Repository: UIHistories Project: Board of Trustees Minutes - 1890 [PAGE 64]

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PROCEEDINGS OF BOARD OF TRUSTEES.

67

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. Besolved, T h a t 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. I n case 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, as the Executive Committee shall determine, subject to the farther approval of the Board of Trustees. Besolved, T h a t when any lands belonging to the Illinois Industrial University, and situated in Gage county, 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 a t t t e s t 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 t h a t 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 this Board. On appraisal, prices were fixed on each quarter section, varying from ten dollars to fifteen dollars per acre. After advertisement, sales began on the 4th day of March, 1884. Competition was made on a few pieces. After t h a t date sales were made whenever any person should offer the prices and terms fixed by the resolutions of the Trustees. The following statement gives the names of purchasers, descriptions of tracts, prices offered, moneys paid or yet due for principal or for interest, and the totals under the several heads. [See pp. 69 and 70.] The committee adopted this method of sale: Each intending purchaser sends to the committee a proposition in writing stating the tract which he desires and the price and terms at which he is willing to buy. Ten per cent, of the purchase money is deposited and a certificate of deposit accompanies the application, this sum to be forfeited in case the application is accepted and the applicant fails to complete his purchase. Fifteen per cent, more is paid on completion of the purchase within 30 days from the acceptance of the proposition by the committee. The form of sale adopted is by contract, given by the University, for a deed to be made when the payments shall be completed according to the terms,of the contract. On twelve contracts all payments have been made and deeds given. On all contracts payments have been made with remarkable punctuality, and on none has it been necessary to resort to any legal process to enforce payment or to vacate contracts. All sales have been made in the office of the Regent. The committee found it covenient to have a correspondent at Beatrice, in Gage county, and were fortunate in securing the services of Mr. Charles E. Baker, of the firm of Burnham, Trevett and Mattis, of Beatrice and Champaign. Mr. Baker's services have been exceedingly useful, and have been rendered for a very slight compensation. The committee desires to express its high appreciation of the assistance received from this gentleman, and from the firm of which he is a member. When the lands were inspected several persons were found to be trespassers, engaged in herding considerable numbers of cattle and sheep upon the property of the University. By the exercise of a little patience, settlements were made with all these persons, quietly and amicably, some money was collected for use already made, and some tracts were rented by the season for subsequent use. On a note taken for one of these rents $39.29 remains due, which with $928.25 collected, makes the revenue from this source $960.54.