Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 445]

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442

BOARD OF TRUSTEES

[July 20

This is a prefabricated house constructed in 1946. The University investment includes the original cost plus subsequent improvements. The sale price was determined by an independent appraisal by a real estate expert. I concur and recommend adoption of the following resolution: Resolution WHEREAS, Howard C. Miller and Jessie L. Miller, his wife, of Pekin, Illinois, hereinafter termed "Purchasers," have offered to purchase the hereinafter described property known as 503 South Garfield, Champaign, Illinois, upon the terms and conditions hereinafter set forth: Now, Therefore, Be It Resolved by the Board of Trustees of the University of Illinois, a public corporation of the state of Illinois, that the Comptroller and Secretary of this Corporation be, and they hereby are, authorized and directed, in the name, and in behalf of, this Corporation to enter into an agreement with said Purchasers providing for the sale and conveyance to them of the hereinafter described property upon the following terms and conditions: (A) At a sale price of $8,000.00 with customary adjustments to be made therein for taxes, insurance, and abstracting costs; ( B ) This Corporation to furnish Purchasers a merchantable abstract of title and pay for the required Federal Revenue stamps; ( C ) Possession to be delivered to Purchasers at the time final payment is made. (D) A deposit of $500.00 to be made by the Purchasers at the time the Contract of Sale is executed and the balance of the purchase price to be paid at the time of delivery of the deed and not later than six months after the date the contract is executed; ( E ) T h e title to be conveyed to be subject to special assessments becoming a lien after the date hereof, building restrictions and easements of record; ( F ) Such other terms and conditions as said Comptroller and Secretary may deem necessary or desirable. Be It Further Resolved that upon compliance with the terms of said agreement by Purchasers, and in accordance with the terms thereof, said Comptroller and Secretary be, and they hereby are, authorized and directed, to execute, acknowledge, and deliver, in the name and in behalf of, this Corporation, and under its Corporate Seal, a Warranty Deed and such other documents in connection therewith as said Comptroller and Secretary may deem necessary or desirable in order to convey to Purchasers, not in tenancy in common, but in joint tenancy, title to the following described property, viz: North Fifty-five and Seventy-five one-hundredths (5575) feet of the South One Hundred and Eight and Seventy-five one-hundredths (108.75) feet of Lot Twenty-two (22) of George R. McCombs first subdivision of a fractional part of the East One-half (E^4) of the Northwest Quarter ( N W J 4 ) of Section Fourteen (14) Township Nineteen (19) North, Range Eight (8) East of the Third Principal Meridian, situated in the City of Champaign, in the County of Champaign, in the State of Illinois. O n m o t i o n o f M r . J o h n s t o n , t h e f o r e g o i n g r e s o l u t i o n w a s adopted b y t h e f o l l o w i n g v o t e : A y e , M r . B i s s e l l , M r . H e r r i c k , M r s . H o l t , Mr. J o h n s t o n , M r . L i v i n g s t o n , M r . M e g r a n , M r . N i c k e l ] , M r . S w a i n , Mrs. W a t k i n s , M r . Williamson; no, none; absent, M r . Stratton. INTERNAL O P E R A T I N G B U D G E T F O R 1 9 5 5 - 5 6 (2) T h e University's internal operating budget for all divisions and funds for the fiscal year beginning July I, 1955, for academic and administrative appointments beginning September I, 1955, and for nonacademic personnel appointments beginning July I, 1955, is submitted herewith. This budget has been prepared by the Provost and the Comptroller in accordance with policies recommended by the University Budget Committee and procedures approved by the President. It 1S based upon recommendations of deans, directors, and other administrative officers and has been reviewed by the President. , , I recommend that this budget, covering the allocation of the estimated ap operating income from all sources for the year beginning July I, 1955. b<j ' proved; and that the President of the University be authorized, in accordance with the needs of the University and the equitable interests involved and with"1