Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 603]

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590

BOARD OF TRUSTEES

[April 12

On motion of Mr. Lenz, these recommendations were approved and

authority was given as recommended by the following vote: Aye, Mr. Hahn, Mr. Howard, M r . Lenz, M r . Livingston, Mr. Neal, Mrs. Rader, Mrs. Shepherd, Mr. Velasquez; no, M r . Forsyth; absent, Governor Thompson. CHANGE OF DATE FOR MAY 1978 MEETING In the presentation of the following items (related to the advance re-fund bond sale), it was pointed out that there will be sales of bonds by state and state-related agencies in the next few weeks and that the Governor's Office and die Bureau of the Budget have indicated that additional time between the sale of these bonds and the University's bond sale will be advantageous to both. Accordingly, the president recommended that the Board of Trustees change its regular May 1978 meeting date from May 17 to May 24, to delay briefly board action regarding the proposed University bond sales. O n motion of Mr. Neal, the trustees unanimously approved the change as recommended. [Subsequently, in view of new rules issued by the Department of the Treasury, Internal Revenue Service, relating to arbitrage bonds, it became necessary to call a special meeting of the board to authorize the bond sale earlier than planned. Such a meeting was held on May 15, 1978, in Springfield, Illinois. (The minutes of that meeting are published following these minutes.)] Preliminary Official Statement, Advance Re-Funding Bond Issue (12) At the March 15, 1978, meeting of the board, authorization was given to proceed with a planned underwriting for an advance re-funding bond issue encompassing all outstanding bonded indebtedness of the University as of April 12, 1978, and encompassing the outstanding existing indebtedness on loans of the University of Illinois Foundation on Memorial Stadium and the IntramuralPhysical Education Building. A draft "Preliminary Official Statement" has been prepared by A. G. Becker, with the assistance of Chapman and Cutler, bond counsel, and the University. It is desirable for the Board of Trustees to approve the statement in order to proceed to obtain the necessary certifications and bond ratings and to arrange for the planned underwriting sale. The statement has been reviewed and approved by Chapman and Cutler. The vice president for administration has recommended approval of the "Preliminary Official Statement"1 for the Advance Re-Funding Bond Issue of 1978 and has requested authority to procure any necessary outside public accounting firm certifications, bond ratings, and other legally required documents in connection with the bond issue. A formal resolution adopting a final "Official Statement" will be presented to the board for approval at the May 1978 meeting. I concur and recommend the adoption of the following resolution: The form of the "Preliminary Official Statement" presented to this meeting is hereby approved, and the comptroller or the assistant comptroller of the board is hereby authorized and directed to execute the same in the name and on behalf of the board in substantially the form presented to this meeting, or with such changes as may be approved by the officer of the board executing the same, his execution thereof to constitute conclusive evidence of the board's approval of all changes from the form

1

A copy has been filed with the secretary of the board for record.