Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 727]

EXTRACTED TEXT FROM PAGE:

724

BOARD O F T R U S T E E S

[December

16

REPORT OF EXECUTIVE COMMITTEE OF THE BOARD OF TRUSTEES M r . C l e a r y , C h a i r m a n of t h e E x e c u t i v e C o m m i t t e e , m a d e a n d filed t h e f o l l o w i n g r e p o r t in b e h a l f of t h e C o m m i t t e e : MEETING OF T H E EXECUTIVE COMMITTEE December 12, 1941 A meeting of the Executive Committee of the Board of Trustees of the University of Illinois was held at the University Club, 76 East Monroe Street, Chicago, on Friday, December 12, 1941, at 4:00 p.m. P r e s e n t : Mr. Cleary, Chairman, Mr. Davis, Mr. Jensen. Mr. Davis moved the adoption of the following resolution: 1. Whereas, the Board of Trustees of the University of Illinois was a lessee under a lease dated July I, 1938, in which the University of Illinois Union, Inc., was the lessor of the premises hereinafter described, of which on the said date the University of Illinois Union, Inc., hereinafter called the Union, was the owner in fee: Parcel A T h e South Third of the Northeast Quarter ( N E ^ ) of Block Twelve (12) of J. S. Wright's Addition to the City of Champaign, being a part of the Northeast Quarter ( N E > i ) of the Northwest Quarter ( N W " 4 ) of Section Eighteen (18) in Township Nine (9) East of the Third Principal Meridian in Champaign County; Parcel B T h e East sixty-four and twenty-five hundredths (64.25) feet of the South forty-five (45) feet of the Northwest Quarter ( N W * 4 ) of Block Twelve (12) of J. S. Wright's Addition to Champaign, being a part of the Northeast Quarter ( N E J i ) of the Northwest Quarter ( N W K ) of Section Eighteen (18) in Township Nine ( 9 ) East of the Third Principal Meridian in Champaign County, Illinois, together with and including all right, title and interest of the mortgagors in and to an easement of right-of-way over the North ten (10) feet of the South fifty-five (55) feet of the Northwest Quarter ( N W J 4 ) of said Block Twelve (12), as shown by warranty deed dated J u n e 26, 1008, and recorded in Book 140 of W a r r a n t y Deeds at page 314 thereof in the Recorder's Office in Champaign County, Illinois, situated in Champaign County, Illinois; Parcel C T h e Southeast Quarter (SE 1 /^) of Block Twelve (12) of J. S. Wright's Addition to the City of Champaign, being a part of the Northeast Quarter ( N E J 4 ) of the Northwest Quarter ( N W J 4 ) of Section Eighteen (18) in Township Nine (9) East of the Third Principal Meridian in Champaign County, Illinois ; and 2. Whereas, the Union did on November 28, 1941, convey the premises above described to the University of Illinois Foundation, a non-profit corporation of the State of Illinois, hereinafter called the Foundation, in fee simple, with the consent and approval of the Board of Trustees of the University of Illinois; and 3. Whereas, there were on November 28, 1041, outstanding certain obligations secured by mortgages of the premises hereinbefore in this resolution described which it was and still is the desire of the Foundation and the Board of Trustees of the University of Illinois, hereinafter called the Board, to refinance through bonds issued by the Foundation at a lower rate of interest; and 4. Whereas, in order to facilitate and complete the refinancing operations above described the Board stated its willingness to cancel the lease above mentioned and to release the Union from any and all obligations thereunder; and 5. Whereas, in order to complete the refinancing operations aforesaid, to issue the bonds and to secure them adequately so as to make the same readily