Repository: UIHistories Project: Board of Trustees Minutes - 1904 [PAGE 86]

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62

UNIVERSITY OP ILLINOIS.

[Maroh 10,

Our officers also had the contract between the University of Illinois and the College of Physicians and Surgeons reported to the Board by this committee September 9, 1902, recorded in the recorder's office in Cook county, thus making complete the contract and transfer of the West Division High School property. Your committee would further report that it has examined and audited the expenditures of the College of Physicians and Surgeons in improving the new West Division High School property and in restoring and improving the original college building after the fire of June 25, 1901, and preparing i t for use of the Dental School, and find the same to be the sum of $108,415.69. Prom this sum is to be deducted the sum of $34,049.34, which was received for insurance on the building and contents, and $164.80 received from the sale of furniture, making a total deduction of $35,114.14. This makes the net expenditures to be $73,301.55. A p a r t of this amount, $5,000.00, was authorized on recommendation of your Committee on Medical College on November 9, 1900, and again $47,000.00 on September 28, 1901. This leaves a balance unauthorized of $21,301.55, which your committee now recommends that this Board authorize. With the authorization of this amount the obligations under the contract with the College of Physicians and Surgeons stand as follows:

Amount of original contract Amount of West Division High School purchase Amount of Dentistry School purchase Amount of authorized improvements in New Medical College and Dental School buildings Total..

$217,000 00 186,000 O i O 17,000 00| 73,301551 $493,301 55

The indebtedness of the College of Physicians and Surgeons reported in the original contract was $70,700.00. This was increased by the purchase of the High School building $186,00Q.00, and by the purchase of the Dental School $17,000.00, which makes a total of $273,700.00. The large improvements in the Medical School and the Dental School buildings have made necessary an increase in the indebtedness, said increase amounting to $33,650.00, which is in the form of unsecured notes. Your committeq recommends that an increase of $33,650.00 in the unsecured indebtedness be authorized by this Board. This will make the total amount of indebtedness authorized $307,350.00. I t is reported to this committee by the officers of the College of Physicians and Surgeons that the indebtedness of the said College on J a n u a r y 1st, 1903, was as shown below, and that since then to this date said indebtedness has not been incerased: First Mortgage on High School property.. Bonds on High School property Bonds on original property Bonds on original property Notes to bank Notes to individual members of College... Total.. All of which is respectfully submitted.

S. A. CARRIE BULLARD, T. ALEXANDER,

$ 86,000 00 109,000 00 21,000 00 39,000 00 20,000 00 32,350 00 $307,350 00

ALEX. MCLEAN,