Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 544]

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542

BOARD OF TRUSTEES

[March 8

i. Certified copy of letter from the First National Bank of Chicago, dated February 10, 1932, addressed to Mr. Frank M . Gordon, Treasurer, concerning deposit of collateral to secure the Treasurer's funds. 2. Letter from First Union Trust & Savings Bank of Chicago, dated February 10, 1932, addressed to Mr. Frank M . Gordon, Treasurer, and Mr. Lloyd Morey, Comptroller, reporting on the deposit with i by the First National t Bank of Chicago of certain securities as collateral to secure the Treasurer's funds. 3. Letter from Mr. Frank M . Gordon, Treasurer, to Mr. H. E. Cunningham, Secretary of the Board, dated February 17, 1932, concerning interest on University funds. I recommend that these letters be printed in the Minutes for record and that the original copies be filed with the Secretary of the Board. O n motion of Dr. Noble, this recommendation w a s adopted. FIRST UNION TRUST AND SAVINGS BANK CHICAGO February 17, 1932 Mr. H. E. Cunningham, Urbana, Illinois Dear Mr. Cunningham: I enclose herein certified copy of a letter from the First National Bank of Chicago dated February 10, 1932, addressed to m e as Treasurer of the University of Illinois, in accordance with the request contained in your letter of February nth. Yours very truly, F. M . Gordon Vice-President FIRST NATIONAL BANK OF CHICAGO Chicago, February 10, 1932 Mr. Frank M. Gordon, Treasurer, Board of Trustees of the University of Illinois, Chicago, Illinois M y dear Mr. Gordon:— In re: Deposit of Collateral to Secure Deposit of Funds by Frank M . Gordon as Treasurer of the Board of Trustees of the University of Illinois. Having been designated as a depository of the funds which will or have come into your possession or under your control as Treasurer of the Board of Trustees of the Universitj' of Illinois, and in conformity with your requirements in that connection, you are advised: That in order to secure more fully the moneys and funds deposited in the First National Bank of Chicago by you as such Treasurer, the First National Bank of Chicago did on the 10th day of February, 1932, by direction of yourself as Treasurer of the Board of Trustees of the University of Illinois, transfer and deliver to First Union Trust and Savings Bank, Chicago, Illinois, for the purposes of this agreement, certain bonds and securities of the United States Government more fully described in the annexed Schedule A and of the actual market value, on said date of 431,350.00 Dollars; that the securities aforesaid as well as any and all substitutions and additions which may be were and will be delivered by us to said First Union Trust and Savings Bank and shall be received and held by i to insure the payment to yourself as Treasurer t of the Board of Trustees of the University of Illinois, and your successors in office, of any and all sums of money, with interest thereon as from time to time agreed, which are now or may hereafter be deposited in the First National Bank of Chicago by you as such Treasurer, which account is kept with us in the name of the Board of Trustees of the University of Illinois by Frank M. Gordon, its Treasurer.