Repository: UIHistories Project: Board of Trustees Minutes - 1936 [PAGE 885]

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BOARD OF TRUSTEES

[June 29

employees or children of employees of the Owens-Illinois Glass Company or its affiliated or subsidiary companies nor such applicants who are recommended by W. E. Levis the conditions and regulations respecting the making of loans adopted by the University shall in all respects govern, and such student shall not become eligible for a loan until after he has been in attendance for at least one year at the University. It is my wish that the interest on all such loans shall be charged at 4 per cent for the period of the loan up to a date one year after leaving school, or graduation, that the rate be then changed to 5 per cent until payment of the loan. In so far as it is practicable to carry it out, it is my wish that the scale of repayments of loans made out of this fund shall be approximately as follows: all interest due and 10% of the principal one year after graduation or leaving school; all interest due and 20% of principal two years after graduation or leaving school; all interest due and 30% of principal three years after graduation or leaving school; and all interest due and the balance of principal four years after graduation or leaving school. A student borrower who has been away from school for two full years shall be presumed to have left school unless satisfactory evidence is offered to rebut that presumption. It would be my desire that the President of the University appoint a committee, not to exceed three members of the University Staff, to whom should first be referred all applications for loans from the W. E. Levis Loan Fund by prospective students or applicants who are employees or children of employees of the Owens-Illinois Glass Company or its affiliated or subsidiary companies. After such applications have been approved by this committee, it is understood that they will be subject to consideration and approval in the same manner as required for all loan applications under the general regulations of the University applying to such matters. While it is my wish that the foregoing conditions respecting the administration of the loan fund hereby offered be carried out substantially as defined, I am willing to leave it to the discretion of the Board of Trustees of the University of Illinois to depart therefrom if at some time in the future circumstances should arise and conditions change, indicating the advisability of administering this fund in some of the details herein outlined in a different manner. Yours very truly,

W. E. LEVIS

Under the authorization in the Statutes, I have accepted this gift for the University and have expressed to Mr. Levis the appreciation of the Board of Trustees and the University for his generous gift.

This report was received for record.

LOAN FUND FOR ENGINEERING STUDENTS (40) The Real Cooperative Company (formerly the Engineers' Cooperative Society), organized several years ago by students and members of the faculty of the College of Engineering to conduct a book and general supply store for the benefit of students, is liquidating its assets. After paying all creditors' claims and all costs in the liquidating proceedings, the Company will have a balance of approximately $2,442.46 (subject to a deduction for premium due on receiver's bond which will not exceed $20) in cash, plus a claim of $2,792.58 against a closed bank, and accounts receivable, although of doubtful value, of $1,526.15. T h e liquidating receiver and the stockholders of the Company offer this cash balance, to be supplemented by dividends on the bank claim as received, to the University for use as a loan fund for the benefit of students in the College of Engineering, with no other restrictions, the fund to be administered under the regulations of the Board of Trustees governing other loan funds. I have authorized acceptance of this gift.

On motion of Mr. Barrett, the action of the President of the University in accepting this gift was confirmed.