Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 1087]

EXTRACTED TEXT FROM PAGE:

1078

BOARD OF TRUSTEES

[April 19

SPECIAL APPROPRIATION OF ATHLETIC ASSOCIATION FUNDS (19) The Board of Directors of the Athletic Association is submitting to the Board of Trustees for their approval an appropriation of $30,000 for the construction of a road and a cross connection between the wells of the airport and the golf course. The road will provide a direct route from the golf course to the airport along the west side of the golf course and the east side of the airport. With this direct route, the airport bus can be used to transport students to the golf course without traveling extra miles. No charge to passengers is made for this service. In view of the benefit of the new road to the Institute of Aviation, no charge will be made to the Athletic Association unless extra trips in addition to the present airport schedules are required. The road will also be made available for maintenance purposes since both wells will be located close to it. The cross connection between the wells is desirable to provide for emergencies in the event trouble develops in either of the wells. These arrangements are recommended by the Director of the Athletic Association, the Director of the Institute of Aviation, and the Comptroller. I concur.

On motion of Mrs. Watkins, this appropriation was approved.

REVISION OF BY-LAWS OF ATHLETIC ASSOCIATION (20) The Board of Directors of the University of Illinois Athletic Association has revised its by-laws, and they are submitted to the Board of Trustees for approval. The revisions are chiefly in the area of business operations. The Comptroller has worked closely with the Athletic Association in preparing the revisions. The changes result in clarification of procedures, particularly in purchasing and contracting, and in reduction of procedures to the minimum necessary to maintain adequate internal check. I recommend approval of the by-laws as revised.

After discussion, and on motion of Mr. Nickell, this revision was referred to the President and the Comptroller for clarification and presentation at the May meeting.

SALE OF BONDS TO FINANCE CONSTRUCTION OF THE SECOND SIX-STORY BUILDING OF THE STUDENT AND STAFF APARTMENTS AT URBANA (21) The Finance Committee recommends the sale of $700,000 of revenue bonds to finance the construction of the second six-story building of the Student and Staff Apartments at Green Street and Goodwin Avenue, Urbana, to Blyth and Company, Chicago, the lowest bidder (in terms of interest r a t e s ) . Four bids were received, representing nine companies. The Blyth and Company proposal provides an effective interest rate of 2 SS85 per cent. Bonds maturing from 1951 to 1961 will bear interest at the rate of 2*4 per cent; bonds maturing from 1962 to 1964 will bear interest at the rate of 2J4 per cent; and bonds maturing from 1965 to 1970 will bear interest at the rate of 2% per cent. Blyth and Company also offer a premium of $181.30. This Company has proposed that principal and interest be payable at the Chicago Title and Trust Company. The Comptroller reports that Blyth and Company have met all requirements. Proceeds from the sale of the bonds plus a State appropriation of $338,000 will provide the $1,038,000 required for the construction and equipment of the building. A resolution for adoption by the Board has been prepared by Chapman and Cutler and is presented herewith for approval (see Appendix, page 1101). O n m o t i o n of M r . M c L a u g h l i n , t h i s r e s o l u t i o n w a s a d o p t e d b y t h e following vote: Aye, M r . Fornof, M r . Herrick, M r . H i c k m a n , M r s .