Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 63]

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BOARD OF TRUSTEES

[September 27

trustee for the operation of the Student-Faculty Union Building, which operating trust agreement contains terms, covenants and stipulations relating to the use and operation of the said building and the charging of student center fees and rentals therefor as are deemed reasonably necessary in order to accomplish the objects and purpose hereinbefore described, and among other things, empower the University of Illinois Foundation, as trustee as aforesaid, to execute a trust indenture in order to secure the repayment of a loan, whether through a bond issue or otherwise, negotiated by said Foundation in order to remodel, construct, and equip the building aforesaid. Any change, alteration, or modification in either trust agreement approved by said officers executing the same is hereby ratified and confirmed, and the execution of the said trust agreements by the said officers shall be considered the act and deed of the Board of Trustees of the University of Illinois. Be it further resolved, that all acts, proceedings, and transactions by the Board of Trustees of the University of Illinois by its Executive Committee or by other committees of said Board, or by its officers, agents, and representatives in connection with the remodeling, constructing, and equipping of the properties aforesaid and described in the instruments creating the University of Illinois Student-Faculty Union Building Trust and the University of Illinois StudentFaculty Union Building Operating Trust be and the same are in all things ratified and confirmed ; and Whereas, the Resolution aforesaid was adopted in pursuance of the plans and objectives therein described and previously approved and authorized by the Board of Trustees of the University of Illinois; and Whereas, the documents and contracts in said Resolution described are now before this Board and have been seen and examined by it; Now, therefore, be it resolved, that the Resolution aforesaid is hereby adopted as the action of this Board as of September 21, 1940, and the action of the Executive Committee in adopting said Resolution is in all things ratified and approved, as is also the action of the officers in executing such documents and contracts. The Company also requests that the resolution be accompanied by the following certificate: I, H. E. Cunningham, do hereby certify that I am the duly elected, qualified, and acting Secretary of the Board of Trustees of the University of Illinois, and that 1 am the officer of the Board of Trustees of the University of Illinois duly authorized by it to prepare and keep the minutes of the meetings of the Board of Trustees of the University of Illinois; that the foregoing is a true and exact copy of a resolution adopted by unanimous vote of the Board of Trustees of the University of Illinois at a regular meeting duly called by the President upon due and proper notice to each and all of the members of the Board of Trustees of the University of Illinois, in conformity with the constitution and by-laws of the Board of Trustees of the University of Illinois, and held September 27, 1940. I further certify that there was a quorum present at said meeting, to wit, six duly elected members, which number is the number needed for a quorum under the by-laws.

On motion of Mr. Jensen, the above resolution was adopted, by the following vote: Aye, Mr. Cleary, Mr. Jensen, Dr. Meyer, Mrs. Plumb, Mr. Pogue, Mr. Williamson; no, none; absent, Mr. Adams, Mr. Horner, Mr. Karraker, Mr. Mayer, Mr. Wieland.

STATUS OF FINANCING OF UNION BUILDING FOR CHICAGO DEPARTMENTS (41) On June 28, 1940 (Minutes, page 980), the Board accepted the bid of Charles K. Morris and Company to finance the remodeling of the Pharmacy Building for use as a union building in the Chicago Departments through a bond issue subject to an approving opinion by Chapman and Cutler, Attorneys. The legal documents set up for this bond issue were modeled along those used in the Medical and Dental College Building Trust in Chicago, but a varia-