Repository: UIHistories Project: Board of Trustees Minutes - 1871 [PAGE 115]

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107 Mr. Edwards, on his request, was granted leave of absence. On motion, the Board adjourned to meet again at half-past seven o'clock P . M. The Board met according to adjournment. The chairman of the Finance Committee read the following report, which was voted upon in detail, and adopted:

REPORT OF FINANCE COMMITTEE.

Tour Committee on Finance beg leave to report as follows : It will be remembered that at our last annual meeting, we were instructed, with the Treasurer, to enforce the provisions of a contract then existing with G. F . Lewis, for the sale of 50,0S0 acres of land scrip at 89J- cents per acre. After considerable correspondence in regard to the matter we received payment as per contract. The committee appointed to locate the balance of our land scrip, report that they have been unable to find suitable locations as yet, but they are of the opinion that there are government lands now being surveyed in Southern Kansas from which we may, during the coming season, be able to make desirable selections. We would recommend that the committee, consisting of Messrs. Goltra and Bunn, be reappointed, and that D. A. Brown, of Sangamon, be added thereto. The amount of scrip to be located is 153 pieces, or 24,480 acres. We also recommend that said committee be requested to keep themselves as well informed as may be in regard to our lands already located, and that when, in their opinion, they can be disposed of at not less than five dollars per acre, that they report the same to the Executive Committee in order that steps may be taken to put them in market, if deemed advisable. The Treasurer and Chairman of this committee have endeavored, during the past year, to re-invest our six per cent, securities in safe bonds, bearing a larger rate of interest. W e have already arranged and exchanged for $15,000 Champaign county bonds, at 10 per cent. We have delayed investing in bonds issued for railroad purposes, under the act of 1868-9—commonly known as the Railroad Funding Bill—fearing that there might be some question as to their constitutionality, and also that some unfriendly legislation might be made during the present session of our General Assembly. As nothing of the kind has occurred, we now propose to exchange, as .soon as possible, for that class of securities where they are issued by our best counties, and' their total debt is not excessive. We do not think it wise to invest in town bonds.