Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 664]

EXTRACTED TEXT FROM PAGE:

1976]

UNIVERSITY OF ILLINOIS

653

included the following two projects for Willard Airport in their budget requests for FY 1976: 1. Overlay air carrier apron $1 008 000 2. Light N.E./S.W. runway and connecting taxiways 213 000 T h e Federal grant also contains a Fire/Crash/Rescue Facility at an estimated cost of $412,190. The project, if approved, will be funded with the Federal Aviation Administration providing 75 percent of the funds. The Capital Development Board has included $100,000 in its FY 1977 capital budget request for the State's portion of the facility. T h e President of the University, with the concurrence of appropriate administrative officers, recommends that the Comptroller and the Secretary of the Board be authorized to sign the grant agreement, agency and participation agreement, and all other documents necessary to accept a Federal grant for the above project for the University of Illinois-Willard Airport, subject to funds being made available. It is also recommended that the May 19, 1976, action of the Board be rescinded.

The student advisory vote was: Aye, Mr. Conlon, Mr. Summers, Mr. Szegho; no, none. On motion of Mr. Livingston, these recommendations were approved, and authority was given as recommended by the following vote: Aye, Mr. Forsyth, Mr. Hahn, Mr. Howard, Mr. Lenz, Mr. Livingston, Mr. Neal, Mrs. Rader, Mrs. Shepherd, Mr. Velasquez; no, none; absent, Governor Walker.

Medical Center Parking Revenue Bonds, Series of 1976

(23) Bids were received at 11:00 a.m. on June 16, 1976, for the sale of $4,500,000 of Medical Center Parking Revenue Bonds, Series of 1976, of the Board of Trustees of the University of Illinois to finance the construction of a parking structure at the Medical Center campus in Chicago. T h e Vice President for Administration and Comptroller recommends that the bonds be sold to John Nuveen & Co., Incorporated, at a price of $4,500,000 plus accrued interest from April 1, 1976, and at an effective interest rate of 7.3839 percent, which represents the lowest interest cost to the University. Tabulation of the bids received is being filed with the Secretary of the Board for record. T h e Vice President for Administration and Comptroller also presents a resolution of the Board of Trustees of the University of Illinois authorizing and providing for the issuance of $4,500,000 Medical Center Parking Revenue Bonds, Series of 1976, and recommends its adoption. He further recommends that the Board: (1) authorize the execution of the bonds by Earl W. Porter, Secretary of the Board, by facsimile signatures of die President of the Board and by the facsimile signatures of Park Livingston and George W. Howard I I I , members of the Board; (2) authorize the Comptroller to name a bank as paying agent or depositor, an alternate paying agent, and a second alternate paying agent; and (3) ratify and confirm all actions taken or to be taken by the officers and members of die Board in connection with the sale and delivery of the bonds to the purchasers indicated above. I concur.

Medical Center Parking Revenue Bonds Resolution

A resolution authorizing and providing for the issuance of revenue bonds for the purpose of paying the cost of acquiring, constructing, and equipping parking fa-