Caption: Board of Trustees Minutes - 1920
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1919] UNIVERSITY OF ILLINOIS 263 balances, which are presumably paid to the State on this balance as well as balances in all state funds. It has been unofficially suggested to me at the State House that the University should be entitled to this interest. We have of course felt this ourselves from the beginning. I t seems to me that if opportunity offers, we should take up this matter during the present session of the General Assembly and urge that this interest be credited to the fund itself, so that it might be available for appropriation to the University. Cordially yours, LLOYD MOREY I took up this matter with the Honorable Fred E. Sterling, Treasurer of the State of Illinois, and received from him the following reply: SPRINGFIELD, March 6, 1919 Hon, Edmund J, James M Y DEAR M R . JAMES: On my return today from an Eastern business trip of ten days, I found your letter of the 20th inst. awaiting me and note what you say therein. In reply I beg to state that the several funds in the keeping of the State Treasurer are not kept separate, but are deposited in the banks throughout the state and the interest earned on the same is turned into the General Revenue Fund by the Treasurer in accordance with the law and the ruling of the Attorney General. The interest earnings on all of the several funds in my keeping are credited up to a common interest fund for the use of the State. This, I am advised, has also been the custom of my predecessors in this office. With regards, I beg to remain, Yours truly, FRED E. STERLING Treasurer, State of Illinois The President of the University was authorized to urge upon the State authorities that the interest received by the State Treasurer on the mill tax funds deposited in banks should be added to the mill tax fund. CHICAGO OFFICE (8) A recommendation from the Comptroller than an office be leased for the use of the University in the city of Chicago. The President of the University was authorized to lease an office for the use of the Trustees of the University and for other University purposes at a rent not to exceed one hundred dollars a month.
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