Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 426]

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424

board of trustees

[September 29

INCOME F R O M AUTOMOBILE S H O W

(12) The automobile dealers of Champaign and Urbana were permitted the use of the west hall of the Memorial Stadium for an automobile show on March 19-21, 1931, with the understanding that they would pay all of the expenses involved and that any net income would be turned over to the University of Illinois Student Loan Fund. The Athletic Association has handled this matter for the University and has turned over the amount of £144.50 representing the net income from the show. This has been deposited with the Comptroller to the credit of the Student Loan Fund. This report w a s received for record.

DENTAL. BUILDING BONDS

(13) The Comptroller calls attention to the fact that bonds outstanding against the old Dental Building in the amount of $49,400 will become due on July I, 1932. The original indebtedness was ?6o,ooo, but from time to time we have been able to pick up and retire some of these bonds. This report w a s received for record.

KAISER MORTGAGE (TRUST FUNDS)

(14) A report that Mr. Simon Kaiser has accepted the terms indicated by the Board of Trustees on July 27, 1931 (Minutes, page 402) for the renewal of a farm mortgage due September I ($7,000 on eighty acres of land in Champaign County, at 6%) viz., that the principal be reduced by $500 at this time, and has completed a renewal of the mortgage for three years for the balance of $6,500 with interest at 6%. This report w a s received for record.

POPE MORTGAGE (TRUST FUNDS)

(15) O n June 27, 1931 (Minutes, page 402) the Board voted to renew the mortgage loan to B. W . Pope ($5250 on 400 acres of land near Benton, Illinois, at 6%) due September 30, 1931, for three years, at 6 % provided that $500 is paid on the principal at the present time. Mr. Pope writes that it will be difficult for him to make a payment of $500 at this time on account of heavy expenses he has incurred recently due to an automobile accident late in July. H e offers a counter proposal that the mortgage be renewed for $5,000 at 6 % for two years, instead of three as previously requested. O n motion of D r . N o b l e , this renewal w a s authorized under the terms proposed b y M r . P o p e .

PANHANDLE-ILLINOIS PIPE LINE COMPANY

(16) At the June meeting of the Board (Minutes, page 378) the Panhandle-Illinois Pipe Line Company was given a license to cross the campus. The Company has recently informed the University that it has not availed itself of this license because it was able to acquire a private right-of-way west of the University property. In view of this I recommend that the license be canceled and that the Company be advised by the Secretary of the Board of Trustees of this action. O n motion of M r . A r m s t r o n g , this license w a s canceled.

EXTENSION OF LEASE ON NEVADA STREET PRESIDENT'S H O U S E

(17) A report from the Supervising Architect that at the meeting of the Executive Committee of the Board of Trustees on August 25, 1931, President Emeritus David Kinley requested that his lease on the Nevada Street President's House be changed from September to December 1, 1931, or possibly January 1, 1932, tofitin with his plans for occupying it. At that time he was planning to go to Japan in the interests of the " A Century of Progress" Commission. Action on this was deferred by the committee until the September meeting of the Board. Since then the condition of Doctor Kinley's health has made it necessary for him to postpone his trip indefinitely and his plans at this time are uncertain. O n motion of M r . Blair, the B o a r d voted to extend the beginning of President Emeritus Kinley's lease until J a n u a r y 1, 1932, or such prior time as h e m a y w a n t to m o v e in.