Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 929]

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920

BOARD OF T R U S T E E S

[October 25

I recommend that his leave be cancelled without prejudice as to a future application.

On motion of Mr. Nickell, this leave was cancelled as recommended.

AWARD OF CERTIFICATES O F CERTIFIED PUBLIC ACCOUNTANT ( 2 ) T h e Committee on Accountancy recommends that the certificate of Certified Public Accountant be awarded the following who have made applications therefor under Section 5 of the Accountancy Act of 1943, and who have submitted evidence that they are holders of valid and unrevoked certificates of certified public accountants obtained in other states by passing the regular written examinations. They have also met the other requirements specified in Section 5 of the Act.

GEORGE HERBERT BREYER ( N . C . ) JOHN HARRY GILBY ( N . Y . ) SAMUEL W I L L I A M M C W I L L I A M S ( I n d . )

I concur.

On motion of Mr. McLaughlin, these certificates were awarded as recommended.

LEGAL SERVICES FOR MEDICAL CENTER STEAM COMPANY (3) T h e costs of the legal services required in setting up the Medical Center Steam Company and in financing the construction of the steam plant for the Chicago Professional Colleges are payable by the University. T h e firm of Isham, Lincoln, and Beale, Chicago, was employed for this purpose under arrangements between the Medical Center Steam Company and the Northwestern Mutual Life Insurance Company, which is financing the project. The officers of the Medical Center Steam Company have submitted a report of legal services rendered to date and have asked the University's concurrence. The law firm desires to charge a fee which is entirely satisfactory to the University. This has been considered by the Legal Counsel and the Comptroller, who recommend that the University concur in a fee of $8,500 for services rendered through October 10, 1949. Of this total, $1,000 is related to the organization of the Company and $7,500 to financing. There will probably be some additional legal expense incidental to the final closing of the bond issue after construction is completed about July, 1951. These legal services will be paid for by the Medical Center Steam Company and no University appropriation is required at this time. I recommend that the Board of Trustees concur in the payment of the proposed fee.

On motion of Mr. Herrick, the Board concurred in the payment of the proposed fee.

PAYMENTS TO LOCAL GOVERNMENTS IN LIEU O F TAXES (4) An Act of the General Assembly of Illinois (Senate Bill 276, Sixty-sixth General Assembly), approved July 8, 1949, authorizes the Board of Trustees of the University to make payments to local governments in lieu of taxes on certain University properties. Pursuant to this act, the Legal Counsel has made agreements with the State's Attorneys of Champaign, Piatt, and De Kalb Counties to pay for governmental services in lieu of taxes. Payments were made covering the period 1944 through 1948 (of which $23,456.02 was the amount paid for 1948), on income-producing properties. A summary of the payments is presented for record: Champaign County On 128 residence properties constructed or purchased by the University for rental to staff $20 977 10 On Kimmel farm, near Savoy, adjoining the Lmiversity of Illinois Airport 1 421 56 (This represents payments for the period 1944-1947. T h e land has now been turned over to the Athletic Association for use as a golf course so that it will no longer be taxable.) On Arcade Building, 1944-1948 1 429 46 (This payment covers only the taxable area of the building, which is leased as a commercial restaurant.)