Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 489]

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478

BOARD OF T R U S T E E S

[ D e c e m b e r 17

Selection of Secondary Depositary for Medical Service Plan, Peoria School of Medicine

(14) T h e Comptroller of the Board of Trustees recommends the selection of the Commercial National Bank of Peoria, Peoria, Illinois, as a secondary depositary for Medical Service Plan receipts from the Peoria School of Medicine. Funds deposited in the bank will be transferred periodically to the University account at the First National Bank of Chicago. I concur and recommend the adoption of the following resolution. Be It Resolved, that the Commercial National Bank of Peoria (hereinafter sometimes referred to as the "Bank") be and hereby is designated a depositary in which the funds of the University may be deposited by its officers, agents, and employees, and that such officers, agents, and employees shall be and each of them hereby is authorized to indorse for deposit any and all checks, drafts, notes, bills of exchange, and orders for the payment of money, either belonging to or coming into possession of the University. Indorsements for deposit may be by the written or stamped indorsement of the University without designation of the person making the indorsement; Be It Further Resolved, that the funds deposited to the credit of the University may be withdrawn only by bank transfer to a designated depositary of the University upon order or direction of either the Director of Business Affairs at the Medical Center campus, A. W. Catrambone, or the Comptroller of the Board of Trustees, R. W. Brady. Be It Further Resolved, that each of the foregoing resolutions shall continue in force until express written notice of its rescission or modification has been received by the Bank, but if the authority contained in them should be revoked or terminated by operation of law without such notice, it is resolved and hereby agreed for the purpose of inducing the Bank to act thereunder, that the Bank shall upon its request, be insured against any loss suffered or liability incurred by it in so acting after such revocation or termination without such notice.

On motion of Mr. Livingston, the foregoing resolution was adopted. Status Report: Renegotiation of Equipment Usage Grant, Computer-based Education Research Laboratory, Urbana

(15) O n February 18, 1970, the Trustees authorized agreements with Control Data Corporation ( C D C ) , of Minneapolis, to support a program of research and development at the Computer-based Education Research Laboratory at the UrbanaChampaign campus. The agreements were to be in effect for five years and were renegotiable after five years. University officers and Control Data Corporation are in the process of renegotiating the arrangements. It is anticipated that the University and CDC would continue to engage and collaborate in the development of computer-based education systems. The new agreements would facilitate further cooperation between the parties to perfect and improve such systems, thereby advancing the frontiers of knowledge in this area. It is contemplated that the University would acquire a C D C computer for its current use and would acquire title to it at the end of seven years. Control Data Corporation would acquire certain exclusive and nonexclusive rights to develop, enhance, and sell a commercially marketable product in the field of computerbased education. Concurrently, certain existing licensing agreements between CDC and Uni-