Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 626]

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i93 6 l

UNIVEBSITY OF ILLINOIS

623

Mrs. Freeman then inquired whether $196,879.35 represented a fair price for the property. President Willard stated that the property had originally been purchased as a part of a much larger tract and that the price for the larger tract had been $415,000; that on the basis of the entire tract, the proportionate original cost of this property was approximately $30,000, and that the present value of the property was considerably less than $196,879.35. Mrs. Freeman inquired as to the purpose of the Government's joining as a party to the Trust Agreement. President Willard advised that in aiding the financing of this project the Government was interested not only in the immediate use of the grant moneys to provide employment, but also in the ultimate use of the project for college, seminary, university, or other exclusively public educational purposes during the period of trust (except for certain situations provided for in Section 2.03 of the Trust Agreement). By joining as a party to the Trust Agreement, the Government would be able to assure that the project would be used for the public educational purposes of the trust. Mr. Barrett stated that he believed the Board was being dealt with very generously. He declared that it was clearly for the best interests of the Board and the people of the State of Illinois that the property should be conveyed and held in trust subject to the provisions of the Trust Agreement creating the Medical and Dental College Building Trust. He pointed out that the trust was to continue for a limited period—twenty-one years and thereafter until all the liabilities of the Trustee thereunder had been met and its bonds paid—and that upon the expiration of the trust, the title to the site, together with the project and other improvements constructed thereon, would revert to the Board free and clear. He urged that all action taken in this matter be ratified. Mr. Barrett thereupon moved that said resolution be finally passed and adopted as introduced and read. Mrs. Plumb seconded the motion. The question being put upon the final passage and adoption of said resolution, the roll was called with the following result: Ayes: Mr. Barr, Mr. Barrett, Mrs. Freeman, Mr. Karraker, Mr. Mayer, Mrs. Plumb, Mr. Pogue, Mr. Wieland, Mr. Williams; Nays: None; Absent and not voting: Mr. Horner, Dr. Meyer. The President thereupon declared said motion carried and the resolution finally passed and adopted. The President thereupon signed the said resolution in approval thereof and the Secretary affixed and attached the corporate seal of the Board thereto.

H. E. CUNNINGHAM

Secretary

CERTIFICATE OF SECRETARY I, H. E. CUNNINGHAM, the duly elected, qualified, and acting Secretary of The Board of Trustees of the University of Illinois, do hereby certify that the attached copy of the extracts of a regular meeting of The Board of Trustees of the University of Illinois held on the eighteenth day of April, 1936, is a true,