Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 1244]

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I952]

UNIVERSITY OF ILLINOIS

I34I

inventors, subject first to full and complete clearance by the Office of Naval Research. 3. Mr. Peter Baram, a graduate student in bacteriology in the College of Medicine, recently isolated a soil actinomycetes capable of inhibiting, in vitro, several fungi pathogenic for man as well as certain pathogenic bacteria. He has inquired whether or not patent rights should be established by the University for this organism. Dr. Milan Novak, Head of the Department of Bacteriology, has pointed out that the antibiotic has very little chance of becoming useful in therapy because it is such a toxic material. Hundreds of antibiotics have been discovered but most of them must be discarded because of their toxicity, and Mr. Baram's discovery appears to be in this class. Accordingly, the University Patent Committee recommends that all rights be released to Mr. Baram to develop as he may see fit. I concur.

On motion of Mrs. Holt, these recommendations were approved.

REFINANCING M E N ' S RESIDENCE HALLS BONDS

(12) The Board of Trustees has authorized the expansion of Residence Halls facilities at Urbana-Champaign and refinancing of the present bond issue on the Men's Residence Halls. A resolution, prepared by Chapman and Cutler, attorneys, Chicago, exercising the option of redeeming these bonds is presented for adoption. Resolution Exercising Option to Redeem $233,000 University of Illinois Men's Residence Halls Revenue Bonds of 1048. WHEREAS this Board of Trustees of the University of Illinois has heretofore determined to borrow money and issue Revenue Bonds for the purpose of building an additional unit to the Men's Residence Halls to be located at 1233 and 1247 South Fourth Street, Champaign, Illinois, and to remodel Busey and Evans Halls, residences for women located at 1111-1115 West Nevada Street, Urbana, Illinois, and preparations are being made to borrow money and in evidence thereof to issue revenue bonds for that purpose; and WHEREAS there are presently outstanding University of Illinois Men's Residence Halls Revenue Bonds of 1948 in the principal amount of $233,000, dated March I, 1948, numbered from 168 to 400, inclusive, due serially on September I, 1952, and March 1 and September 1 of each of the years 1953 to 1959, inclusive, and on March 1, i960, for the payment of which the revenues of the Men's Residence Halls located at 1215 South Fourth Street, Champaign, Illinois, have been pledged, and this Board of Trustees deems it necessary, advisable, and in the interests of the University that all of the outstanding University of Illinois Men's Residence Halls Revenue Bonds of 1948, maturing after March 1, 1952, be called for redemption, in accordance with their terms, and that sufficient revenue bonds be issued to refund said outstanding bonds; and WHEREAS pursuant to the resolution adopted on the 21st day of February, 1948, by this Board of Trustees authorizing the issuance of said bonds, it is provided that said bonds may be redeemed on any interest payment date on or after March 1, 1951, up to and including September 1, 1953, at par and accrued interest and a premium of two per cent (2%) of the principal amount thereof; and WHEREAS it is deemed advisable and in the interests of the University of Illinois that this Board of Trustees exercise its option to redeem said bonds on March 1, 1952, and to issue revenue bonds to refund the same; Now, Therefore, Be It Resolved by the Board of Trustees of the University of Illinois, as follows: SECTION I . That this Board of Trustees of the University of Illinois exercise its option to redeem all of its outstanding University of Illinois Men's Residence Halls Revenue Bonds of 1948, maturing as set forth in the preambles of this resolution. SECTION 2. That the Comptroller of the University and the Secretary of this Board be and are hereby directed to give notice of the redemption of said bonds on March I, 1952, by publication of notice at least once not less than thirty days