Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 186]

EXTRACTED TEXT FROM PAGE:

1957]

UNIVERSITY OF ILLINOIS

183

cates. In the discharge of the University's responsibilities under the original Accountancy Act of 1903 and the present Illinois Accountancy Act of 1943, as amended, the Board of Trustees has adopted regulations for the administration of this law. T h e regulations provide for a Committee on Accountancy responsible to the President of the University and define its functions. I recommend that the first two paragraphs of the current regulations be amended to read as follows; the language to be stricken is in parentheses and the new language is in italics. The administrative functions of the University of Illinois under the Accountancy Act of 1943 as amended shall be performed by a Committee on Accountancy responsible to the President of the University. T h e Committee shall consist of the (Director of Admissions and Records and two other) Dean of Admissions or his deputy and two other members of the University staff, to be appointed by the President. This Committee shall receive all applications for examinations under the Act, shall examine all evidence submitted by such applicants in support of their application, and shall issue to approved applicants cards of admission to the examinations; and no candidate shall be examined who does not present to the appropriate Board of Examiners, at the time and place of examination as advertised, such card of admission, signed by the (Director of Admissions and Records) Secretary of the Committee. I also recommend that elsewhere in the regulations, wherever the title "Director of Admissions and Records" appears, it be changed to "Dean of Admissions." These changes are, of course, consistent with the change made in the title of Director of Admissions and Records to Dean of Admissions. Authorization of the Dean of Admissions to delegate his representation on the Committee is desirable for administrative reasons. O n m o t i o n of M r . Bissell, these r e g u l a t i o n s w e r e a m e n d e d , a s recommended. MEN'S RESIDENCE HALLS BOND ISSUE (5) The Board of Trustees has authorized certain steps preparatory to the issuance of bonds for the 1957 housing construction and financing program, including additional units for 1,332 undergraduate men. In preparing drawings for this project, the occupancy was increased to approximately 1,500. An application was submitted to the Housing and Home Finance Agency for a loan of $6,000,000, exclusive of equipment. T h e Housing and Home Finance Agency was not able to approve a loan of this size, but has given preliminary approval to and has reserved funds for $3,000,000, with the understanding that the balance will be financed through a bond issue sold to private investors. The exact amount to be borrowed privately will depend on total construction costs which will be determined when bids are taken. The preliminary estimate of the amount is $3,750,000, including equipment. The bonds to be sold to the Federal Government will bear interest at the rate of 2^6 per cent, which is considerably below the present market for municipal bonds. T h e Vice-President and Comptroller feels that with the government taking approximately half of the bonds, the average interest cost on the entire issue will be such that the project can be financed from the net income of the new halls plus the student fees authorized. H e recommends that a loan agreement with the Federal Government be executed on this basis and that advertisements for bids on the bond issue be published, announcing that not more than $3,000,000 of the bonds will be sold to the Federal Government at 2j£ per cent, unless an equal or better bid is received (in which case the entire issue will be sold to such bidder), and that the remainder will be sold to the lowest bidder at the public sale. I concur.

On motion of Mr. Swain, these recommendations were approved by the following vote: Aye, Mr. Bissell, Mr. Herrick, Mrs. Holt, Mr. Johnston, Mr. Livingston, Mr. Megran, Mr. Nickell, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Stratton.