Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 884]

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1936]

UNIVERSITY OF ILLINOIS

88l

ELEVATOR MAINTENANCE CONTRACT (38) A report that the maintenance contract with the Otis Elevator Company for maintenance on all elevators in the University buildings at Urbana has been cancelled in accordance with a provision in the agreement that it may be terminated in writing by either party. This has been done on recommendation of the Director of the Physical Plant Department, who reported that it will be possible for the University to do the servicing and maintenance work at considerably less than the cost of the service under the contract. Since the Otis Elevator Company did not assume any responsibility in case of accidents or guarantee their work, there is no advantage to the University in continuing this arrangement.

On motion of Mr. Mayer, this action was confirmed.

WILLIAM E. LEVIS LOAN F U N D (39) T h e following offer from William E. Levis of the Class of 10.13, President of the Owens-Illinois Glass Company: June 1, 1936 Dr. A, C. Willard, President, University of Illinois, Urbana, Illinois

MY DEAR PRESIDENT W I L L A R D :

I have for some time been giving assistance to certain students, some of whom are in attendance at the University of Illinois, out of my own personal resources. I have come to the conclusion that my purpose would be more likely to be carried out successfully and permanently if the University would undertake the administration of such funds as I am personally able to make available for this use. I am, therefore, offering the University of Illinois to set up a loan fund in the amount and for the purpose hereinafter stated, to be administered by the University in general in the same manner as it now administers loan funds under its control. If this proposal is accepted by the University, I shall deliver to the Board of Trustees securities and pay cash in the following amounts, and on the dates indicated: On September I, 1936, I shall deliver to the Board of Trustees of the University of Illinois promissory notes from persons to whom I have made loans and advances heretofore which have not been repaid, such promissory notes and obligations to be retained by the University, and collected according to their tenor, and the proceeds of the collection to constitute a loan fund to be used to make loans to qualified students or those who intend to become students at the University of Illinois; such notes will have an aggregate face value of approximately $15,000. On September 1, 1936, I shall pay to the Board of Trustees in cash the sum of $5,000 which shall go into the student loan fund herein described. On September 1, 1937, I shall pay to the Board of Trustees o£ the University of Illinois in cash the sum of $5,000, and on September 1, 1938, an additional sum of $5,000 in cash, all of which shall be added to the student loan fund herein described. T h e transfer of the notes and the gifts of cash herein mentioned shall be absolute and outright. This student loan fund shall be known and described in University bulletins as the W. E. Levis Loan Fund, and shall be kept entirely segregated from ali other funds controlled by the Board of Trustees. In making loans to students or prospective students it is suggested that the University give preferential consideration to the employees or the children of employees of the Owens-Illinois Glass Company and of its affiliated or subsidiary companies and to applicants recommended by W. E. Levis. While it is suggested that preferential consideration be given the class of students of the type mentioned above, loans may be made from this fund, if the balance permits, to worthy students who qualify under the general regulations and conditions adopted by the University of Illinois in relation to the administration of loan funds. It is understood that as to all applicants for a loan who are not