Repository: UIHistories Project: Board of Trustees Minutes - 1930 [PAGE 563]

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560

B O A R D O F TRUSTEES

[April 9

14, 1910 (Minutes, page 78). The total amounts which were contributed for this work were: From the Engineering Foundation $30 000 00 From the General Electric Company (Through the Engineering Foundation) 46 000 00 From miscellaneous receipts 1 844 80 $78 844 80 The staff of the Engineering Experiment Station recommends, and I concur, that this investigation be officially closed. O n motion of M r . Armstrong, this recommendation w a s adopted.

URBANA COKE CORPORATION

(18) A request from the Urbana Coke Corporation for a formal release from the provision of Section fourth of their contract (Minutes, December 28, 1925, page 496) which provides that in case the company shall not have expended $50,000 in research, development, and patent expenses within five years, the company will reassign to the Board, for a consideration of $1, all rights that may have been assigned to it by the Board. This request is made on the ground that the company has already expended more than the minimum required. O n motion of M r . Trees, this request w a s referred to the Special C o m m i t t e e o n patents for consideration a n d report.

FIDELITY BOND FOR BUSINESS OFFICE EMPLOYEES

(19) Thefidelitybond covering employees in the University who handle cash or sign the names of officers of the Board of Trustees to warrants and vouchers expired on April 5. The bond covers eighty-two individuals and involves an aggregate amount of $161,100, the amounts for various individuals varying from $400 to $50,000. The Comptroller secured proposals from various insurance brokers on the renewal of this bond, the low bidder being D. G. Swannell of Champaign, representing the Fidelity and Deposit Company of Baltimore, Maryland, who quoted a total premium of $403 covering regular employees and an estimated premium of $75 covering temporary employees, a total estimated premium of $478 per year. Since the old bond expired before the Board meeting I authorized the Comptroller to place the new bond with the Fidelity and Deposit Company of Baltimore, Maryland, through the Swannell Agency. O n motion of M r s . E v a n s , this action w a s confirmed.

LIABILITY INSURANCE FOR COOPERATIVE RESEARCH EMPLOYEES

(20) A report that I have authorized the Comptroller to place the insurance covering persons engaged in cooperative research investigation with the United States Fidelity and Guaranty Company of Baltimore, through Monier and Morrissey of Champaign, at the rate offiftycents per one hundred dollars per year. There were two other agencies which quoted thisfigure,viz: H . E. Wilcox representing the Globe Indemnity Company of Newark, N e w Jersey, and the Burt-Rovelstad Company representing the Commercial Casualty Insurance Company of Newark, N e w Jersey. Since the United States Fidelity and Guaranty Company of Baltimore is the oldest and strongest of those offering to take the insurance and because the assignment of insurance of this character to more than one company is inconvenient and more expensive, I authorized the Comptroller to place the insurance with the United States Fidelity and Guaranty Company through Monier and Morrissey at the rate quoted. The old insurance expired on April 2. The approximate amount of the insurance is $100,000 and the approximate amount of the premium is $500. The rate applies to the exact payroll and the cost is charged to the various funds provided for the cooperative investigations. The policy covers any new work that may be undertaken during the year as well as work now in progress. O n motion of M r . Armstrong, this action w a s confirmed. INSURANCE to the policy of the Board Comptroller March 13, 1928 e a schedule of 565), Pursuant FOR UNIVERSITY AUTOMOBILES (21) the Supervising Architect and the adopted on submitted to m (Minutes, page