ILLINOIS - The University of Illinois Board of Trustees

46 BOARD OF TRUSTEES [September 20
Budget of the Athletic Association of the University of Illinois
at Urbana-Champaign for FY 1979
(3) The director of intercollegiate athletics has submitted, on behalf of the Board
of Directors of the Athletic Association, the budget for the association for 1978-79,
which is summarized as follows with comparative figures for the preceding year:
Sources of Budget Appropriations 1977-78 1978-79
Estimated income from Athletic Association activities. . $2 932 053 $3 067 350
Athletic Association unappropriated surplus.. ....... -0- 352 692
Available for appropriation.. ..................... $2 932 053 $3 420 042
Appropriations ................................. $2 931 277 $3 420 042
The budget has been reviewed and approved by the chancellor at the Urbana-
Champaign campus and by the vice president for administration.
I recommend that this budget be approved and that the Board of Directors of
the Athletic Association be authorized to make such changes and adjustments, in-
cluding approval of new appointments and acceptance of resignations, as are neces-
sary within the total income and surplus of the association, provided that appoint-
ments to the positions of director, head football coach, head basketball coach, as
well as the assignment of funds for new projects or nonrecurring capital expendi-
tures in excess of $12,500 shall be presented to the Board of Trustees for approval.
The student advisory vote was: Aye, Miss Kooper, Mr. Sobotka, Mr.
Watson ; no, none.
On motion of Mr. Livingston, this recommendation was 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
Thompson.
Auxiliary Facilities System Revenue Bonds, Series N
(4) Bids were received at 1O:OO a.m. on September 20, 1978, for the sale of
$35,500,000 of Auxiliary Facilities System Revenue Bonds, Series N, of the Board
of Trustees of the University of Illinois to finance the construction of a multipur-
pose pavilion at the Chicago Circle campus, an addition to the student union at
the Medical Center campus, and a residence hall at the Medical Center campus to
be a part of the Auxiliary Facilities System, and to remodel, repair, replace equip-
ment, and improve certain of the existing facilities of the Auxiliary Facilities System.
The vice president for administration and comptroller recommends that the
bonds be sold to Morgan Guaranty Trust Company of New York at a price of par
plus a premium of $377.00 plus accrued interest from October 1, 1978, and at an
effective interest rate of 6.0711 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.
The vice president for administration and comptroller also presents a First
Supplemental System Revenue Bond Resolution' of the Board of Trustees of the
University of Illinois authorizing and providing for the issuance of $35,500,000
Auxiliary Facilities System Revenue Bonds, Series N, 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 the
president of the board, and by the facsimile signatures of Park Livingston and
Earl L. Neal, members of the board; (2) authorize the Continental Illinois National
A copy of the rcsdution is 61cd with the sscretary of the board for record.