Repository: UIHistories Project: Board of Trustees Minutes - 1964 [PAGE 739]

EXTRACTED TEXT FROM PAGE:

694

BOARD OF TRUSTEES

[July 2

for equipment and accessories to up-date and expand the I B M 7090 computer system in the Digital Computer Laboratory which will include conversion of I B M 7090 to 7094 System, one I B M 1401 computer assembly, and accessories to provide additional input-output channel. Agreement would provide for a monthly rental of $11,024.00, option deposit of $4,857.94, and a purchase price of $492,419.00 if the University exercises the option to purchase, depending upon the availability of funds from a federal grant and from indirect costs received under government contracts. The prices are net free on board, delivered at Urbana after an educational discount of 60 per cent. A supporting memorandum is submitted herewith, and a copy is being filed with the Secretary of the Board for record. I recommend approval.

On motion of Mr. Swain, this purchase was authorized.

AMENDMENT OF HOUSING REVENUE BOND RESOLUTIONS (26) The Housing Revenue Bond Resolution approved by the Board December 17, 1958, the First Supplemental Housing Revenue Bond Resolution approved June 23, 1959, and the Second Supplemental Housing Revenue Bond Resolution approved October 21, 1959, provide in the form of bonds that the bonds will be executed by the facsimile signature of the President and signed by the two members of the Board. Subsequent to the adoption of these resolutions, the General Assembly passed the Uniform Facsimile Signature of Public Officials Act which provides that facsimile signatures can be used on any bond, so long as there is one manual signature. All the bonds are signed manually by the Secretary of the Board. The Housing and Home Finance Agency has requested that coupon bonds be issued in exchange for fully registered bonds, and new bonds have to be printed. In order that the two members of the Board may have their facsimile signatures printed on the bonds in lieu of signing the bonds manually, the Vice-President and Comptroller recommends that the form of bonds of these three issues be amended to provide for their facsimile signatures. I concur and recommend adoption of the following resolution: Resolution WHEREAS, The Board of Trustees of the University of Illinois has heretofore issued its Housing Revenue Bonds of 1958 Series A and B, its Housing Revenue Bonds of 1959 Series A, B, C, and D, under and pursuant to a Resolution (the "Resolution") duly adopted December 17, 1958, as supplemented by First and Second Supplemental Resolutions respectively, adopted June 23, 1959, and October 21, 1959; and WHEREAS, said Resolution provides that Bonds issued thereunder shall be signed by the President and any two members of The Board of Trustees and shall have the seal of the University affixed thereto (or a facsimile seal or signatures as permitted by l a w ) ; and WHEREAS, it is now permitted by law that Bonds of this Board of Trustees be signed by the facsimile signatures of the President and two members of the Board but the forms of the Housing Revenue Bonds of 1958 and 1959 set forth in the Resolution and the said First and Second Supplemental Resolutions thereto recite that they have been executed by the facsimile signature of the President and signed by two of its members; and WHEREAS, this Board of Trustees now desires to cause Bonds which are to be issued in exchange for outstanding Housing Revenue Bonds of 1958 and 1959 to be executed by the facsimile signatures of its President and two of its members. Now, Therefore, Be It and It Is Hereby Resolved that all Bonds of The Board of Trustees of the University of Illinois issued or to be issued in exchange for outstanding Housing Revenue Bonds of 1958 Series A and B, and Housing Revenue Bonds of 1959 Series A, B, C, and D, may be executed by the facsimile signatures of the President and two members of the Board of Trustees and the officers of the Board of Trustees are hereby authorized and directed to make such changes in the final paragraph of the form of the Bond as shall be consistent with the manner in which it is executed and delivered.