Repository: UIHistories Project: Board of Trustees Minutes - 1978 [PAGE 605]

EXTRACTED TEXT FROM PAGE:

592

BOARD OF TRUSTEES

[April 12

Becker to act as agents or employees of the University, or shall establish any fiduciary or confidential relationship, or shall limit or restrict in any way the unqualified right of the University to proceed with the construction and financing of facilities at such time and in such manner as it deems to be in its own best interest. The University will bear all proper expenses of printing the revenue bonds, the Bond Resolution, the Official Statement, such reports as may be issued with A. G. Becker's approval, and the cost of advertising for bids for the sale of the bonds. The University has been advised by A. G. Becker that, once the "System" has been established and the first series of "Parity Bonds" have been issued thereunder, financial services, such as are provided by A. G. Becker, for future "Parity Bond" issues will not be required. This contract is considered exempt from competitive bidding procedures as service requiring professional skills. The vice president for administration has recommended acceptance of the proposal and has requested authorization for the appropriate officers to execute the documents necessary to authorize A. G. Becker to act as financial adviser to the University for this undertaking. I concur. T h e student advisory v o t e w a s : Aye, Miss C o n l o n , M r . Overstreet, Miss W i n t e r ; n o , n o n e . O n m o t i o n of M r . Livingston, this r e c o m m e n d a t i o n was approved and authority w a s g i v e n as requested by the following v o t e : Aye, M r . Forsyth, M r . H a h n , M r . H o w a r d , M r . Lenz, Mr. Livingston, M r . N e a l , Mrs. R a d e r , M r s . Shepherd, M r . V e l a s q u e z ; n o , n o n e ; absent, Governor Thompson.

Employment of Chapman and Cutler to Serve as Bond Counsel, Series N Parity Bonds

(14) On March 15, 1978, the Board of Trustees authorized the employment of the law firm of Chapman and Cutler to act as bond counsel for the University in connection with the advance re-funding bond issue. The university counsel has recommended that the firm also be employed as bond counsel in connection with the issuance by the University of approximately $35,500,000 in parity bonds to be known as Series N under the Campus Life Auxiliary Support System. I concur. T h e student advisory v o t e w a s : Aye, Miss C o n l o n , Mr. Overstreet, Miss W i n t e r ; n o , n o n e . O n m o t i o n of M r . L i v i n g s t o n , this r e c o m m e n d a t i o n w a s approved by the following v o t e : Aye, M r . Forsyth, M r . H a h n , M r . H o w a r d , M r . Livingston, M r . N e a l , M r s . R a d e r , Mrs. Shepherd, M r . V e l a s q u e z ; no, n o n e ; absent, Governor T h o m p s o n . M r . L e n z asked to be recorded as not voting.

Establishment of Parking Operations Development Reserve Fund and Award of Contracts for Site Improvements, Medical Center

(15) In December 1975, the City Council of the city of Chicago approved an ordinance vacating Hermitage Avenue between West Polk Street and West Taylor Street. The site of the replacement hospital includes the southern portion of the vacated street. All of the improvements within the hospital site are being financed by Capital Development Bond Funds, except for landscape improvements on the perimeter. The University, through the proceeds of sale of revenue bonds, constructed a 1,100-car parking structure east of the replacement hospital. In addition to the