Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 536]

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UNIVERSITY OF ILLINOIS

633

3. T h a t said The First National Bank of Chicago shall be entitled to advice of counsel concerning all matters arising under this resolution and its duties hereunder, and may in all cases pay such reasonable compensation as it shall deem proper to such counsel, and all such outlays and expenditures shall be repaid to the said bank out of the moneys in the Construction Fund Account. SECTION 12. The provisions of this resolution shall constitute a contract between T h e Board of Trustees of the University of Illinois and the holders of the bonds herein authorized to be issued, and after the issuance of the bonds no changes, additions, alterations or amendments of any kind shall be made to this resolution in any manner, until such time as all of said bonds issued hereunder, and interest thereon, shall be paid in full, or unless and until provision shall have been made for the payment of all bonds hereby authorized and interest thereon in full. SECTION 13. Any holder of a bond or bonds, or any of the coupons of any bond or bonds, issued under the provisions of this resolution, may either in law or in equity, by suit, action, mandamus or other proceeding, enforce or compel the performance of all duties required by this resolution or the acts under which the bonds hereby authorized are issued, including the fixing, maintaining and collecting of such rents, charges and fees for the use of such properties and all facilities thereof as will be sufficient for all the purposes provided by this resolution, and the application of income and revenue therefrom. SECTION 14. If any section, paragraph, clause or provision of this resolution shall be held invalid, the invalidity of such section, paragraph, clause or provision shall not affect any of the other provisions of this resolution. SECTION .15. T h a t the President, Secretary, Comptroller and Treasurer of The Board of Trustees of the University of Illinois, be and they are each of them hereby authorized and directed to execute all instruments, papers, documents and agreements necessary or convenient to accomplish the issue and delivery of the said Revenue Bonds to the purchaser thereof. SECTION 16. That said revenue bonds shall be executed as provided herein as soon after this resolution becomes effective as may be, be deposited with the Treasurer of said University, and be by him delivered to T h e Milwaukee Company and F. S. Yantis & Co., Inc., the purchasers thereof, upon receipt of the purchase price, and the contract for the sale thereof heretofore entered into be and the same is hereby in all respects ratified and approved. SECTION 17. T h a t this resolution shall be in full force and effect from and after its passage. Passed March 13, 1951. Recorded March 13, 1951.

P A R K LIVINGSTON

ATTEST:

A. J. JANATA

President, Board of Trustees

Secretary

On motion of Mrs. Watkins, this resolution was adopted by the following vote: Aye, Mr. Fornof, Mr. Grange, Mr. Herrick, Mr. Hickman, Mrs. Holt, Mr. Johnston, Mr. Livingston, Mr. Megran, Mr. Nickell, Mrs. Watkins; no, none; absent, Mr. Stevenson.

INTERNAL REVISION O F BIENNIAL O P E R A T I N G B U D G E T FOR 1 9 5 1 - 1 9 5 3 (25) The Executive Committee of t h e University Council, which under University Statutes advises t h e President in the preparation of budgets, has made the following recommendation with respect to the biennial operating budget for 1951-1953, as adopted by the Board of Trustees on September 29, 1950: The Executive Committee recommends to the President t h a t in view of recent increases in the cost-of-living index, now 5 per cent above the level at the time of the preparation of the coming biennial budget, t h a t t h e Committee would approve an increase in Item I I I A, Salary and wage increases, from $2,400,000 to $3,600,000, this change to be offset by revising Item IV, Estimated Savings due to lower enrollments in 1951-1953, by decreasing from — $1,000,000 to —$2,200,000.