Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 301]

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298

BOARD OF TRUSTEES

[July 28

RESIGNATION O F P R O F E S S O R McKENZIE (28) The resignation of Dr. Kenneth McKenzie, Professor of Romance Languages, effective September I, 1925. On motion of Mr. Trees, this resignation was accepted with regret.

FARMERS' COOPERATIVE DEMONSTRATION FUNDS

(29) The United States Department of Agriculture has agreed to assign the sum of $7200 to the University of Illinois this year to supplement Smith-Lever funds. The entire allotment m a y be expended on the salaries of supervisory agents of the State Extension Service at the rate of $900 per year per agent, or it m a y be expended on salaries of County Extension agents at the rate of $300 per annum per agent. This amount has been worked into the budget of the Agricultural Extension Service in accordance with the suggestions of the Department of Agriculture. I recommend that these funds be accepted and that the distribution as recommended by the Director of the Extension Service in his budget be approved. O n m o t i o n of M r s . Grigsby, these funds w e r e accepted a n d their distribution approved as r e c o m m e n d e d . SALE OF VIENNA EXPERIMENT FIELD (30) The Comptroller reports that, in accordance with the action of the Board on June 9, 1925, he has concluded the sale of the Vienna Experiment Field to C. C. Simmons and has received the authorized purchase price of £500. The total expenses of this transaction amounted to $26, making a net return of $474 from the sale of the land. I recommend that this amount be merged with the General Funds of the University. O n motion of M r . A r m s t r o n g , this r e c o m m e n d a t i o n w a s adopted.

REGULATIONS GOVERNING CARTER-PENNELL LOAN FUND

(31) I recommend that the following regulations to govern the Carter-Pennell Fund be adopted: The terms of the Carter-Pennell Trust Agreement provide that the net proceeds from the Trust Farms, as well as the net returns from any of the Trust Property, shall be used to aid worthy young people while students at the University of Illinois. From funds accruing in this manner the Comptroller shall make loans in accordance with the recommendations of the Council of Administration, approved by the Chairman of the Finance Committee of the Board of Trustees. The recommendations of the Council of Administration shall be subject to the terms of the Carter-Pennell Trust and to whatever regulations m a y be adopted by the Board of Trustees. Applications shall be made upon a form provided for the purpose andfiledwith the secretary of the Council of Administration. The minimum loan shall be $25 and loans not to exceed $500 per annum m a y be made to a student, but there shall not be loaned to any one student a sum in the aggregate exceeding $2,000. For each loan a judgment note in form approved by the Board of Trustees and for the full amount shall be taken. These notes will bear interest payable semi-annually in advance at the rate offivepercent per annum until maturity and seven percent thereafter until paid. Suitable security must be given on all notes but no member of the staff of the University of Illinois m a y sign as security. The maximum time limit for which notes m a y be drawn shall be for two years from thefirstof July next following the student's regular time of graduation, or in case a student does not graduate the note shall be drawn not to exceed two years from time of leaving school. Each note must bear a definite maturity date.