Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 214]

EXTRACTED TEXT FROM PAGE:

1975]

UNIVERSITY OF ILLINOIS

203

State Comptroller and to warrants on the University Treasurer covering vouchers approved in accordance with regulations of the Board. Be It Further Resolved that the First National Bank of Chicago as a designated depositary of R. R. Manchester, Treasurer of this corporation, be and it (including its correspondent banks) is hereby requested, authorized, and directed to honor checks, drafts, or other orders for the payment of money drawn in this corporation's name, including those drawn to the individual order of any person or persons whose name or names appear thereon as signer or signers thereof, when bearing or purporting to bear the facsimile signatures of the two following: President and Secretary; and the First National Bank of Chicago (including its correspondent banks) shall be entitled to honor and to charge this corporation for all such checks, drafts, or other orders, regardless of by whom or by what means the facsimile signature or signatures thereon may have been affixed thereto, if such facsimile signature or signatures resemble the facsimile specimens duly certified to or filed with the First National Bank of Chicago by the Secretary or other officer of this corporation. And Be It Further Resolved that the State Comptroller is hereby authorized and directed to honor vouchers bearing facsimile signatures of the President and Secretary of the Board of Trustees of the University of Illinois if such facsimile signatures resemble the facsimile specimens duly certified to or filed with the State Comptroller by the Secretary. These authorizations are to continue in effect until the State Comptroller has been supplied with specimen signatures of succeeding officers of this Board.

INSTALLATION OF NEW TRUSTEES

At this point, Mr. Neal asked the three new Trustees, Mrs. Shepherd, Mr. Lenz, and Mr. Velasquez, to rise. He welcomed them to membership on the Board and read the following statement:

T h e statutes of the State of Illinois which created the University in 1867 prescribe the powers of the trustees: to establish and provide for the educational program; to hold and convey property; to provide the requisite buildings, apparatus and conveniences, etc., etc. The University of Illinois Statutes, promulgated by this Board, emphasize the responsibility of the Board: to secure the needed revenues for the University and to determine the ways in which the University funds shall be applied — and they make clear the distinction between the formulation of policy by the Board and the execution of policy by the President, other officers and other bodies of the University under authority delegated by the Board. However, beyond these formal specifications are certain intangible factors which arise out of our traditions as a popularly elected board of laymen. Out of the nomination process, a deep interest in the University is solicited. From the election process, accountability to the people of Illinois is assured. From this tradition arises a dual stewardship — to the people of Illinois and to the University community, a difficult, yet essential, inter-relationship which must be constructed and maintained by each of us as trustees of the University and for the people. My colleagues and I now formally welcome you to this difficult and important task, and we look forward to your participation in it.

The President also took note that, among those attending as guests of the University, were Mrs. Lenz and family, Mrs. Velasquez, Mrs. Neal,