Pennsylvania Avenue Residence Halls (June 21, 1961) Purchase $ 10 000 U. S. Treasury bills due 2/13/64 102 000 U. S. Treasury bills due 3/12/64 Student Services (May 17, 1961) Purchase J 10 000 U. S. Treasury bills due 2/13/64 28 000 U. S. Treasury bills due 3/12/64 Sinking Fund Illini Union and Health Center (December 21, 1960) Sale $ 142 000 U. S. Treasury bills due 2/20/64 Purchase $ 142 000 U. S. Treasury bills due 3/19/64 O n m o t i o n of M r . W i l l i a m s o n , t h i s r e p o r t w a s r e c e i v e d

$102 123 81

$ 64 676 08

$

9 940 SO 101 208 93

$

9 940 50 27 782 84

$141 125 28 140 730 52 for record.

AGREEMENTS W I T H ILLINOIS BUILDING AUTHORITY (21) T h e Illinois Building Authority, created by the General Assembly in 1961, is a separate public corporation empowered to construct such buildings and facilities as the General Assembly shall declare to be in the public interest. The Authority is to finance such construction by the issuance and sale of bonds, serviced and retired from revenues solely derived from the lease of such facilities to state agencies and institutions, including the University. The Illinois Building Authority Act provides that rentals under such leases are to be paid solely from appropriations for that purpose by the General Assembly and from any revenues derived from the operation of the leased premises. In 1963 the General Assembly declared the following University of Illinois buildings and projects to be in the public interest, thereby indicating that the funding of these projects was to be by the Illinois Building Authority. 1. Construction of Civil Engineering Building, Urbana-Champaign... $ 4 216 000 2. Acquisition of land for building sites, Urbana-Champaign 1 000 200 3. Plans and planning to complete architectural studies, Congress Circle, Chicago 900 000 4. Equipment for University of Illinois buildings constructed from Universities Building Fund 4 799 S00 5. Construction of Veterinary Medicine Clinic and Hospital, UrbanaChampaign 4 000 000 Total $14 91S 700 The General Assembly also appropriated to the University of Illinois $1,790,000 for the payment of rentals on the leases for these buildings and projects to be executed by the University with the Illinois Building Authority for the 1963-65 biennium. Under the Act the University will transfer jurisdiction and title to land it now owns and on which the Civil Engineering Building and the Veterinary Medicine Hospital and Clinic Buildings will be located to the Illinois Building Authority. The leases will provide that rental is payable only out of appropriations made for such purposes by the General Assembly or from revenues derived from the operation of the facilities. Each lease will contain biennial renewal clauses to coincide with the anticipated continuing appropriations by the General Assembly. When the rental payments under the lease total the amounts indicated for each project, plus administrative, legal, interest, and debt retirement costs of the Authority, title to the properties will be conveyed to the University.