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Caption: Board of Trustees Minutes - 1948
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1947] U N I V E R S I T Y OF I L L I N O I S 5" BIDS ON FURNISHING MAIN SWITCH-GEAR FOR ELECTRICAL DISTRIBUTION SYSTEM, CHICAGO PROFESSIONAL COLLEGES (36) The following bids have been received for furnishing the main switch-gear for the 4,000-volt initial electrical distribution system to be installed on the Chicago Professional Colleges Campus: Bidder Bid price Shipping date Allis-Chalmers Manufacturing Company #38 498 20 months General Electric Company 38 593 15 months Westinghouse Electric Corporation 38 641 16 months The Allis-Chalmers' detailed proposal includes an extra charge of $315 to meet the specifications for enclosed terminal boxes for the current transformer leads. The other bidders included this cost in their bids. The Allis-Chalmers' proposal increases their bid to $38,813, changing their bidding position from low to high. The time of delivery of the switch-gear is also important, as the installation will be necessary before power can be supplied to the new Physical Environment Addition to the Hospital. The Physical Plant Department recommends the contract award to the General Electric Company, the lowest bidder and the firm giving the shortest delivery time, based on their bid price of $38,593, f.o.b. Chicago Campus. In the General Electric Company's transmitting letter of July 14, 1947, they have taken exception to the bid documents involving the guarantee and supervision clauses and the performance bond. The Physical Plant Department recommends that the contract be awarded with the stipulation that the contract terms would be similar to those incorporated in the turbine-generator contract for Unit 3 of Abbott Power Plant, since in that contract they were willing to accept the clauses and bond as originally submitted. Funds are available in the 1947-1949 appropriation for the Electrical Distribution System, Chicago, to cover the above contract. I recommend approval of the foregoing recommendations and authorization to the Comptroller and the Secretary of the Board to execute the contract. On motion of Mr. McKelvey, these recommendations were approved and authority granted as recommended. ILLINI UNION BUILDING REFUNDING LOAN (37) As authorized by the Board of Trustees on Tune 23 (Minutes, page 403) and in accordance with invitations approved by the Finance Committee, the following bids were received on July 30, 1947, on $425,000 revenue bonds of the Illini Union Building, Urbana, to be dated October 1, 1947, due serially through October 1, 1957. Bidder Julien Collins & Company! White, Weld. & Company/ The Milwaukee Company . . . . 1 Farwell Chapman & Company I Martin Burns & Corbett, Inc. [ ' Hurd-Clegg & Co J John Nuveen & Company Range of Interest Rates X%-iX% K%-2% I#% Interest Cost $32 925 00 35 900 00 37 537 50 Premium $ 313 222 1 207 Net Cost £32 612 00 35 678 00 36 330 50 Effective Rate 1.5204 1.66331 1.69372 The low bid is offered by Julien Collins & Company and White, Weld, & Co., both of Chicago, as a joint bid, at an effective interest rate of 1.5204 for all bonds; bonds maturing 1948 through 1956 to bear interest at i j 4 % and for 1957 at WA%\ entire issue to be purchased at par plus a premium of $313.00. The Finance Committee has reviewed the bids and finds that the one offered by the low bidders meets all requirements. The Finance Committee recommends that the award be made to the lowest bidders. The bidders have proposed that the bonds, principal, and interest be payable at the Northern Trust Company of Chicago, and the Finance Committee recommends approval of that proposal. The offering was made with the provision that the bonds will be delivered with the approving opinion of Chapman & Cutler, attorneys, of Chicago. The Finance
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