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Caption: Board of Trustees Minutes - 1936 This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
1934] UNIVERSITY OF ILLINOIS 71 between the University of Illinois Union, Incorporated, and the Board of Trustees of the University, for the operation of a part of the Union Building as a student and alumni center. T h i s r e p o r t w a s received for r e c o r d . T h e Executive Committee adjourned. H. E. CUNNINGHAM WALTER W. WILLIAMS, Chairman Clerk EDWARD E. BARRETT SECOND SESSION, NOVEMBER io, 1934 When the Board convened on November 10, 1934, after the recess, the following members were present: President Williams, Mr. Armstrong, Mr. Barrett, Mr. Blair, Mrs. Freeman, Dr. Meyer, Mr. Trees. President Willard was present; also Professor Morey, Comptroller, and Judge Johnson, University Counsel. MATTERS PRESENTED BY PRESIDENT WILLARD The Board considered the following matters presented by the President of the University. CONTRACTS FOR PURCHASE OF FUEL, STATIONERY, AND PRINTING PAPER (1) The University Counsel reports that the Attorney General of Illinois has advised that under a provision of the State Constitution (Article IV, Section 25, Constitution of 1870) the University is required to present all contracts for the purchase of fuel, stationery, and printing paper to the Governor for approval. The same provision applies to other departments of the State Government. Apparently no one heretofore has known of this provision. Under this provision the purchasing of such commodities would be made in the same manner as heretofore with the exception that when the Board has approved the award of contracts, the approval of the Governor must be requested and obtained before the contract is formally entered into with the person or firm to whom it is awarded. This report was received for record. REPORT OF PURCHASES OF SECURITIES AS INVESTMENTS OF E N D O W M E N T FUNDS (2) A report from the Comptroller that in accordance with the authority given to the Finance Committee by the Board the following securities have been purchased as investments of endowment funds since he submitted his last report to the Board: 5,000 Commonwealth Edison Company 5 % , 1953, @ 107% 10,000 Home Owners Loan Corporation 234%, 1949, @ 942%2 On November I, ?5,ooo of first mortgage bonds of the Delta Phi fraternity matured and were paid. Including this sum, the amount on hand in our endowment funds, awaiting investment at this date, is $27,684. O n m o t i o n o f M r . B a r r e t t , 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 a n d the Finance C o m m i t t e e was authorized to invest the funds on hand. REPORT OF PURCHASES (3) The following purchases have been approved by the President in accordance with the authorization of the Board of Trustees on May 22, 1934 (Minutes, page 577), because immediate action seemed advisable: Electric weld pipe for steam line to Residence Halls from the Republic Steel Corporation (through Inland Supply Company, Champaign, local representatives) at
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