Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 525]

EXTRACTED TEXT FROM PAGE:

5i6

BOARD OF TRUSTEES

[July 28

And Resolved, Further: That as and when this Board shall acquire the following described real estate, or any parcels thereof, this Board does hereby authorize, empower and direct the Comptroller and the Secretary of this Board, in the name and on behalf of this Board, to execute and deliver to such Medical Center Steam Company, a further warranty deed or deeds conveying such real estate, either in whole in a single deed or in parcels from time to time, to such Steam Company, to wit: ( H e r e describe all other parcels which are to form a part of the site of the steam plant and coal storage yard) AGREEMENT dated as of July 1, 1949, between Medical Center Steam Company (hereinafter called the "Company") and the Board of Trustees of the University of Illinois (hereinafter called the "University") WITNESSETH: Whereas, the Company is an Illinois corporation organized for the exclusive purpose of providing central steam service to the University, and through the University to other institutions in the Medical Center District (as hereinafter defined) as may from time to time enter into contracts with the University for steam service pursuant hereto; and Whereas, the University requires an adequate and continuous steam supply for its teaching and research programs and for the care of patients in its own and other hospitals with which the University may contract pursuant hereto; and Whereas, the existing facilities of the University are inadequate to provide such service to the new buildings to be constructed by the University; and Whereas, the Company, an Illinois corporation, has been organized by Commonwealth Edison Company, the Company's sole stockholder, at the request of the University; and Whereas, the Company's charter powers are limited to the furnishing of central steam service to the University; and Whereas, the University desires to contract with the Company for steam service in accordance with the terms hereof ; Now, Therefore, the parties hereto agree as follows:

ARTICLE I. DEFINITION OF MEDICAL CENTER DISTRICT

SECTION I.OI. T h e term "Medical Center District" shall mean an area within the City of Chicago the boundaries of which are Ashland Boulevard on the East, a line co-incidental with Congress Street extending from Ashland Boulevard in a westerly direction to Oakley Boulevard on the North, Oakley Boulevard on the West and Roosevelt Road on the South. Such area for the purposes of this agreement may be increased or decreased but only by agreement of the Company and the University.

ARTICLE I I . PROPERTY ADDITIONS AND REPLACEMENTS

SECTION 2.01. The Company in accordance with a reasonable time schedule approved in writing by the University shall construct a low pressure central steam plant and distribution system in accordance with plans and specifications prepared and approved as provided in Section 2.02. The facilities to be provided by the Company, in addition to such plant and distribution system, shall include all land, rights, privileges and permits therefor, together with a reasonable inventory of operating and maintenance materials and supplies, fuel and an adequate cash working fund. The Company shall not be obligated, without its consent, to expend more than $10,000,000 for all facilities provided hereunder including the construction of the initial system and all additions thereto. SECTION 2.02. Plans and specifications for the initial facilities shall be prepared by the Company in accordance with the general directions of the University. Plans and specifications for additions to and replacements of the Company's facilities shall be prepared by the Company in accordance with the general directions of the University. Before the Company proceeds with any such work the plans and specifications therefor shall have been approved in writing by the University. Before the Company enters into any construction contract which involves or may involve $50,000 or more, such contract shall have been approved in writing by the University.