Repository: UIHistories Project: Board of Trustees Minutes - 1926 [PAGE 561]

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558

BOARD OF TRUSTEES

[April 14

M A T T E R S P R E S E N T E D BY PRESIDENT KINLEY T h e Executive Committee considered the following matters presented by the President of the University. GIFT FOR RESEARCH IN THE ECONOMICS OF PUBLIC UTILITIES (1) I beg to report that following our practice and under the conditions regarding such gifts, I have accepted for the University $1500 for research from a committee, representing certain public utilities companies, on cooperation with educational institutions. T h i s report w a s received for record.

GIFT FROM MR. MARCUS RUSSELL

(2) I submit the following deed of gift from M r . Marcus Russell of Los Angeles, and recommend that it be accepted and signed by the proper officers of the Board.

AGREEMENT AND DECLARATION OF TRUST

This instrument executed the 31st day of March, 1926, between Marcus Russell, of Los Angeles, California, hereinafter called the "First Party," and the Board of Trustees of the University of Illinois, an Illinois Corporation, hereinafter called the "Second Party," W I T N E S S E T H : (1) That the First Party on this day has assigned and delivered to the Second Party as trustee, the following named bonds, and securities, to-wit: S bonds of £1000 each of the K e y System Transit Company, bearing 5 % interest; S bonds of $1000 each of the San Diego County Water Company, bearing 6 % interest, due September 1, 1962; 3 bonds of £1000 each of the 7th & Grand Avenue Building Company, bearing 6 1 4 % interest, due 1940; 3 bonds of $1000 each of the Methodist Hospital of Southern California, bearing 7 % interest, due in 1932; S bonds of $1000 each of the Wilshire Oil Company, bearing 6 % % interest, due in 1931; 4 bonds of the American Toll Bridge Company—£1000 each—bearing 8 % interest, due in 194.5(2) That the Second Party receives the above-named bonds and securities in trust for the purposes herein named, to-wit: (a) T h e interest coupons on the above-mentioned bonds and securities shall be detached from the bonds and mailed to the First Party not less than ten days before their maturity, during the natural life of the First Party; (b) After the death of the First Party said bonds and securities, together with the interest thereon, shall be collected or sold, and the proceeds arising thereon set apart as a fund to be loaned to needy and worthy students attending the University of Illinois. (3) T h e Second Party hereby declares that it holds the bonds and securities specified in Clause 1, and interest coupons upon the same, in trust for the benefit of the First Party during the term of his natural life, and for the benefit of needy and worthy jtudents attending the University of Illinois thereafter. (4) In the event that any.of the bonds or securities named in Clause I are paid off during the lifetime of the First Party, the proceeds thereof shall be invested by the Second Party in some safe interest-bearing security approved by the First Party, and the income thereof paid to the First Party as the same shall be collected. (5) A n y of the bonds or securities named in Clause I m a y be sold and the proceeds invested in other bonds on approval of both parties; or they m a y be exchanged for other equivalent bonds or securities on approval of both parties. (6) In the event of the retirement, payment, or sale of any of said bonds, or securities after the death of the First Party, the proceeds shall be used as a fund to be loaned to indigent and worthy students of the said University.