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Caption: Board of Trustees Minutes - 1926
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414 board of trustees [October 23 It seems to me inadvisable to sell the Booth Fisheries bonds at present. It seems to m e better that these be held, the income therefrom to be turned into the general fund of the University, until such time as thereceiptstherefrom will have recouped the University for a loan of £15,000 with interest at 2 percent annually, as recommended in the following paragraph, to meet the cost of building and equipment in so far as it exceeds the cash receipts of the McKinley donation at the time of the completion of the hospital payments; and it seems to m e advisable further that after that event the Booth Fisheries bonds, or such securities as the Board m a y substitute for them after maturity, be held as an endowment fund for the hospital, the annual income to be used when necessary, with the specific approval of the Board, to meet deficits in the necessary expenditures of the hospital, if such deficits should occur. If this plan commends itself to you I recommend that you rescind your action of July 14, 1924 (see minutes of that date, page 6), whereby you authorized the sale of the McKinley securities, so far as that action concerns the Booth Fisheries bonds. I recommend further that the sum of $15,000 be appropriated from the Reserve and Contingent Fund to be added to the cash in the McKinley Hospital Building Fund in order to meet the necessary expenditure of completing and equipping the building; (a) That the Booth Fisheries bonds, in face value #25,000, be kept as security for this loan, the annual interest payments on it being paid into the University treasury to liquidate the principal debt of $15,000 above recommended, together with the interest thereon at 2 percent per annum. (b) That when the above debt has been thus liquidated, the Booth Fisheries bonds shall be held as an endowment fund for the operation of the McKinley Students' Hospital. I further recommend that the so-called Military Aeronautics Fund be credited with interest at 2 percent from the time of its receipt and that an appropriation of $2,569.63 be made from the Reserve and Contingent Fund to the credit of this Military Aeronautics Fund and used, like the principal, under your authority towards the equipment of the McKinley Hospital. O n m o t i o n of M r s . Ickes, the action of July 14, 1924, authorizing the sale of the B o o t h Fisheries b o n d s , w a s rescinded. O n m o t i o n of M r s . Ickes, a n appropriation of $15,000 w a s m a d e f r o m the R e s e r v e a n d Contingent fund for the M c K i n l e y Hospital. T h e vote w a s as follows: A y e , M r . Barr, M r s . B u s e y , M r s . E v a n s , Mrs. Grigsby, Mrs. Ickes, Mr. Noble, M r . Small, Mr. W h a m ; no, none; absent, Mr. Armstrong, Mr. Blair, Mr. Trees. On motion of Mrs. Evans, the recommendation concerning the treatment of the Booth bonds was adopted. O n motion of Mr. W h a m , an appropriation of £2,569.63 was made from the Reserve and Contingent fund as interest on the Military Aeronautics fund, to be used for equipment for the McKinley Hospital. The vote was as follows: Aye, Mr. Barr, Mrs. Busey, Mrs. Evans, Mrs. Grigsby, Mrs. Ickes, M r . Noble, Mr. W h a m ; no, none; absent, M r . Armstrong, Mr. Blair, Mr. Small, Mr. Trees. PROPOSED CONCRETE BASEBALL GRAND STAND O N ILLINOIS FIELD (6) I submit the following letter from M r . Rosebeny and Judge Harker, respectively Clerk and Secretary of the Board of Directors of the Athletic Association:
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