Repository: UIHistories Project: Board of Trustees Minutes - 1890 [PAGE 63]

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66

UNIVERSITY OF ILLINOIS.

The committee on Nebraska lands reported as follows:

WMU"

REPORT OF THE COMMITTEE ON THE SALE OF THE NEBRASKA LANDS.

The lands in the State of Nebraska, belonging to the University, having been sold, the committee which has had the matter in charge begs leave to make the following report as a full account of the transaction, and to preface the same with a brief statement of the steps taken by the Board leading to the appointment and instruction of this committee. I t was known t h a t the lands of the University lying in Gage county, Nebraska, were rising in value because of the influx of immigration, but no direct overtures had been made by persons desirous of buying, until a meeting of the Executive Committee of the Board, held October 27, 1882. A t t h a t meeting Major Pearman, of Nebraska, appeared and made an informal bid of ten dollars an acre for all the University lands in Gage county. The Trustees thought the offer a good one, but did not deem it advisable to accept it without bringing forward the business in a more formal and public way. ^ Accordingly"the*Regent was directed to advertise for bids for the lands, the bids to be received on or before the 12th of December ensuing, which was the time of the next regular meeting of the Trustees. The advertisement was made, bids were presented, and they were opened at the time appointed in the presence of the Board and of the bidders. Ten bids were received, varying from $4.14 to $6.43 per acre. I t was the opinion of the Trustees t h a t none of the offers approximated the true value of t h e property, and, in accordance with a privilege reserved in the advertisement, all the bids were rejected. In June, 1883, a committee consisting of Messrs. McLean, Bennett and Follansbee, and the Regent, was appointed to examine the lands and report. Careful examinations by personal inspection were made by Mr. Bennett and by the Regent, and at the December meeting they made a report. After full discussion, the following resolutions were adopted, and Mr. Bennett and the Regent were appointed a committee to carry the resolutions into effect: Besolved, T h a t a committee of two be appointed to appraise and fix minimum values on the lands in Gage county, Nebraska, belonging to the Illinois Industrial University, for the purpose of offering them for sale. T h a t the lands so valued be offered in amounts not less than regularly subdivided quarter sections. T h a t 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. T h a t 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 per cent, per annum until paid; and t h a t the purchaser shall pay all taxes which may be levied upon the lands so sold, after the day of sale. Besolved, T h a t 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. T h a t 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. Besolved, 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 such committee