Repository: UIHistories Project: Board of Trustees Minutes - 1884 [PAGE 214]

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218 On motion of Trustee Pearman, it $30 for telegraph poles, wires and proceeds covered into the treasury. Mr. Millard, from the committee sale of the Nebraska lands, reported was ordered that the offer of fixtures be accepted, and the appointed to arrange for the as follows:

Resolved, That a committee of two be appointed to appraise and fix minimum prices on the lands in Gage Co., Nebraska, belonging to the Illinois Industrial University, for the purpose of offering them for sale. That the lands so valued be offered in amounts not less than regularly sub-divided quarter sections. That the buyer shall pay in cash, at the time of purchase, not less than one-fourth of the price of his purchase, and the balance in deferred payments at such times and in such amounts as the committee shall deem most advantageous to make sale of such lands. That such deferred payments shall draw interest at eight (8) per cent, per annum, payable annually, with penalties in interest on such interest payments after due of not less than eight (8) per cent, per annum until paid, and that the purchaser shall pay all taxes which may be levied upon the lands so sold, after the day of the sale. Resolved, That when prices are fixed, as aforesaid, said committee shall adopt such measures for advertising said lands and receiving bids thereon at or above the prices fixed as shall seem best adapted to make speedy sales. That said committee may employ such aid as they may deem necessary to make such sales, incurring no unnecessary expense, and paying no commissions on such sales to agents or other persons unless with the approval of the Executive Committee. That in the event'of competition for any one or more quarter sections by bids at or in excess of the minimum price of any such lands, said committee shall submit such bids, together with the terms and securities offered, to the Executive Committee, which shall make the award. Resolved, That the sales herein provided for shall be made either by contract, with covenants for quit-claim deeds to purchasers upon completion of all deferred payments with interest thereon, or such deferred payments may be secured by mortgage or trust deeds. But said committee shall adopt, in making such sales, a method of security which shall furnish the safest and simplest security to the University, using such forms and instruments as shall be deemed best for perfecting such securities. Resolved, That all of said lands shall be offered in bulk to any purchaser at a price not less than twelve dollars and fifty cents ($12.50) per acre. And at any time after portions of said lands have been sold, the remaining lands not sold may be sold in bulk at the minimum price of twelve dollars and fifty cents. In ease such sale in bulk is made, not less than one-fourth of the price shall be paid in cash, and the deferred payments shall be for such time and on such terms, interest to be paid at not less than eight per cent, per annum, &s the Executive Committee shall determine, subject to the further approval of the Board of Trustees. Resolved, That when any lands belonging to the Illinois Industrial University, and situated in Gage Co., Nebraska, shall be sold, the President of the Board of Trustees of said University shall be, and he is hereby, authorized to execute a quit-claim deed for such land or lands in the name of said Board of Trustees; and the Secretary of said Board shall attest the same and shall affix the seal of the University thereto. Such deed and the execution thereof shall conform to the laws of the State of Nebraska, provided that the deed and the execution thereof shall not conflict with the laws of the State of Illinois and the resolutions of this Board, as to the authority of the Board. S. M. MILLARD, CHARLES BENNETT, J. T. PEARMAN, S. H. PEABODY, Committee.

On motion of McLean, the resolutions were adopted unanimously, and Charles Bennett and the Eegent were appointed a committee, with authority to carry the resolutions into effect. On motion, the Board adjourned until next regular meeting, subject, however, to the call of the President.