Repository: UIHistories Project: Board of Trustees Minutes - 1916 [PAGE 849]

EXTRACTED TEXT FROM PAGE:

1915]

PEOOEEDINGS OP THE BOAKD OF TRUSTEES.

849

surgeons of Chicago, subject to the lien of said, trust deed and indebtedness, and the sum of thirty thousand dollars ($30,000) on the principal of said debt having been paid, and all interest that has accrued on said debt up to July 1, A. D. 1915, having been fully paid, and the Trustees of said University of Illinois having requested the board of, education of the city of Chicago, as legal holder of said notes and indebtedness, to extend the time for payment of the remaining sum of fifty-six thousand dollars ($56,000) of the principal thereof until July 1, A. D. 1921; said board of education of the city of Chicago now proposes and agrees to grant said request and extend the time of payment of said principal sum of fiftysix thousand dollars ($56,000) to July 1, A. D. 1921, upon the express condition that said Board of Trustees of the University of Illinois shall agree and does agree by its acceptance of this proposal through its executive officers to pay said -principal sum of fifty-six thousand dollars ($56,000) on July 1, A. D. 1921, and to pay all interest accruing thereon semi-annually as provided by said principal note for eighty-six thousand dollars ($86,000) and said trust deed at the rate of five per cent (5%) per annum on said principal sum until maturity thereof as hereby extended, and seven per cent (7%) per annum after such maturity until paid, and on each of said semi-annual interest installments after maturity thereof at the rate of seven per cent (7%) per annum until paid; and to keep, observe and perform all of the covenants, provisions and terms of said trust deed therein specified to be kept, observed and performed by said the college of physicians and surgeons of Chicago: Provided, however, that the entire amount of said debt with accrued interest thereon may be prepaid at any time by said Board of Trustees of the University of Illinois after giving thirty (30) days' notice in writing of its intention so to do to the said board of education of the city of Chicago. This proposal is .upon the express understanding and with the agreement to be confirmed by the acceptance of this proposal by said Board of Trustees of the University of Illinois that all of the provisions, stipulations, powers and covenants in said principal note and in said trust deed and in said written agreement of July 19, A. D. 1911, contained shall stand and remain unchanged and in full force and effect for and during the extended period of five (5) years herein contemplated, and* thereafter until said indebtedness is fully paid, excepting the provision therein as to the time of payment of said principal debt, which is to be considered as changed in accordance with this proposal upon the acceptance thereof by said Board of Trustees of the University of Illinois. I N WITNESS WHEREOF, The said board of education of the city of Chicago has caused to be affixed hereto at Chicago, 111., the signature of its president, attested by its secretary, on the day of , A. D. 1915 ; and the Board kof Trustees of the University of Illinois, has caused to be affixed hereto at Urbana, 111., its corporate seal, and the signature of its President attested by its Secretary, in evidence of its acceptance- of this proposal, on the day of , A. D. 1915.

BOARD OP EDUCATION OF THE CITY OF CHICAGO,

By At test

, President. , Secretary. , President. , Secretary.

BOARD OF TRUSTEES OF THE UNIVERSITY OF ILLINOIS,

Approved as to legal form. Attorney. Approved as to legal form.

O. A. HARKER,

By Attest

Counsel for the Board of Trustees of the University of Illinois."

On motion of Mr. Small, this extension of the loan was authorized, and the President and Secretary of the board were authorized to append their signatures on behalf of the Board of Trustees to the above agreement.

S I T E FOR T H E SCHOOL OF P H A R M A C Y .

(5) A statement concerning the purchase' of a site for the School of Pharmacy. Alexander Prussing, for McKey and Poague, real-estate agents, in a communication to the President of the board on September 29, 1915, states that he thinks that the property which has been under consideration as a possible site for the School' of Pharmacy might be obtained for the sum of fifteen thousand dollars, with the addition of six hundred twelve dollars and fifty cents to pay the cost of guaranteeing the title, attorney's fees, and commissions. He states further that if it would be possible to leave the offer open for another week he might get a definite reply.

No action was taken concerning this matter.

S I T E FOR C L I N I C A L B U I L D I N G .

(6) The following statement: The matter of selecting a site for the Clinical Building was referred to the Committee on Buildings and Grounds [page 778]. In order to assist the committee in its deliberations I appointed the following committee of the Faculty of the College of Medicine to make preliminary studies on the site and plans of the Clinical Building: C. S. Bacon, Chairman; D. A. K. Steele; C. S. Williamson; Charles Davison; D. J. Davis; W. H. Browne. I have received from this committee a report recommending unanimously the purchase of the Marquette School site, a lot approximately 289 feet long by 126 feet wide, bounded by Wood, Congress and Harrison Streets, and an alley on the west. This property is owned by the —54 U