Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 567]

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i93 6 J

UNIVERSITY OF ILLINOIS

56S

On motion of Dr. Meyer, the action of the President in making this adjustment was confirmed.

EXTENSION OF COOPERATIVE AGREEMENTS

(14) A report of the extension of the following agreements for cooperative investigations. The original agreements have previously been authorized by the Board. 1. National Warm Air Heating and Air Conditioning Association, for an investigation of Warm Air Furnace Heating, for one year from April 15, 1936. The Association has agreed to provide $4,000 during the period for the continuation of this investigation. 2. Portland Cement Association, for an investigation of Rigid Frame Structures for one year from January 1, 1936. The Association has agreed to contribute an additional $4,000 for the expenses of this investigation. This report was received for record.

REPORT OF PURCHASES OF SECURITIES

(15) The Comptroller reports that in accordance with the authorization of the Board of Trustees at its last meeting, the following purchases of securities have been made for the University's endowment fund investments: $5,000 Par, Los Angeles Gas and Electric Co. 4%, due 1970 at 104^ to yield 3.75. $5,000 Par, Duquesne Light Co. 3}4%, due 1965 at 107 to yield 3.15. $5,000 Par, City of Los Angeles High School District 3 ^ % , due 1952 at 103.4 to yield 3.25. The Board authorized the purchase of $5,000 City of Detroit Water Department 2>%% bonds, due 1953. It was found impossible to secure these bonds, and the Finance Committee authorized in their place the purchase of the following: $S,ooo Par, City of Detroit Railway Department 5^2% bonds due 1944 at 114.54 to yield 3.50. T recommend that this action of the Committee be confirmed. On motion of Mr. Barrett, the action of the Committee was confirmed.

REVISION OF UNIVERSITY STATUTES

Mr. Barrett presented the report of nf the University Statutes. On motion of M r . Barrett, the on pages 575-602, and all previous clared to be superseded. At this point, M r . B a r r took his

the Committee on the codification Statutes were adopted as printed versions of the Statutes were deplace with the Board.

OPERATION OF ILLINOIS UNION BUILDING

Mr. Barrett presented a report of progress from the special Committee on Operation of the Illinois Union Building.

CHANGE IN INVESTMENTS TO INCREASE YIELD

The Finance Committee presented a recommendation that the following securities, held as investments of endowment funds, purchased recently and returning a very low rate of interest, but all salable without loss or at a fair profit, be sold, and the proceeds invested in legal securities returning a higher rate of interest. $5,000 State of Illinois Highway bonds, 4%, due 1943. Yield 2.25. $5,000 State of Illinois Highway bonds, 4%, due 1947. Yield 2.5. $15,500 U. S. Treasury bonds, 3*4%, due 1944-46. Yield 2.7. $10,000 U. S. Treasury notes, 3%, due 1938. Yield 2.6. $10,000 State of California Relief bonds, 3r/i%, due 1045. Yield 2.6. On motion of M r . Barrett, the Finance Committee was authorized to make this change.