Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 602]

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1978]

UNIVERSITY OF ILLINOIS

589

Amendment to the Bylaws of the Board of Trustees

(10) At the request of bond counsel (Chapman and Cutler) in connection with the refinancing issue, it apparently is in order for there to be an amendment of the Bylaws of the board as they relate to the duties of the treasurer. The amendment would also incorporate into the Bylaws the past practices of the board. Accordingly, the following changes in Article VI, Section 4, of the Bylaws of the board are recommended (new material is in italics): Sec. 4. Treasurer. The Treasurer shall be the custodian of all the funds and securities belonging to the University. He shall give bond for the faithful performance of his duties and the proper accounting and delivery thereof, whenever required and with such security as may be approved by the Board. Such bond shall be in such amount as the Board may require from time to time, but not for less than five hundred thousand dollars. He shall not have authority to invest any permanent funds or convert any securities in his hands, except as directed by the Board. He shall not have authority to act or vote upon the making or letting of any University contract or the performance of any work, including but not limited to, the selection of any bank in which the University's funds or property may be deposited. He shall pay out of any funds, such sums only as shall be represented by warrants signed by the President of the Board and countersigned by the Secretary of the Board. He shall make a detailed report to the Board of all securities held by him and of all receipts and disbursements annually, or oftener when required, beginning with the balances shown in last report. O n m o t i o n of M r . N e a l , this r e c o m m e n d a t i o n and the proposed revision of Article V I , Section 4, of the Bylaws of the Board of Trustees were approved.

Revised Project Cost, Single-Student Residence; and Its Inclusion in Campus Life Auxiliary Support System, Medical Center

(11) On April 20, 1977, the Board of Trustees approved the construction of a 200-unit residence facility at the Medical Center campus and authorized the employment of architectural and engineering services for planning. The cost of the project was then estimated to be $7,500,000. On December 18, 1977, the total of the low bids received exceeded the funds available to finance the project by approximately 10 percent ($585,000), and on January 18, 1978, the president of the University reported the rejection of the bids. An analysis has indicated that the high level of bids was due primarily to an unpredicted increase in construction costs during the last quarter of 1977. The architects (Dubin, Dubin, Black, & Moutoussamy, Chicago) have now reviewed the plans and the program with University officers and have recommended modifications that will result in a revised project cost of $8,000,000. The economics feasibility study indicates that the facility will be self-supporting for operations, including the funding requirement for debt service and building renovations and repair reserve. Therefore, the president of the University recommends that the Board of Trustees authorize the project at a cost not to exceed $8,000,000, and that the project be included in the Campus Life Auxiliary Support System Parity Bond Issue "N." (It is anticipated that bids will be received in August or September 1978.) T h e s t u d e n t advisory v o t e w a s : Aye, M i s s C o n l o n , M r . Overstreet, Miss Winter; no, none.