Repository: UIHistories Project: Board of Trustees Minutes - 1884 [PAGE 226]

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The above described lands were entered on account of the Illinois Industrial University at the United States Land Office in Beatrice, Nebraska, in 1867, with so-called Agricultural College Land Scrip. The patents for the same are in the possession of the University, without incumbrance, and all taxes have been paid. The University will convey to each purchaser, on completion of all payments and accrued interest, the title thus acquired. Method of Sale—Proposals for anv of the above named lands may be deposited with the Regent of the University at his office in Urbana, Illinois, which proposals will state for each quarter-section separately, the number of the quarter-section desired; the price offered per acre, which must not be less than that found in the foregoing list: the time asked for deferred payments, not more than ten years; the rate of interest offered, not less than eight per cent, per annum. Each proposal must be accompanied with a certificate of deposit in some United States National Bank, endorsed to the order of John W. Bunn, Treasurer of the Illinois Industrial University, for a sum of money not less than ten per centum of the whole amount offered for the quarter section proposed for. The proposals will be opened at the University as they are received; if proposals for the same tract of land should be received at the same date from two or more parties, the tracts proposed for will be awarded severally to the parties whose offers, conforming to the conditions above specified, are deemed most advantageous to the University. Should proposals, otherwise acceptable, but identical in price and terms, be made for the same quarter section by two or more parties, the award will be referred to the Executive Committee of the Trustees of the University for its determination. Should any bid be unsuccessful, the accompanying certificate of deposit will be immediately returned to the depositor thereof. Successful bidders will be notified immediately, by letter mailed to the address in their proposals, and deeds or contracts will be prepared without delay. Within thirty days of the date of the award, a payment of not less than fifteen per cent, of the whole amount of the price offered, must be made in addition to the ten per cent, already deposited, and the deeds or contracts must be perfected and taken by the purchaser, under penalty of forfeiture to the University of the ten per cent, deposited with the proposals for the land. Proposals may be made at any date for all of the lands not at that date sold, but the price offered must not be less than twelve dollars and fifty cents ($12.50) per acre for the whole body of lands then on sale, of which ten per cent, must accompany the proposal in the manner above described, and fifteen per cent, more be paid within thirty days; the balance of the price may be upon deferred payments bearing annual interest at eight per cent, per annum, the time of such payments being subject to negotiation. Such proposals will take precedence of any other offers made at the same time. The University reserves the right to change the above prices or to withdraw any portion or all of its lands from sale at its option. Forms of proposals and other information may be had of Burnham, Trevett & Mattis, at Beatrice, Nebraska, or of S. H. Peabody, liegent of the University, post-office, Champaign. By order of the Board of Trustees. |b CHARLES BENNETT, SELIM H. PEABODY, Committee. URBANA, I I I . , March 15,1884.

On motion of Trustee Earle, it was

Resolved, That it is the sense of this Board of Trustees that the authority conferred upon the special committee appointed at the December meeting for the sale of Nebraska lands, was intended to be complete and to repose in that committee full powers of sale or lease in such a manner and at such times as they may choose, not exceeding the limits and terms granted in the authority heretofore conferred.

The following resolution was passed:

Resolved, That the Regent be requested to tender to Professor S. A. Forbes the position of Professor of Zoology and Entomology in this University, and, if possible, perfect negotiations with him to that effect.

The Auditing Committee submitted the following report:

ILLINOIS INDUSTRIAL UNIVERSITY,

CHAMPAIGN, March 12,1884. To the President and Members of the Board of Trustees I. I. TI.: The undersigned, your Auditing Committee, would respectfully report: That we have examined the vouchers and accounts numbered 201 to 400, inclusive, and find the same correct, and a^k that the report of same, as made out by Business Agent, be made part of this report, and that the vouchers be filed. Respectfully submitted, ALEX. McLEAN, G. A. FOLLANSBEE, Committee.