Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 62]

EXTRACTED TEXT FROM PAGE:

1940]

UNIVERSITY OF ILLINOIS

59

Chicago departments of the University of Illinois and for the furnishing of equipment to the Mini Union Building at Urbana, Illinois, but as a part of a general but single project to provide a student center for all students at the University of Illinois in all departments; and Whereas, the Board of Trustees by resolution duly adopted by the unanimous vote of seven members of the Board of Trustees of the University of Illinois present at such meeting, which number constituted a quorum of the Board of Trustees, which consists of eleven members, accepted said proposal, directed the execution of a conveyance by a deed in trust to the University of Illinois Foundation of the property described in paragraph ( i ) of this resolution, and authorized and approved such program, including the construction, remodeling, and equipping for the purpose of making the same when constructed, remodeled, and equipped available to the students and faculty in the Chicago departments of the University of Illinois as a Student-Faculty Union Building and including the equipping to a certain and limited extent of the Mini Union Building at Urbana, Illinois; and Whereas, in order to carry out said program of remodeling, reconstructing, and equipping, it is necessary to create a University of Illinois Student-Faculty Union Building T r u s t and to create a University of Illinois Student-Faculty Union Building Operating Trust and to authorize the proper officers of the University to execute and deliver the same; Now. therefore, be it resolved, that the President and the Secretary of the Board of Trustees be and they are hereby empowered and directed to execute the following documents, and their execution thereof is hereby in all things approved and ratified: ( i ) A deed in trust to the University of Illinois Foundation, as trustee under a trust agreement dated September I, 1940, and known as the University of Illinois Student-Faculty Union Building Trust, in the form of deed presented to this meeting, which form is hereby approved and which conveys the following described property, to wit: The North six (6) feet of lot six (6) and all of lots seven ( 7 ) , eight ( 8 ) , nine ( 9 ) , ten (10), and eleven (11) and the South two (2) feet of lot twelve (12) in the Resubdivision of the West one-half (^2) of block five (5) in the Assessor's Division of the East one-half (yj) of the Southeast one-quarter {%) of Section eighteen (18), Township thirty-nine (39) North, Range fourteen (14), East of the Third Principal Meridian, located in the City of Chicago, in the County of Cook and State of Illinois, all pursuant to authorization by the Board of Trustees on September 30, 1939; (2) An instrument creating the University of Illinois Student-Faculty Union Building Trust dated as of September 1, 1940, but actually executed on September 21, 1040, by and between the Board of Trustees of the University of Illinois, the University of Illinois Foundation, and Charles K. Morris and Company, Inc., a corporation duly organized and existing under the laws of the State of Illinois, the lender of the funds borrowed through a bond issue, or otherwise, by the University of Illinois Foundation, as aforesaid, substantially in the form of the agreement presented to this meeting, which form is hereby approved; pursuant to which the University of Illinois Foundation, as trustee, is given the power to issue its negotiable or nonnegotiable bonds for the purpose of financing the remodeling, constructing, and equipping of the properties hereinbefore referred to and containing provisions and stipulations necessary and proper in order to set up and establish said t r u s t ; (3) An instrument creating the University of Illinois Student-Faculty Union Building Operating Trust dated as of September I, 1940, but actually executed on September 21, 1040, by and between the Board of Trustees of the University of Illinois and the University of Illinois Foundation, as trustee under a trust agreement dated as of September I, 1940, and known as the University of Illinois Student-Faculty Union Building Trust, in substantially the form of the agreement presented to this meeting, which form is hereby approved, and the execution thereof is hereby in all things ratified and approved, pursuant to which the Board of Trustees of the University of Illinois becomes an operating