UIHistories Project: A History of the University of Illinois by Kalev Leetaru
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Repository: UIHistories Project: Board of Trustees Minutes - 1924 [PAGE 442]

Caption: Board of Trustees Minutes - 1924
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1924]

UNIVERSITY O F ILLINOIS

439

3. Upon the execution of said deed and abstract the University agrees to pay to the owner the sum of four hundred andfiftydollars ($450) per acre as full payment of the purchase price of the real estate to be so conveyed. 4. It is agreed that if the University shall not exercise the option to purchase, as given in paragraph 1, that it shall have the right to lease for a period not to exceed three years or less than two years all of said land, or the north one hundred and twenty acres, at the price of fifteen dollars ($15) per acre. 5. In the event the University does not exercise its option to purchase, as specified in paragraph 1, but does exercise the option to lease, as specified in paragraph 4, then said owner shall execute and deliver to the University a written lease in which shall be contained and specified an option in the University to purchase the entire property above described or the said S. }4 of the S. W . J^ and the S. W . % of the S. F.. yi of said Sec. 19, at any time during the life of the lease, at four hundred and fifty dollars ($450) per acre. In witness whereof the said J. H . Percival, owner, has attached his signature and authorized officers of the University have attached their signatures and its corporate seal. Attest: J. H . Percival H. P. Rusk Owner T h e Board of Trustees of the University of Illinois Attest: B y W . L. Noble B y H. E. Cunningham President Secretary Dean Mumford made a statement concerning this matter. After f l discussion of the policy involved, on motion of Mr. Trees, it was ul voted to accept the option for the lease of the north one hundred twenty acres, with the privilege of purchasing part or a l of the l Percival land covered by the option (within the l f of the lease) ie later if the Board decides to purchase. NEW STANDING COMMITTEES O n motion of Mr. Trees, the following resolution was adopted: R E S O L V E D , that Section 6 of Article IV of the By-Laws be amended by the insertion of standing committees on the Alumni and on Physical Education: The section as amended reads as follows: Sec. 6. The following shall constitute the regular or standing committees of the Board and the members thereof shall hold office for one year or until their successors are appointed: Five Board members—Buildings and Grounds. Three Board members each—Finance, Engineering, Agriculture, Chicago Departments, Students' Welfare, Instruction, Library, Alumni, and Physical Education. STANDING COMMITTEES FOR 1924-25 President Noble announced the l s of the standing committees it of the Board for the year 1924-25 as follows: EXECUTIVE COMMITTEE William L. Noble, Chairman, Laura B. Evans, Merle J. Trees STANDING COMMITTEES Buildings and Grounds—William L. Noble, Chairman, Mary E. Busey, Cairo A. Trimble, Margaret D. Blake, Helen M. Grigsby.