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Caption: Board of Trustees Minutes - 1936
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796 BOARD OF TRUSTEES [ J u n e 2Q f.o.b. Urbana. (Reason for emergency: It was necessary to start the reflooring of the Old Gymnasium as soon as possible.) 3. Eleven automobiles (3 V-8 Ford sedans and 8 V-8 Ford coupes), the annual replacement of Federal Extension cars, from the E. V. Kirby Motor Company, at a cost of $2,062.18. (Reason for emergency: This purchase was made from Federal funds which will lapse on June 30 and payment must have been completed by that time.) 4. Twenty vacuum type cadillac condensation meters from the American District Steam Company, Chicago, the low bidder, at a price of $1478.30 f.o.b. Urbana. (Reason for emergency: T h e delivery of the meters will require 30 days, and as they must be installed and the job closed prior to August 31, the order had to be placed immediately.) 5. Printing paper ( N o . 4 sulphite bond) as follows: F o r Office Supply Stores: 8 Tons 17 x 22—16 White 48 Reams 17 x 28—2oy2 White 48 Reams 19 x 24—igy 2 White 32 Reams 17 x 22—16 Canary 32 Reams 17 x 22—16 Pink 32 Reams ly x 22—16 Green For Agricultural Extension: 10 tons Syi x 11—4# White From Dwight Brothers Paper Company, Chicago, at a total price of $2,348.08. Quotations were secured from ten companies. Although Dwight Brothers Company was the second low bidder (the low bidder's price was only $8.42 less), the paper it can furnish is the best suited for the University's uses. (Reason for emergency: The present stock of this grade of paper has run low, and as the paper will be shipped from a mill located in the east which will require three to four weeks for delivery, the order had to be placed immediately.) On motion of Mr. Barrett, the action of the President of the University in authorizing these purchases was confirmed. PURCHASE OF SECURITIES AS INVESTMENT OF E N D O W M E N T FUNDS (28) A report from the Comptroller that, in accordance with the authorization of the Board of Trustees, the following securities have been purchased as investments of endowment funds: $3,000 par Kansas Power and Light Co. 4^4%, due 1965 at 1 0 7 ^ $3,000 par Central Illinois Light Co. 3}4%, due 1966 at 105^2 $5,000 par Inland Steel Company first 3j£% bond due February 1, 1961, at 104^8. Total cost $5,243.75. $5,000 par Southwestern Gas & Electric Company first Series D 4% bond due November 1, i960, at 1 0 3 ^ . Total cost $5,162.50. $20,000 par United States Treasury Notes 21/%% due i960, optional 1955, at 102. total cost $20400.00. $4,000 par Ohio Edison Company first 4% bonds of November 1, 1965, $4,000.00 at 1 0 5 ^ , total $4,230.00. This report was received for record. PROPOSAL FOR USE OF ATHLETIC ASSOCIATION SURPLUS (29) A proposal from Director Huff to turn over to the University the surplus funds of the Athletic Association for the purchase of real estate or other capital expenditures, the University to assume the cost of maintenance of the skating rink, in the amount of three per cent a year of the funds turned over. No action was taken on this matter. A t this point, D r . M e y e r w i t h d r e w . ATHLETIC ASSOCIATION BUDGET Mr. Mayer presented the following recommendation:
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