Repository: UIHistories Project: Board of Trustees Minutes - 1916 [PAGE 221]

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1915]

PROCEEDINGS OE THE BOARD OE TRUSTEES.

221

Mrs. Busey moved that the matter be referred to the Finance Committee with power to act. Mrs. Henrotin moved to amend by substituting for the words "Finance Committee', a special committee composed of Mr. Carr, Mr. Trevett, and Prof. White.* The amendment was accepted and the motion was passed by the following vote: Ayes, Mr. Abbott, Mrs. Busey, Mr. Carr, Mrs. Evans, Mrs. Henrotin, Mr. Hoit, Mr. Ward, Miss Watson; noes, none; absent, Mr. Blair, Mr. Dunne, Mr. Hopkins, Mr. Trevett.

R E G U L A T I O N S , M A R G A R E T L A N G E J A M E S LOAN F U N D . ( 2 ) A d r a f t of t h e p r o p o s e d r e g u l a t i o n s for t h e a d m i n i s t r a t i o n of t h e M a r g a r e t L a n g e J a m e s S t u d e n t L o a n F u n d r e c o m m e n d e d b y t h e Council of A d m i n i s tration : UNIVERSITY OF ILLINOIS. MARGARET LANGE JAMES LOAN FJJND. T h e C o m p t r o l l e r of t h e U n i v e r s i t y s h a l l m a k e l o a n s t o s t u d e n t s from t h e M a r g a r e t L a n g e J a m e s L o a n F u n d in a c c o r d a n c e w i t h t h e r e c o m m e n d a t i o n s of t h e Council of A d m i n i s t r a t i o n a p p r o v e d b y t h e F i n a n c e C o m m i t t e e of t h e B o a r d of Trustees. T h e r e c o m m e n d a t i o n s of t h e Council s h a l l be s u b j e c t t o t h e t e r m s of t h e gift a n d to w h a t e v e r r e g u l a t i o n s m a y be a d o p t e d b y t h e B o a r d of T r u s t e e s for t h i s purpose. A p p l i c a t i o n s s h a l l be u p o n a b l a n k f o r m p r o v i d e d for t h e p u r p o s e , p r o p e r l y filled out, a n d no r e c o m m e n d a t i o n for a l o a n s h a l l be m a d e w i t h o u t ' t h e f a v o r a b l e e n d o r s e m e n t of t h e Council of A d m i n i s t r a t i o n , r e c o r d e d in i t s m i n u t e s a n d e n d o r s e d on t h e a p p l i c a t i o n b l a n k . F o r e a c h "loan a n o t e of h a n d s h a l l be t a k e n , d r a w n for t h e full a m o u n t w i t h interest a t 5 per cent per annum, payable semi-annually. T h e m a x i m u m t i m e l i m i t for w h i c h n o t e s m a y be d r a w n s h a l l b e for t w o y e a r s from t h e 30th d a y of J u n e n e x t following t h e s t u d e n t ' s r e g u l a r t i m e of graduation. B a n k d i s c o u n t s h a l l be c h a r g e d u p for t h e b a l a n c e of t i m e e n s u i n g u n t i l t h e 30th d a y of J u n e n e x t following t h e d a t e of t h e note, a n d i n t e r e s t t h e r e a f t e r shall be paid s e m i - a n n u a l l y . I n t e r e s t a t 7 p e r c e n t will be c h a r g e d oh all n o t e s n o t paid a t m a t u r i t y .

TO W H O M LOANS M A Y BE MADE.

L o a n s m a y be m a d e to m a t r i c u l a t e d s t u d e n t s , p r e f e r a b l y to w o m e n , w h o h a v e been in residence a t t h e U n i v e r s i t y a t l e a s t one y e a r , w h o h a v e a t t a i n e d a t l e a s t junior s t a n d i n g , a n d w h o a r e a t t h e t i m e t h e y m a k e a p p l i c a t i o n s t u d e n t s in r e s i dence a t t h i s U n i v e r s i t y , w h o h a v e d e c l a r e d t h e i r i n t e n t i o n to g r a d u a t e . I n r e c o m m e n d i n g l o a n s only s t u d e n t s of p r o m i s e a n d good s c h o l a s t i c s t a n d i n g will be considered, a n d , o t h e r t h i n g s b e i n g equal, p r e f e r e n c e will be given t o t h o s e s t u d e n t s who a r e t h e f a r t h e s t a l o n g in t h e i r U n i v e r s i t y w o r k . A loan will n o t be r e c o m m e n d e d for a n y s t u d e n t w h o is believed to be financially or m o r a l l y d e l i n q u e n t in a n y r e s p e c t . * The special committee made the following report on March 19,1915: To the President of the University of Illinois. SIR: We, the undersigned, Robert F. Carr, J. R. Trevett, and James M. White, being the special committee appointed by the Board of Trustees of the University of Illinois at its meeting held March 9,1915, with power to act in the premises, hereby authorize the Comptroller of the University to leasef rom Anton Roland the tract of ground owned by him situated in William Williamson's sub-division of the west onehalf of the southwest quarter of section eighteen (18), township nineteen (19) north, range nine (9) east of the Third Principal Meridian, including: 1. The south five acres of lot nine (9) 2. Lot eleveni(ll) 3. Lot twelves (12) 4. The south part of lot ten (10) of said sub-division, containing 3.73 acres more or less; it being the intention to lease that portion of lot ten lying and being directly west of and adjoining the south five acres of lot nine of the sub-division herein named, and that the north line of the said south five acres of said lot nine shall continue and be extended through the said lot ten to First Street and shall constitute and be the north line of the said tract, containing thirty-two and one-half acres more or less, for a period of three years from March 1,1915, at an annual rental of seven hundred dollars ($700), payable quarterly, beginning June 1,1915. Provided that in consideration of said payment of this annual rental said Anton Roland will give the Board of Trustees of the University of Illinois the option to purchase the thirty-two and one-half acres more or less owned by him, as hereinbefore described, at the sum of fifty thousand dollars ($50,000), and that he will agree to convey the same to the University on the payment to him of that sum, giving therefor good merchantable title free and clear of all incumbrance. Provided further that said option may be forclosed at any time during this peri6d. Provided further that the said rent payment shall cease on the date'when the option is foreclosed and the purchase money paid. If Mr. Roland will not let the property on the above terms for three years, the Comptroller may lease for two years or two and one-half years.

ROBERT F. CARR JOHN R. TREVETT JAMES M. WHITE

1 2

. Lot 11 contains 6.62 acres, more or less. Lot 12 contains 17 acres, more or less.

Committee-