Repository: UIHistories Project: Board of Trustees Minutes - 1900 [PAGE 262]

EXTRACTED TEXT FROM PAGE:

242

UNIVERSITY OF ILLINOIS.

[ J a n . 10,

$68,234 73 3,691 87 1,317 13 8,525 35 $81,769 08

General University, Nos. 1 to 674, inclusive Agricultural Experiment Station, Nos. 1 to 75, inclusive School of Pharmacy, Nos. 1 to 15, inclusive... School of Medicine, Nos. 1 to 139, inclusive

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We have found the above vouchers duly receipted and in proper form. Respectfully submitted,

F. M. MCKAY, THOMAS J. SMITH, A. F. NIGHTINGALE,

Finance Committee. Mr. N i g h t i n g a l e offered t h e following r e s o l u t i o n : Besolved, That it is advisable to make a contract with the College of Physicians and Surgeons substantially on the basis of the Committee report, revised as suggested by Mr. Bullard. T h i s m o t i o n prevailed b y t h e following v o t e : Ayes—Messrs. B a y liss, B u l l a r d , H a t c h , N i g h t i n g a l e , a n d S m i t h , a n d M r s . Flower, M r s . Oarriel, and Mrs. A b b o t t . N o — M r . F u l k e r s o n . A b s e n t , G o v e r n o r T a n n e r a n d Messrs. M c K a y a n d M c L e a n . T h e F i n a n c e C o m m i t t e e r e p o r t e d t h a t it h a d , p u r s u a n t to t h e o r d e r of t h e Board, formulated p l a n s as follows, in accordance with which loans from t h e S n y d e r F u n d would b e m a d e to U n i v e r s i t y s t u d e n t s :

LOANS FROM SNYDER FUND TO STUDENTS. UNIVERSITY OF ILLINOIS, EDWARD SNYDER DEPARTMENT OF STUDENTS' A I D .

The Business Manager shall make loans to the students from the fund of the Edward Snyder Department of Students' Aid upon and in accordance with the recommendations of the Council of Administration approved by the Finance Committee. The recommendations of the Council shall be subject to the terms of the deed of gift and to the regulations adopted by the Board of Trustees for this purpose. Each application shall be upon a blank form provided for the purpose, properly filled out, and no recommendation for a loan shall be made without the favorable endorsement of the entire Council upon such blank. The minimum loan shall be fifty (50) dollars and the maximum loan to a Junior student shall be one hundred .fifty (150) dollars, to a Senior or Graduate student two hundred (200) dollars. For each loan ;i note of hand shall be taken, drawn for the full amount of loan and with interest at five per cent, per annum, payable as hereinafter specified. The maximum time-limit for which notes may be drawn shall be for Juniors three years, for Seniors two years from the thirtieth day of June next following. The amount of each loan shall be held as a deposit with the Business Manager in favor of the principal maker of the note, and shall be subject to withdrawal by him or hei* in sums not exceeding twenty-five (25) dollars a month, except at the close of the senior year, or if a graduate student at the end of the course. Bank discount shall be charged up for the balance of time ensuing until the thirtieth day of June next following the date of note, and interest annually in advance.

TO WHOM LOANS MAY BE MADE.

Loans may be made to matriculated students only who have attained at least the rank of full juniors who have been in residence at this University at least one year, and who are at the time students in residence at this University and who nave declared their intention to graduate.