Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 496]

EXTRACTED TEXT FROM PAGE:

494

BOARD OF TRUSTEES

[December

18

polyphase watt-meter, for two two-element polyphase watthour meters, and for two one-element single-phase watt-meters; estimated value about $100. Reynolds Electric Company, Chicago, Illinois, one four-circuit control, and one disk motor; estimated value about $25.

This report was received for record.

AMERICAN PHARMACEUTICAL ASSOCIATION RESEARCH ASSISTANTSH1PS (25) The American Pharmaceutical Association offers the University $2,300 for investigation and research on drugs and medicines included in the National Formulary. This fund will provide stipends of $100 a month and $55 a month for two research assistants on twelve-months appointment, and the balance will be used for such materials as are necessary in their research work. I recommend acceptance of this offer, the two assistantships to be designated as "Special Research Assistantships" in the College of Pharmacy.

On motion of Dr. Meyer, this gift was accepted as recommended.

ASSIGNMENT OF PATENT FOR REMOVAL OF S U L P H U R DIOXIDE FROM FLUE GASES (26) A report from the Secretary of the Board that he has received United States Letters Patents Nos. 2021936 and 2021937, issued to the Board of Trustees of the University of Illinois, as assignee of Henry F. Johnstone, covering the process for the removal of sulphur dioxide from flue gases and the apparatus for removing sulphur dioxide from flue gases. T h i s r e p o r t w a s r e c e i v e d for r e c o r d . OFFER OF REAL ESTATE TO THE UNIVERSITY OF ILLINOIS FOUNDATION (27) The University of Illinois Foundation has received an offer from Mr. E. M. Kennard, an alumnus, of Champaign, of an apartment building constructed by him in 1929 at a cost of approximately $150,000. This offer is subject to certain conditions, stated below, and involves the repurchase of this property from the Twin Cities Building and Loan Association, which holds a mortgage of $83,000 against it. The Association desires to liquidate its mortgage and is willing to release it for approximately $55,000 to $60,000. If Mr. Kennard can repurchase the property, he proposes to give it to the University of Illinois Foundation subject to his right to operate it during his lifetime (or that of his wife and two brothers), they to receive the net income from the operation. In order to repurchase the property it would be necessary to provide not to exceed $60,000 in cash. Mr. Glenn M. Hobbs, Executive Director of the University of Illinois Foundation, asks the University to consider investing not to exceed $60,000 of endowment funds at 5 per cent in this property, the investment to be secured by a first mortgage. Mr. Kennard and his family would then operate the building, making interest and principal payments on the mortgage. The following financing plan has been proposed: Income Gross income of building Expenses Operating expenses (including taxes, fuel, janitor service, and insurance) $4 200 Interest (5% on $55.°°o) 2 75° Sinking Fund (principal payments) 2 750 Net income to accrue to Mr. Kennard and Ms family $12 600

9 7°° $ 2 9°°

It would require approximately twenty years to retire the mortgage at this rate. On the death of Mr. Kennard, his wife and brothers, the property would come into the possession of the University of Illinois Foundation.