Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 448]

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446

board of trustees

[September 29

adjoining Benton was given by Mr. W . B. Martin of Benton. The January 7, 1931, and July 7, 1931, interest payments due on this mortgage have become delinquent and attempts to secure collection have not been successful. The Finance Committee recommends that unless this property is deeded by M r . Martin to the University with a clear title foreclosure proceedings be instituted to protect the University's investment. O n motion of M r . Trees, this recommendation was adopted. RETIRING A L L O W A N C E S A N D D E A T H BENEFITS Mr. Trees, for the Finance Committee, made a report on progress of the study which the Finance Committee i making concerning the s future financing of the retiring allowances and death benefits system. R E L A T I O N O F A T H L E T I C ASSOCIATION T O T H E UNIVERSITY President Chase made a report on progress of the study of the relation between the Athletic Association and the University, which he was asked to make by the Board at its meeting on July 27, 1931. P U R C H A S E O F SECURITIES B Y F I N A N C E C O M M I T T E E Mr. Trees, for the Finance Committee, submitted a report that on September 1 the following securities representing investments of endowment funds were called for payment and yielded the amounts indicated: Chicago By-Products and Coke Company, 5 % bonds due January 1, 1976, c l e August 13, 1931 at 105. Amount realized.... $2 100 ald Commonwealth Edison Company, 5 % bonds due June 1, 1943, c l e September I, 1931 at 110. Amount r a i e ald elzd 16 500 T o avoid any undue loss of interest the Finance Committee authorized and directed the Comptroller to purchase the following securities as reinvestments of these funds: $5,500 Central I l n i Public Service Company 5 % First Mort- 637 50 lios $5 gage Bonds at 102.50, maturing May 1, 1956 $3,000 Wisconsin Minnesota Light and Power Company 5 % 3 First and Refunding Bonds at 102.875, maturing May 1, 086 25 1944 5 187 50 $5,000 Utah Power & Light Company 5 % First Mortgage Bonds 5 r32 64 at 103.75, maturing February 1, 1944 $5,000 Kentucky U i i i s Company 5 % First Mortgage Bonds tlte at 102, maturing February 1, 1961 (The additional amount needed to cover the above purchases was available from minor uninvested balances o endowf ment funds.) O n motion of M r . Blair, this action was approved. R E P O R T O N C A M P U S DRIVES President Chase made a report on the improvement of campus drives pursuant to the request of the Board at its meeting on June 26, 1931. This report was received for record. SURVEY OF PENNSYLVANIA A V E N U E A report from the Committee on Buildings and Grounds that the Chicago Title and Trust Company could not reach a definite conclusion with reference to the Pennsylvania Avenue matter unless they had abstracts of title to the property owned by the University,