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Caption: Board of Trustees Minutes - 1916
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1915] PROCEEDINGS OE THE BOARD OE TRUSTEES. 245 "A certificate showing that the applicant has passed examinations on the subject-matter of a four-year high school course, under the supervision and direction of educational bodies whose certificate would be accepted for admission to the University of Illinois." On motion of Mr. Hoit, this recommendation was approved. PLYM FELLOWSHIP AWARDED. (20) A recommendation from Acting Dean C. R. Richards that Mr. A. R. Brandner, who has been nominated by the committee on the Francis J. Plym Fellowship in Architecture, be.awarded the Plym Fellowship for the year 1915-16, in accordance with the usual regulations governing this fellowship. On motion of Mr. Hoit, the Plym Fellowship was awarded to Mr. Brandner. S E T T L E M E N T FOR A D D I T I O N TO L I B R A R Y BUILDING. (21) A recommendation from Prof. J. M. White, Supervising Architect, that a final settlement be made with Mr. A. W. Stoolman, contractor for the addition to the Library Building, upon the basis of a payment of $289.42. On motion of Mr. Hoit, this recommendation was approved and the necessary appropriation was made. FIXED INDEBTEDNESS, C O L L E G E OF MEDICINE. (22) A statement from the Acting Comptroller concerning the fixed indebtedness secured by the properties of the College of Medicine and Dentistry. March 16, 1915. President Edmund J. James, University of Illinois. DEAR SIR : For your convenience, the enclosed schedule shows in condensed form the fixed indebtedness secured by our Medical and Dental properties, as well as the amounts which presumably will be paid by the University of Illinois during the remainder of the present fiscal year and during the fiscal years 1915-16 and 1916-17. It should be noted that, while no installment of the amount due to the Chicago Board of Education is due this fiscal year, the entire principal amount of $56,000 is due on July 1, 1916. If this principal is met a t that time, the entire amount necessary to meet the obligations on account of this fixed indebtedness during the biennium 1915-17 will be $79,358.84. Inasmuch as the bonds state that interest shall be paid to the holders of the bonds, free from any deductions on account of taxes, etc., it is necessary for the University to deposit, on account of the Normal Income Tax, an amount equal to one per cent of the interest paid.' Approximately fifty per cent of this income tax. deposit is returned to the University. Of the total bond interest paid, the amount of $528 is returned to the University on account of bonds held by it. The item "charges of fiscal agents" consists of a charge of one-fourth of one per cent on account of payment of coupons, and a charge of one-eighth of one per cent for reporting to the Federal Government under the Income Tax Law. Yours very truly, Li. E . KNORR, Acting Comptroller. F I X E D I N D E B T E D N E S S , COLLEGE O F P H Y S I C I A N S AND SURGEONS. Amount Amount Amount due due Amount. due July 1, 1915. 1915-16. 1916-17. Date issued. Date due. Description. July 1,1912 July 1,1932 6 p e r c e n t gold bonds, first mortgage on Medical property $ 60,000 00 July 1,1911 J u l y 1,1916 Board of Education notes, first mortgage on Dental property. $56,000 00 56,000 00 July 1,1901 July 1,1921 "High School" bonds, 6 per cent second mortgage on Dental 109,000 00 July 1,1911 Board of Education interest notes$1,400 00 Note No. 8 1,400 00 Note No. 9 • 1,400 00 Note No. 10 Bond i n t e r e s t 1,800 00 3,600 00 $3,600 00 On first mortgage bonds 3,270 00 6,540 00 6,540 00 On " H i g h School" bonds 101 40 101 40 50 70 Normal income tax 19 01 38 02 38 02 Charges of fiscal agent Total.. , $225,000 00 $6,539 71 $69,079 42 $10,279 42 This statement was received for record.
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