Repository: UIHistories Project: Board of Trustees Minutes - 1976 [PAGE 78]

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1974]

UNIVERSITY OF ILLINOIS

67

It is recommended that this equipment be obtained through a lease agreement with the University of Illinois Foundation providing as follows: a. T h a t the University transfer title to two used videotape machines to the RCA Corporation. b. T h a t the University assign the bid of RCA Corporation to the University of Illinois Foundation, with the understanding that the Foundation will purchase the equipment desired by the Broadcasting Service, as described in the bid documents, at the total price of $197,221 and lease the equipment package to the University. c. That to finance this transaction the Foundation borrow $127,500 from the First National Bank of Chicago, at an annual interest rate of seven per cent, with the loan to be repaid over a five-year period. d. T h a t the Foundation lease the equipment to the University on a fiscal year basis, with annual options for renewal for a five-year period upon payment by the University to the Foundation of an initial sum of $69,721 on or before October 1, 1974, and annual lease payments thereafter sufficient to amortize the Foundation's borrowing in connection with this transaction. e. Lease payments to be made by the University will be subject to the availability of funds received from the Corporation For Public Broadcasting and from funds credited to the television services account from users of the service. Funds for the initial payment of $69,721 are available in the grant from the Corporation For Public Broadcasting and in the television services account. The President of the University, with the concurrence of appropriate administrative officers, recommends that the Comptroller and the Secretary of the Board of Trustees be authorized to execute on behalf of the University an agreement with the University of Illinois Foundation for the leasing of the equipment in accordance with the provisions stated above and to execute such other legal documents as may be necessary to implement this plan. O n m o t i o n of M r . S w a i n , a u t h o r i t y w a s g i v e n as r e c o m m e n d e d by t h e following v o t e : Aye, M r . F o r s y t h , M r . H a h n , M r . H o w a r d , M r . H u g h e s , M r . L i v i n g s t o n , M r . N e a l , M r s . R a d e r , M r . Steger, M r . S w a i n ; n o , n o n e ; a b s e n t , D r . Bakalis, G o v e r n o r W a l k e r .

State Universities' Cooperative Purchases

(32) O n June 19, 1974, the Board approved the initial purchases for three basic commodities jointly bid by the public senior universities in Illinois. T h e combined bidding procedures in the current phase of cooperative purchasing are now in final recommendation form for the basic commodities, air filters/ media and metal office furnitures. The low bids received for each of the two groups are acceptable and monetarily advantageous to all universities. Each participating university purchasing officer has been asked to obtain approval of his administration a n d / o r governing board for its portion of the combined bids. It is understood that all purchases resulting from these pilot procedures will be placed and administered directly with the low bidders by each participating university. The University Director of Purchases and the Vice President for Planning and Allocation recommend approval of the specific purchases of the combined bids relating to the University of Illinois. I concur.

The estimated total of these purchases is $209,752.29. A complete list of the purchases, with supporting information, including the quota-