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Caption: Board of Trustees Minutes - 1934
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1933] UNIVERSITY OF ILLINOIS 171 The Comptroller reports that he has received from the Committee a bond for $1,000, due July I, 1937, bearing interest at five per cent from the date of maturity of the former bond. The new bond has been deposited for safe keeping with the First Union Trust and Savings Bank of Chicago. This report was received for record. LA S A L L E - W A C K E R V. A letter from the Comptroller: BUILDING January 20, 1933 Mr. Merle J. Trees, 37 West Van B-uren Street, Chicago, Illinois DEAR M R . T R E E S : In September the Finance Committee authorized the deposit of $2,000 of 6% Series A first mortgage bonds of the La Salle-Wacker Building corporation received as an investment of the Babcock endowment fund and which are in default with a bondholders protective committee. These bonds were deposited with the committee in accordance with this action. I am now in receipt of a communication from this committee which I am enclosing to you. The committee proposes to reorganize the company and to issue first mortgage 5% bonds, due 1957, for 50% of the principal of Series A bonds and gold debentures due 1962 for 60% of these bonds, the latter to cover 50% of the principal plus interest from the date of the last interest payment, December 1, 1930. Interest on the debentures will be payable only to the amount of net earnings after meeting interest on the first mortgage bonds but not exceeding 5%. The plan is strongly recommended by the committee and it seems to be a satisfactory arrangement in view of the facts set forward. It is not necessary for us to formally accept the proposal and no action is necessary on our part unless we are unwilling to accept the committee proposal. I shall appreciate advice as to whether we should allow the plan of the protective committee to take its course. Cordially yours, LLOYD MOREY Comptroller No action was taken on this matter. FUNDS IN FIRST N A T I O N A L BANK OF CHAMPAIGN VI. A report from the Comptroller that he has received from the trustees of the First National Bank of Champaign participation certificates covering 40 per cent of special University Funds on deposit in that bank, other than those deposited by H. S. Capron, University Treasurer at that time, as follows: Certificate Number Fund Amount 485 Business Office Petty Cash Fund $5 818 00 3302 Stadium Fund 57 46 3548 Creamery Petty Cash Fund 410 86 The nature of these documents and the fact that no service is needed in relation to their collection would seem to justify handling them in the same manner as approved by the Board for certain securities of a similar nature as per action of November 19, 1932 (Minutes, page 146). Consequently he has deposited the certificates above described in the safety-deposit box authorized by the Board at that time, to be under the joint control of the Secretary of the Board and the Comptroller. T h i s r e p o r t w a s r e c e i v e d for r e c o r d . INTEREST ON UNIVERSITY FUNDS VII. On February 6, 1932 (Minutes, page 513), the Board authorized the Treasurer of the University to arrange with each depository selected by him for the safe keeping of the general funds of the University for the payment of interest on deposit funds at such rate as shall be agreed upon by the Treasurer and the depository, with the approval of the Board of Trustees, which interest shall accrue to the account upon which it is allowed. On March 8, 1932 (Minutes, page 545),the Treasurer informed UNIVERSITY
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