Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 519]

EXTRACTED TEXT FROM PAGE:

I936]

UNIVERSITY OF ILLINOIS

OFFER OF REAL ESTATE TO THE UNIVERSITY OF ILLINOIS F O U N D A T I O N

517

Mr. Karraker, for the Finance Committee, presented also a report that the committee is not able to recommend acceptance of an offer of real estate from Mr. E. M. Kennard (Minutes, December 18, 1935, page 494), since acceptance would involve the purchase of a second mortgage with endowment funds of the University. This report was received for record.

PURCHASE OF SECURITIES AS INVESTMENTS OF ENDOWMENT FUNDS

(3) The Comptroller reports that in accordance with the authorization of the Board at its meeting on December 18, he has purchased the following securities as investments of endowment funds: $5,000 Par, Kansas Power and Light Company first 4^4% bonds, due 1965 at 106^ $5,000 Par, Wilson and Company first 4% bonds, Series A, due 1955 at opfg Both of these figures are slightly within the maximum prices authorized by the Board. This report was received for record.

PURCHASES RECOMMENDED

(4) A recommendation that the following purchases be authorized: 1. One 14° x 30" Machine Lathe and accessories for the Physics Department Shop from the Hendey Machine Company at a price of $3,261.50 f.o.b. Urbana. Competitive quotations were secured from three manufacturers. The Hendey Company's quotation is $57.50 more than the lowest bid, but the Department of Physics has carefully checked the specifications and found that the Hendey lathe is superior to that of the lowest bidder. Funds are available in the current year's budget for this purchase. 2. One Hindle Electrocardiograph, all electric model, mobile type, for the College of Medicine, from the Cambridge Instrument Company, Incorporated, at a price of $1450.00, f.o.b. Ossining, New York. This price includes an agreement to supply on a no-charge basis all necessary parts for changing an old Hindle Electrocardiograph from direct current to alternate current operation, also complete instructions for wiring and installing. The old equipment will be transferred permanently to the Department of Pharmacology. Quotations were secured from two companies, and although another company submitted lower quotations, a committee appointed by the Dean of the College to examine both machines has reported that the equipment of the Cambridge Instrument Company is the best suited for the University's purpose. Funds have been assigned in the budget for the current year to cover this purchase. • 3. 177 squares asbestos shingles, 300 pieces asbestos shingle starters, and 95 rolls asphalt saturated felt. Quotations were received as follows: * Johns-Manville Sales Corporation Keasby and Mattison Company The Ruberoid Company Illinois Philip Carey Company Size 9' x 18' 9 ^ ' x 18K' 8* x 16' 8'x 16* Price f.o.b. Urbana $2 045 14 2 063 17 2 033 46 1 859 86

On motion of M r . Barrett, the purchase of items 1 and 2 was authorized as recommended. On motion of M r . Barrett, the quotations for the 8" x 16" shingles were rejected because of the increased cost of application, and the purchase of asbestos shingles from the Johns-Manville Sales Corporation, the lowest bidder, was ordered.