Repository: UIHistories Project: Board of Trustees Minutes - 1888 [PAGE 39]

EXTRACTED TEXT FROM PAGE:

42

UNIVERSITY OF ILLINOIS. SECOND DAY'S SESSION.

The Board met at 9 o'clock a. m. Present—Trustees Bennett, Cobb, Eisenmayer, McKay, McLean, Millard and Pearman. A short recess was taken to attend chapel exercises. Trustee Pearman presented the following report from a special committee on farm administration:

To the Board of Trustees of the University of Illinois: Your committee to whom was referred the matter of future farm management, beg leave to report that they have met and considered the matter referred to them, and do not deem it expedient at the present time to recommend any material change in the general policy heretofore pursued in the management of the University farms. J . T. PEARMAN, CHAS. BENNETT, EMORY COBB, GEO. C. EISENMAYER,

The report was received and the committee discharged. Trustee Bennett made the following report:

To the Board of Trustees of the University of Illinois: The Finance Committee, to whom was referred the matter of the Regent's salary for the ensuing two years, recommend that said salary be fixed at $4,000 per annum. CHAS. BENNETT, GEO. C. EISENMAYER, F. M. McKAY.

The report was received and its recommendation adopted. On recommendation of the same committee, it was

Resolved, That the amomit of the Treasurer's bond be fixed at $150,000, and that the Executive Committee be authorized to receive and approve the same.

The committee on Nebraska and Minnesota lands made the following report, which was received:

UNIVERSITY OF ILLINOIS, URBANA, March 8, 1887.

To the Trustees of the University of Illinois: Your committee, charged with the care of the lands belonging to the University in Nebraska and Minnesota, reports as follows: Since the last report one tract has been sold in Nebraska: No. 54. Name. Benj. F. Leiby. Tract. N. W . 6, 2,8,151.84. Price. $2,125.76. Cash. $531.44

Some discrepancies have crept into former reports, as printed, on account of errors in proof reading. An examination of the books shows the following: Number of acres originally for sale in Nebraska Number of acres sold > . Number of acres yet for sale Total price of land sold 8,405.40 934.69 9,340.09 9,340.09

$110,120 94

Cash received at making of contracts $29,553 23 Cash received, principal paid on contractts 8,357 37 $37,910 60 Amount outstanding on contracts $72,210 34 Interest received on contracts, 1885 1,551 89 Interest received on contracts, 1886 4,449 61 Interest received on contracts, 1887 4,766 19 Interest due January 1, 1887, not yet paid. 905 b8 All interest due before January 1,1887, has been paid. The last corp in Nebraska was not so good as usual, and some requests have been made for extension of time for payment of principal and interest due. Extensions of principal have been agreed to, but parties have been notified that the payments of interest must be made. There is little doubt that all delinquent interest will soon be paid.