Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 200]

EXTRACTED TEXT FROM PAGE:

1929]

UNIVERSITY O F ILLINOIS

I97

The agreement is of the form and character hitherto authorized by the Board for cooperative investigation. The Legal Counsel approves. I concur. O n motion of M r s . E v a n s , this agreement w a s approved. COOPERATIVE INVESTIGATION OF THE USE OF POTASH SALTS AS FERTILIZERS (49) The Director of the Agricultural Experiment Station requests approval of an agreement with the Agricultural and Scientific Bureau N. V. Potash Export M y . of Amsterdam, Holland, for a cooperative investigation by the Agricultural Experiment Station, of the factors which determine the extent to which the presence of nitrate nitrogen m a y affect the response of crops to fertilization with potash salts. This agreement has been drawn for a period of one year beginning April 1, 1929, with the understanding that it may be extended for additional periods, under the same terms or other terms as may be mutually agreed upon, and the contracting company agrees to pay the University $1,500 to cover the expenses of the investigation. The Legal Counsel approves and I concur. O n motion of M r . Trees, this agreement w a s approved.

DISPOSAL OF INCOME FROM BOOTH-ST. LOUIS COLD STORAGE BONDS, A PART OF THE ORIGINAL GIFT OF THE MCKINLEY HOSPITAL

(50) The following letter from the Comptroller requesting instructions on the disposal of the income from the Booth-St. Louis Cold Storage Bonds: President David Kinley, J55 Administration Building Dear President Kinley: On October 2,3, 1925, the Board of Trustees appropriated the sum of $15,000 toward the completion of McKinley Hospital with the understanding that the income on the $25,000 of Booth-St. Louis Cold Storage Bonds, which were part of the original gift of the Hospital, be used to liquidate this loan with interest at two per cent. This procedure was followed in 1925-26, reducing the indebtedness to $14,450/ In 1926-27 the income from the bonds was appropriated toward the deficit in operation of the Hospital for that year (June 10, 1927). O n June 29, 1928, the Board voted that the income from these bonds should be added to the capital as long as funds of the Hospital Association are sufficient to meet the deficit of the Hospital. The deficit of the Hospital for 1927-28 was met by a gift from the Trustee of the Mutual Benefit Hospital Fund (page 760, Minutes of June 29, 1928). This gift also provided a sufficient amount to take care of the expenses of the current year to date. The sum of $3,000 is now accumulated in the income account of the Booth bonds representing the income for 1927-28 and 1928-29. I a m uncertain as to whether the action of June 29, 1928, above referred to is intended to indicate that the original plan to liquidate the loan to the Hospital, by applying this income, should be carried out and would appreciate an interpretation of this point before proceeding further. Cordially yours, Lloyd Morey O n motion of Mr. Barr, the action of June 29, 1928, was reaffirmed, the earnings of these bonds to be applied to the reduction of the indebtedness to the University. THE PURCHASE OF DENTAL BUILDING BONDS (51) The Comptroller reports that, in accordance with the action of the Board on April 10, 1929 (page 163), he has purchased $1,500 of bonds of the College of Physicians and Surgeons against the Dental Building, due 1932, at a, price of 98, and recommends that these bonds be cancelled and retired as was done in the case of similar bonds formerly purchased in this manner (Minutes, November 16,1928, p. 80). I concur in this recommendation. O n motion of M r . Trees, this recommendation w a s approved.