Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 880]

EXTRACTED TEXT FROM PAGE:

i9363

UNIVERSITY OF ILLINOIS

877

T H E DISTRICT OF COLUMBIA ] UNITED STATES OF AMERICA J

I, Glenn D. Thompson, Notary Public in and for the said District of Columbia in the United States of America do hereby certify that Horatio B. Hackett, Assistant Federal Emergency Administrator of Public Works of the United States of America, personally known to me to be the person whose name is subscribed to the foregoing instrument as such Assistant Federal Emergency Administrator of Public Works, United States of America, appeared before me this day in person and acknowledged that he signed and delivered the said instrument as his own free and voluntary act, and as the free and voluntary act of the United States of America. Given under my hand and notarial seal this 9th day of April, 1936.

GLENN D. THOMPSON

My commission expires November 9, 1938. (Notarial Seal)

Notary

Public

OPINION OF CHAPMAN AND CUTLER ON MEDICAL. AND DENTAL COLLEGE BUILDING TRUST BONDS (31) A recommendation that the Board of Trustees retain the services of the firm of Chapman and Cutler to submit an opinion on the legal validity of the bonds which will be issued by the University of Illinois Foundation under the Medical and Dental College Building Trust. While the United States Government will not require such an opinion, being prepared to purchase the bonds on the approval of its own legal advisors, if an approving opinion from Chapman and Cutler can be obtained, the bonds will become immediately marketable in the financial district of Chicago, and probably at such a premium that a profit of several thousand dollars may be realized, which will result in that much of a saving to the State of Illinois in the cost of the Second Unit of the Medical and Dental College Laboratories Building. The firm of Chapman and Cutler is recognized by investment bankers as one of the leading authorities on governmental financing, and it is understood that securities of the type in question are not marketable, at least in Chicago, without having had the approval of this firm. The approximate fee for this service will be $1,000.

On motion of Mr. Barrett, this recommendation was adopted and the appropriation of $1,000 was made by the following vote: Aye, Mr. Barrett, Mrs. Freeman, Mr. Karraker, Mr. Mayer, Mr. Pogue, Mr. Williams; no, none; absent, Mr. Barr, Mr. Horner, Dr. Meyer, Mrs. Plumb, Mr. Wieland.

SALE OF MEDICAL AND DENTAL COLLEGE BUILDING TRUST BONDS C32) A recommendation that if Chapman and Cutler submit an approving opinion on the legal validity of the Medical and Dental College Building trust bonds, the University of Illinois Foundation be requested to advertise these bonds and to sell them to the highest bidder, in consultation with the Comptroller and the Finance Committee of the Board of Trustees of the University of Illinois.

On motion of Mr. Williams, this recommendation was adopted.

OFFER OF FIRST NATIONAL BANK IN CHAMPAIGN TO PURCHASE MEDICAL AND DENTAL COLLEGE BUILDING TRUST BONDS (33) T h e First National Bank in Champaign has offered to purchase $80,000 of the Medical and Dental College Building trust bonds ($40,000 maturing in 1938 and $40,000 maturing in 1939) carrying interest at four per cent per annum,