Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 535]

EXTRACTED TEXT FROM PAGE:

632

BOARD OF TRUSTEES

[March 13

of this resolution the cost of the construction of said project to be paid from said Construction Fund Account shall be deemed to include the following: 1. The purchase price and cost of acquisition of real estate, easements, rights of way and other property necessary for the construction of such buildings, including the cost of abstracts of title, title examination and title insurance. 2. Fees and expenses of architects and engineers for services, preliminary investigation, preparation of plans and specifications, supervision of construction and performance of all duties of architects and engineers with respect to said buildings. 3. Payment for labor, material, equipment, services of contractors, builders and materialmen. 4. Premiums payable by the University to the date of completion of said buildings on policies of insurance against fires, floods, storms, lightning and other casualties and for so-called all risk coverage. 5. All taxes, assessments and other incidental charges levied against, or payment prior to the completion of said buildings, and taxes, if any, for recording and filing fees payable in connection with deeds of conveyance. 6. Condemnation awards in connection with the acquisition of property and easements necessary for said buildings, including court costs and legal fees therefor. 7. All expenses of preparing, issuing and delivering bonds issued hereunder. 8. Fees and expenses of legal counsel. 9. Fees and expenses of fiscal agents, depositaries or trustees of the Construction Fund Account. 10. Actual incidental expense, including telephone, telegraph, office expense and traveling expense. 11. Any and all other expenses necessary or incidental in the construction of said buildings, certified to in writing by the architects employed by the University for the construction of said buildings. Upon written request by the Comptroller of the University funds of this Account may be invested from time to time in United States Treasury Bills and held by the said Depositary for the credit of said Account. After completion of the project the Comptroller of the University shall execute a certificate to the effect that said project has been fully completed according to plans and specifications and in accordance with the provisions of this resolution, which shall be filed with The First National Bank of Chicago, and if there be any funds remaining in said Construction Fund Account at the time of filing of such certificate with the said bank, said funds shall be withdrawn from said account upon order of the Comptroller and Treasurer of the said University and credited to the Bond and Interest Sinking Fund Account hereinbefore provided for. That immediately upon delivery of said bonds to the purchaser the proceeds derived from the sale thereof shall be deposited with said The First National Bank of Chicago in said Construction Fund Account hereby created, which shall be a special trust account and said The First National Bank of Chicago in accepting the deposit of such funds shall agree to carry out the terms of this section and the provisions hereof on its part, subject only to the following expressed terms and conditions: 1. That said The First National Bank of Chicago shall not be responsible for any recitals herein or in the said bonds or for the validity of this resolution, or any of the terms agreed upon herein, nor for the performance of any of the agreements herein contained on the part of the University. 2. That said The First National Bank of Chicago shall not be liable for any action taken or omitted to be taken by it in good faith and in the exercise of reasonable care and believed by it to be within the discretion or power conferred upon it by this resolution, nor shall the said bank be responsible for the consequences of any error of judgment and shall be fully protected in relying upon the certificates to be filed with it for the withdrawal of funds by said Treasurer, and shall not be obligated to examine into the matter stated in said certificates or orders for payment to determine if said funds are being expended for a purpose permitted hereby, and shall not be answerable except for its own acts, receipts, neglect and default, nor for any loss unless the same shall happen through the negligence or want of good faith of the said bank.