Repository: UIHistories Project: Board of Trustees Minutes - 1960 [PAGE 1146]

EXTRACTED TEXT FROM PAGE:

i960]

UNIVERSITY OF ILLINOIS

"43

ber 1, i960. Although this is not a solution to the student loan problem, it will provide temporary relief. The Vice-President and Comptroller and the Dean of Students recommend acceptance of this grant under the condition stated. O n m o t i o n of M r . H u g h e s , t h i s r e c o m m e n d a t i o n w a s a p p r o v e d . SALE OF SECURITIES RECEIVED FROM LAKELAND FOUNDATION (14) Mr. F . B. Hubachek of the Lakeland Foundation has made a gift to the University of Illinois of one hundred and forty-seven shares of the common stock of the Household Finance Corporation with a request that the stock be sold and the proceeds credited to the Lakeland Foundation gift account to which Mr. Hubachek has made cash donations each year for a number of years. The Lakeland Foundation gift to the University was established several years ago to carry on a research program in the Department of Clinical Science of the College of Medicine. Since the stock was given to the University by the Lakeland Foundation with the stipulation that it be sold, the following resolution should be adopted to authorize the sale of the stock. The stock had a value of $26.75 a share at the time of the gift on December 22, 1959. Resolution WHEREAS, the Board of Trustees of the University of Illinois is the owner of one hundred and forty-seven shares of the common stock of the Household Finance Corporation, and WHEREAS, it is the decision of said Board of Trustees to sell and dispose of this stock, Now, Therefore, Be It Resolved that this sale be completed and that A. J. Janata, Secretary, and H . O. Farber, Comptroller, be authorized to execute all documents necessary to accomplish this. O n m o t i o n of M r . H e r r i c k , t h e f o r e g o i n g r e s o l u t i o n w a s a d o p t e d by t h e f o l l o w i n g v o t e : A y e , M r . C l e m e n t , M r . H a r e w o o d , M r . H e r r i c k , Mr. H u g h e s , M r . Johnston, M r . Pogue, M r . Swain, M r s . W a t k i n s , Mr. W i l k i n s , M r . W i l l i a m s o n ; no, n o n e ; absent, M r . S t r a t t o n . ELECTRICAL SERVICE FOR LAUNDRY BUILDING CHICAGO PROFESSIONAL COLLEGES (15) The Director of the Physical Plant and the Vice-President and Comptroller recommend authorization of an agreement with the Commonwealth Edison Company, Chicago, for the installations necessary to supply electrical service to the new Laundrj' Building at the Chicago Professional Colleges at a cost of $3,153. The work will include construction of a duct run from the Edison Company's manhole in the street to the property line, installation of cables from the manhole to the Laundry Building, setting of transformers, and cable work within the transformer vault. Funds are available in the construction budget for the Laundry Building. I concur. O n m o t i o n of M r . H a r e w o o d , t h i s a g r e e m e n t w a s a u t h o r i z e d b y t h e following v o t e : A y e , M r . C l e m e n t , M r . H a r e w o o d , M r . H e r r i c k , M r . Hughes, Mr. Johnston, Mr. Pogue, Mr. Swain, Mrs. Watkins, Mr. Wilkins, M r . W i l l i a m s o n ; no, n o n e ; absent, M r . Stratton. ENGINEERING SERVICES FOR EXTENSION OF UTILITIES TO ASSEMBLY HALL (16) Provision was made in the state capital appropriations for 1959-61 for all utilities services to the Assembly Hall, including steam, electric, water, and storm and sanitary sewers. The funds are subject to release by the Governor and as a result of the "freeze order" on capital funds, all engineering work on utilities services was stopped. As it now appears that the University will not secure a release of funds in time to complete utilities by the time the building is constructed, an alternate method must be found to provide and finance temporary