Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 178]

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176 CITY OF

BOARD OF TRUSTEES

[April 27

CHICAGO BOARD OF EDUCATION REVOLVING F U N D BONDS (3) A report from the Comptroller that in accordance with the action of the Board on April 10, $8,ooo, par, of City of Chicago Board of Educational Revolving Fund bonds, 4 ^ % , due August I, 1954, with optional maturity August I, 1944, have been purchased at no and accrued interest as investments of endowment funds. T h e bonds have been deposited at the First National Bank of Chicago for safe-keeping under our safe-keeping agreement with that bank.

This report was received for record.

EXCHANGE OF LA SALLE-WACKER B U I L D I N G CORPORATION BONDS OF BABCOCK E N D O W M E N T F U N D FOR NEW SECURITIES (4) T h e University owns as an investment of the Babcock endowment fund $2,000 of 6% Series A first mortgage bonds of the LaSalle-Wacker Building Corporation. Interest on these bonds has been delinquent since June 1, 10,31. In 1932 the bonds were deposited with a bond holder's protective committee, as indicated in the report made to the Board on January 20, 1933. T h e University is now asked to exchange the bonds for the new securities to be issued under the plan outlined in my report to the Board on January 2 ° . '933- To do this it is necessary that the Board appoint certain persons as its power-of-attorney to execute the transfer of these bonds. T h e Secretary of the Board and the Comptroller are the officers ordinarily designated to carry out matters of this kind. I recommend adoption of the following form of power-of-attorney: K N O W A L L M E N B Y T H E S E P R E S E N T S , That, for value received, the Board of Trustees of the University of Illinois of Urbana, Illinois, do hereby make, constitute, and appoint, irrevocably, Lloyd Morey and H. E. Cunningham true and lawful Attorneys for it and in its name, and on its behalf, to sell, assign, and transfer unto H a r r i s T r u s t and Savings Bank of Chicago, Illinois, T w o Series A 6%, 1954 bonds at $1,000 each, Nos. M3057-M3058 of the LaSalle-Wacker Building Corporation now registered in its name on the books of the H a r r i s T r u s t and Savings Bank, Chicago, Illinois, and the said Attorneys are hereby fully empowered to make and pass all necessary acts for the said assignment and transfer.

On motion of Mr. Karraker, the power-of-attorney was executed as recommended above.

RECOMMENDATIONS CONCERNING PURCHASES (5) Recommendations from the Purchasing Agent for the purchase of the following items: 1. T w o thousand copies of each of three Illinois State Soil Maps, to be printed by R. R. Donnelley and Sons Company at a price of $1,000. T h i s is a part of the regular work of the Soil Survey Division of the Department of Agronomy, and funds are available in the budget to cover the expense. This Company was the lowest bidder of four companies submitting quotations on this work. 2. 1,402 bushels, No. 3 Yellow Seed Corn, at 82^ per bushel, ($1,149.64), from Mrs. N o r a Armstrong, Camargo, for the Department of Animal Husbandry. Local markets were canvassed by the Department and the recommendation represents the most advantageous transaction, quality and price considered. F u n d s are available in the budget of the Department for this purpose.

On motion of Mrs. Plumb, these purchases were authorized.

TO CREATE A D D I T I O N A L SCHOLARSHIPS AT T H E UNIVERSITY (6) T h e attention of the Board has previously been called to the following bills before the Fifty-Ninth General Assembly of Illinois: I. Senate Bill 136, which provides for two additional scholarships for each member of the General Assembly for the years 1935-1936 and 1936-1937. A hearing on this bill was had by the Senate Committee on Education at which LEGISLATION