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Caption: Board of Trustees Minutes - 1942
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3io BOARD OF TRUSTEES [ M a y 27 Upon consideration of the bids your Finance Committee finds that the bid of T h e Milwaukee Company, designated as T h e Milwaukee Company Bid No. 2, is the best bid and recommends the award of the bonds to The Milwaukee Company. Respectfully submitted, O. M. KARRAKER D R . KARL A. MEYER CHESTER R. D A V I S Finance Committee Trustee K a r r a k e r moved that the report of the Finance Committee be approved and that the Board award the said bonds to T h e Milwaukee Company, in accordance with their said Bid No. 2, that is to say: P r i c e : par and accrued interest, and in addition a premium of Eleven H u n d r e d Dollars ($1,100.00) ; Interest rate of two and one-fourth per cent {2%%) per annum on bonds maturing from November 1, 1041, to November I, 1049, inclusive; Interest rate of two per cent (2%) per annum on bonds maturing from May I, 1950, to May 1, 1954, inclusive. Trustee Davis seconded the motion. After due consideration the President directed the Secretary to call the roll and vote upon the motion, and upon roll call said resolution was adopted by the following aye and nay votes: ayes, Mr. Adams, Mr. Cleary, Mr. Davis, Mr. Fornof, Mr. Jensen, Mr. Karraker, Mr. Livingston; nays, none. Whereupon it was declared that the motion was carried and the bonds awarded to T h e Milwaukee Company. Trustee Livingston then offered and read a resolution entitled: Resolution authorizing and providing for the termination of an existing trust between the University of Illinois Foundation, a corporation duly organized under the laws of the State of Illinois, and the Board of Trustees of the University of Illinois, and to reacquire the interest in the Medical, Dental, and Pharmacy Building conveyed to said Foundation pursuant to said existing trust, and authorizing the issue of $921,000 Medical, Dental, and Pharmacy Building Revenue Bonds for the purpose of defraying the cost of terminating said trust and reacquiring the interest in said property conveyed pursuant to said trust, prescribing all the details of said bonds, and providing for the collection, segregation and distribution of the revenues of said Medical, Dental, and Pharmacy Building for the purpose of paying the cost of maintenance and operation of said building, and payment of the principal of and interest on said revenue bonds. After due consideration thereof, Trustee Livingston made a motion that said resolution be adopted, which motion was seconded by Trustee Fornof, and upon roll call said resolution was adopted by the following aye and nay votes: ayes, Mr. Adams, Mr. Cleary, Mr. Davis, Mr. Fornof, Mr. Jensen, Mr. Karraker, MrLivingston ; nays, none. Trustee Fornof then offered and read a resolution entitled: Resolution establishing a charge or fee for the Medical, Dental, and Pharmacy Building and its facilities, located at 808 South Wood Street, Chicago, Illinois. [See page 297.] After due consideration thereof Trustee Fornof made a motion that said resolution be adopted, which motion was seconded by Trustee Jensen, and upon roll call said resolution was adopted by the following aye and nay votes: ayes, Mr. Adams, Mr. Cleary, Mr, Davis, Mr. Fornof, Mr. Jensen, Mr. Karraker, Mr. Livingston; nays, none. Trustee Jensen then offered and read the following resolution: Resolved, that Trustees Chester R. Davis and Karl A. Meyer be and they are hereby designated and directed to execute the proposed Medical, Dental, and Pharmacy Building Revenue Bonds, together with the President and Secretary of the Board of Trustees of the University of Illinois, as required by the resolution heretofore adopted authorizing the issue of said bonds.
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