Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 728]

EXTRACTED TEXT FROM PAGE:

1941]

UNIVERSITY OF

ILLINOIS

725

marketable it is necessary for the Foundation to execute an indenture of mortgage to the Continental Illinois National Bank and Trust Company to secure the bond issue aforesaid in the amount of $130,000, which indenture of mortgage is and will be upon its face as of December 15, 1041, a first lien upon the premises hereinbefore described, commonly known as the Student Center and Arcade Buildings in Champaign, Illinois; and 6. Whereas, in order to complete the refinancing operations aforesaid and to insure to the Foundation income adequate to pay the interest on and principal of the bond issue aforesaid it is necessary for the Board of Trustees to enter into a lease agreement with the Foundation whereby and whereunder the Foundation as lessor leases to the Board as lessee the Student Center and Arcade Buildings above mentioned and the premises hereinbefore described and on which the indenture of mortgage aforesaid as of December 15, 1941, is a lien; and 7. Whereas, the Board has heretofore indicated its approval of the refinancing operations aforesaid and expressed its willingness and desire to cooperate fully in all steps necessary thereunto; Now, therefore, be it resolved by the Executive Committee of the Board of Trustees of the University of Illinois that the officers of the Board, to wit, the President and the Secretary, be authorized, empowered, and directed to execute a lease of the Student Center and Arcade Buildings and of the premises described in paragraph I of this resolution and whereunder the Board becomes a lessee and the Foundation the lessor of said premises, such lease to be executed as of December 15, 1941, which lease is now before this committee and the contents of which are familiar to it. Be it further resolved that paragraphs numbered I to 7 hereof shall be regarded as a part of this resolution. On vote this resolution was adopted.

Mr. Jensen moved that the action of the Executive Committee as evidenced by the foregoing Minutes and Resolution be in all things ratified, approved, and adopted; that the action of the Committee in authorizing the execution of the lease therein described, from the University of Illinois Foundation to the Board of Trustees of the University of Illinois, be ratified and approved; and that the cancellation of the lease from the Illinois Union, Inc. to the Board of Trustees, described in said Resolution, be and the same is hereby approved and affirmed. On this motion the following members voted "Aye": Mr. Cleary, Mr. Davis, Mr. Fornof, Mrs. Grigsby, Mr. Jensen, Mr. Karraker, Mr. Livingston, Dr. Meyer. A quorum being present and the vote being unanimous, the motion was declared adopted.

OATH OF ALLEGIANCE REQUIRED

M r . J e n s e n , f o r t h e C o m m i t t e e o n G e n e r a l P o l i c y , p r e s e n t e d t h e following report: T h e Committee on General Policy recommends that the oath of allegiance required of members of the staff who are paid from Federal Funds be required of all members of the staff.

F R A N K A. JENSEN Dr. KARL A. MEYER CHESTER R. DAVIS

On motion of Mr. Jensen, this recommendation was adopted.