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Caption: Board of Trustees Minutes - 1884
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241 And, whereas, there have arisen grave doubts as to the validity of said Kankakee <?ounty bonds now held by this University, therefore your committee would respectfully recommend that such proposition be accepted. S. M. MILLARD, CHAS. BENNETT, G. A. FOLLANSBEE, Committee. The report was received. The following resolution was offered by Trustee Follansbee, and was adopted: Besolved, That the report of the committee to whom was referred the matter of refunding the Kai:kakee county bonds be adopted, and that the Treasurer of this Board be authorized to surrender to the authorities of said county the bonds of said Kankakee county now held by him on behalf of the University, upon receipt by him of $48,000 in bonds of said county running twenty years with interest at the rate of 5 per cent, per annum and the sum of three thousand dollars in money. Besolved, further, That prior to the surrender of said bonds aforesaid the Executive Committee and G. A. Follansbee shnll secure the opinion of competent legal counsel, at the expense of said Kankakee county, as to the legality and regularity of the issue of said new bonds so to be given by said county in lieu of said bonds as aforesaid. Besolved, further, That these resolutions shall be invalid unless said settlement is made within 60 days from this date. The Auditing Committee made the following report, which was read and approved: CHAMPAIGN, I I I . , June 11, 1884. To the Board of Trustees of the Illinois Industrial University: Your committee respectfully report that they have examined vouchers of business agent Nos. 401 to 550 inclusive, and find them all in proper form and duJy receipted, except No. 445, for which money has been forwarded but receipt not yet received. We have also examined report of J. W. Bunn, Treasurer, and recommend that the same be approved. CHAS. BENNETT, ALEX. McLEAN, Auditing Committee. On motion of Trustee Bennett, an amount of $325 was appropriated for advertising, to be expended under the direction of the Eegent. Adjourned. S. M. MILLARD, E. SNYDER, President. Secretary. —16
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