Repository: UIHistories Project: Board of Trustees Minutes - 1932 [PAGE 546]

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544

B O A R D O F TRUSTEES

[March 8

attorney fees, from the proceeds of such sale or sales, will apply the remainder on our liability to you on account of the deposits of University funds as herein stipulated, whether due or not as you as such Treasurer m a y deem proper, and you agree to return the residue or surplus, if any, to us on demand. In case the proceeds of such deposited securities shall not cover the principal obligation interest, expense, attorney fees and other liabilities of ourselves as depository hereunder, w e agree to pay the deficiency with legal interest to you as such treasurer forthwith after such sale. T h e right of withdrawal and substitution herein given shall not in any manner affect the right of the Treasurer to proceed under the terms of this letter, and to enforce the liability of ourselves as the depository on account of deposits of funds made pursuant to this agreement. Very truly yours,

THE FIRST NATIONAL BANK OF CHICAGO By John P. Oleson

Vice Pres't STATE OF ILLINOIS 1 ,c. COUNTY OF COOK } Date: Feb. i7f 1932 I hereby certify that the above is a true and correct copy of the original George B. Wendt document. Notary Public M y Commission Expires August I, 1932.

SCHEDULE A

U. S. of A. i % % Treasury Bonds due 6-15-49, Nos. 914D/15E/16F, 4953C/54D for $100,000 each, July and December 15th, a l unmatured l coupons attached $500,000 FIRST UNION TRUST AND SAVINGS BANK CHICAGO February 10, 1932 Mr. Frank M . Gordon, Treasurer, Board of Trustees, University of Illinois, Chicago, Illinois Mr. Lloyd Morey, Comptroller, University of Illinois, Urbana, Illinois Gentlemen:— This is to inform you that the First National Bank of Chicago has deposited with us as collateral United States Government Bonds and securities as described in the accompanying schedule A , to be held by us in safe keeping, subject to the terms and conditions of a letter from the First National Bank of Chicago to Frank M . Gordon as Treasurer of the Board of Trustees of the University of Illinois, under even date herewith, a copy of which letter i s enclosed. The First Union Trust and Savings Bank will notify the Comptroller of the University of Illinois of "all withdrawals, substitutions or exchanges of securities" made by the First National Bank of Chicago, on the same day, if possible, or on the day following such withdrawals, substitutions or exchanges. It is understood that w e assume no obligation in connection with such securities other than the use of ordinary care and as indicated in the letter hereinbefore mentioned. Yours truly,

FIRST UNION TRUST AND SAVINGS BANK By Robert L. Grinnell

Corporate Trust Officer