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Caption: Board of Trustees Minutes - 1932
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1932] UNIVERSITY OF ILLINOIS 545 FIRST UNION TRUST AND SAVINGS BANK CHICAGO February 17, 1932 Mr. H . E. Cunningham, Secretary, Urbana, Illinois Dear Sir: This is to advise you that the First National Bank of Chicago will pay the University of Illinois 1 % interest on average balances. This amount is to be credited monthly, and the rate is to remain in force until further notice. Yours very truly, F. M . Gordon Treasurer REPORT ON TRANSFER OF TREASURER'S FUNDS AND SECURITIES (3) A report from Mr. Hazen S. Capron, the outgoing Treasurer, that in accordance with instructions of the Board, he has turned over to his successor, Mr. Frank M . Gordon, the balance in his hands on deposit at the First National Bank of Chicago amounting to $382,672.27. The balance remaining to be accounted for is $887,558.51. T h e securities deposited by the First National Bank of Champaign as collateral for M r . Gordon, and representing a par value of $810,800, have been delivered by the Federal Reserve Bank of Chicago where they were in safe keeping to Mr. Gordon and are now in his hands. They will be placed in safe keeping under the joint control of the Treasurer and the Comptroller, or their deputies, as soon as the Board has passed a resolution concerning this arrangement, which will be submitted separately. Securities representing the investment of permanent funds belonging to the University have been turned over to Mr. Gordon by Mr. Capron and have been deposited with the First Union Trust and Savings Bank under the terms of an agreement relating to the deposit of these securities authorized by the Board. This report w a s received for record. ACCESS TO TREASURER'S SAFE DEPOSIT BOXES (4) A recommendation that the following resolution be adopted authorizing the Treasurer and the Comptroller, or their deputies, jointly, to have access to safe deposit boxes rented by the Treasurer for the safe keeping of collateral deposited by him to secure University funds: R E S O L V E D , that access to safe deposit boxes rented by Frank M . Gordon, Treasurer of this Board, from the National Safe Deposit Company of Chicago, Illinois, for the purposes specified in section 4 of the resolution adopted February 10, 1932, m a y be had by Frank M . Gordon, Treasurer, and Lloyd Morey, Comptroller, of the Board of Trustees of the University of Illinois, or their authorized deputies, jointly, said deputies to be selected in accordance with section 5 of the resolution of February 10. O n motion of M r . Barr, this resolution w a s adopted. WITHDRAWAL OF SECURITIES REPRESENTING PERMANENT FUNDS (5) O n February 10 (Minutes, page 537) the Board approved a contract with the First Union Trust and Savings Bank for the safe keeping of securities belonging to the University and representing the investment of permanent funds. These securities are the property of the University and are in safe keeping separately from those securities deposited by the Treasurer of the Board as collateral to secure the general funds of the University in his custody. The contract provides that the Board shall determine h o w the securities representing the investment of permanent funds of the University m a y be withdrawn and that the depository bank shall be notified of the arrangement adopted. In accordance with this provision I submit the following procedure, suggested by the Comptroller, to provide for the withdrawals of these securities when necessary:
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