Repository: UIHistories Project: Board of Trustees Minutes - 1900 [PAGE 271]

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1900.]

PROCEEDINGS OF THE BOARD OF TRUSTEES.

251

convey by good and sufficient deed to the University of Illinois all of said properties, equipments, and good will, and also all additional properties and equipments acquired under the terms of this agreement. 12. It is further agreed by,and between the parties hereto, that the College of Physicians and Surgeons, after being authorized to do so by the Board of Trustees of the University of Illinois, may purchase additional lands and construct or purchase additional buildings, acquire additional eqaipment, or make other permanent improvements for the purposes of the College of Medicine at a cost stated in the act, resolution, or permit of the Board of Trustees of the University when the said improvements or purchases are authorized. Provided, that the cost of said several purchases, improvements, and equipments shall be agreed upon and stated in the act, resolution, or permit of the Board of Trustees authorizing the said several purchases, improvements, and equipments: and, Provided further, that the improvements shall be made under the supervision of the Board of Trustees of the University of Illinois, and the actual cost thereof shall be audited by the Board of Trustees of the University of Illinois and entered upon its records. And it is further agreed, That the purchase price of two hundred and seventeen thousand ($217,000.00) dollars stated herein shall be increased by such amount or amounts actually expended by the College of Physicians and Surgeons in said purchases, improvements, and equipments and audited and approved by said Board of Trustees of the University of Illinois. And provided further, That no increase shall be made in the said purchase price of two hundred and seventeen thousand ($217,000.00) dollars for any expenditure or expenditures not authorized by the Board of Trustees of the University of Illinois as herein stipulated. And it is further agreed by and between the parties hereto, that in case the College of Physicians and Surgeons shall make purchases or improvements as provided for herein that the amount of annual rental stated in this agreement shall be increased by an amount equal to four (4) per cent of the amount or amounts of the actual cost of the said purchases, improvements and equipments. 13. It is further agreed by and between the parties hereto, that the University of Illinois, with the approval of the Board of Directors of the College of Physicians and Surgeons, may purchase lands and construct or purchase buildings or equipments for the purposes of the College of Medicine, paying for the same out of funds other than the earnings of the College of Medicine, and in such case it is agreed that the College of Physicians and Surgeons will deduct from the annual rental due it from the University of Illinois a sum equal to four (4) per cent of the cost of such lands, buildings and equipments. 14. It is hereby further agreed by and between the parties hereto that a working fund of eight thousand ($8,000.00) dollars shall be established by the College of Physicians and Surgeons on or before the first day of May, 1900, which shall be the property of the University of Illinois, under the provisions of this instrument for current expenses only of the College of Medicine, and that said fund of eight thousand ($8,000.00) dollars shall be replenished so as to bring it to that amount, out of the gross earnings of the College of Medicine upon the first day of May of each year during the life of this lease. 15. And the said party of the second part further agrees with the said party of the first part that said second party will, during the term of this lease, conduct and carry on upon the premises hereinbefore described a College of Medicine and Surgery, and no other school or business whatever, and that it will continue during the said term to use the name "College of Physicians and Surgeons" in "connection with the term "College of Medicine of the University of Illinois," as the name and designation of said College. 16. And it is further agreed by and between the parties hereto as one of the conditions and considerations of this lease that'the University of Illinois shall not establish or become identified with any other College or School of Medicine, or Medical Business or Department of any kind other than the College of Medicine herein referred to during the life of this lease. But this shall not be interpreted as prohibiting the introduction into the curriculum of the College of Medicine of any branch of study or method of instruction not now included therein.