Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 504]

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502

BOARD OF TRUSTEES

ooo 1 ooo 1 6001 745

[January 24

Items Deferred Laboratory Equipment Miscellaneous Furnishings Professional Services Moving Departments Total to be financed by University. Total financing of Building

180 30 12 3

226 345 Si 683 345 Percentage of Total 366 000 I 091 000 $1 457 000

25 1

Distribution of Federal Financing Original Grant (30%) Original Loan (70%) 854 000 Additional Loan (January, 1936) 237 000 Total Loan Total approved by Federal Government

74-9 ico.o

ANNUAL PAYMENTS R E Q U I R E D FOR PRINCIPAL AND INTEREST FEDERAL GOVERNMENT LOAN

(Prepared by Comptroller's Office) Year December 31, December 3 1 , December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, December 31, Total Ended 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 Balance of Annual Payments Required Loan at End Total Interest Principal of Year $43 640* $43 640" $1 091 000 83 640 43 640 $40 000 1 051 000 82 040 42 040 40 000 1 on 000 85 440 40 440 45 000 966 000 83 640 38 640 45 000 921 000 81 840 36 840 45 000 876 000 85 040 35 040 50 000 826 000 83 040 33 040 50 000 776 000 81 040 31 040 50 000 726 000 84 040 29 040 55 000 671 000 81840 26840 55000 616000 84 640 24 640 60 000 556 000 82 240 22 240 60 000 496 000 84 840 19 840 65 000 431 000 82 240 17 240 65 000 366 000 84640 14640 70000 296000 81 840 n 840 70 000 226 000 84040 9040 75000 151 000 81 040 6 040 75 000 76 000 79 040 3 040 76 000 s $1 619 800 $528 800 $1 091 000

T h u s the total cost to the University of the second unit may reach an estimate of $1,846,145 (if the payments on the loan extend over a period of twenty y e a r s ) , compared with a State appropriation of $1,400,000 for the first unit constructed during 1929-31. This estimate includes $226,345 of funds which must be secured from State appropriations, or other non-Federal sources, for laboratory equipment, general furnishings, and the expenses of moving the College of Dentistry and other departments into the new unit. It would appear that the total cost of this project is very high, compared with the cost of the first unit. However, the estimate of $1,846,145 includes an item of $528,800 for interest charges, covering a period of twenty years, and the principal amount of $1,091,000, or the maximum loan approved, which must be repaid. T h e Uni'These are estimated costs used in preparing the original application for construction of the building as a P.W.A. project. They are submitted here subject to revision when more careful estimates, now being prepared, are completed. 'Will be reduced by any accrued interest at date bonds are sold. •No provision included for fees of trustees and bank.