Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 469]

EXTRACTED TEXT FROM PAGE:

1937]

UNIVERSITY OF ILLINOIS

467

Conclusions (1) If the Board wishes to proceed on the basis of the first alternative, additional fire prevention measures can be adopted, and the building may be available for use within a short period of time at a minimum of expense. (2) If this is not acceptable, we recommend that studies be made contemplating: (a) remodeling the building in fireproof construction plus the addition of stage facilities; or (b) remodeling the building for other purposes (such as a museum, administration building, etc.)- The latter would make it necessary to secure funds for the construction of a new Auditorium. The adoption of this alternate will result in the closing of the Auditorium during the present biennium, at least, and will require an adjustment in the program of the School of Physical Education in order that the George Huff Gymnasium and the Gymnasium Annex may be used for functions that have previously been held in the Auditorium. Q S. HAVENS, Director Physical Plant Department On motion of Mr. Pogue, the Physical Plant Department was directed to continue its studies and to submit estimates of the cost of such remodeling and repairs as are necessary to make the Auditorium structurally safe, to eliminate the fire hazards, and to make the building in general satisfactory for student and public use as an a u d i t o r i u m ; in the meantime, the Department was directed to keep the building closed until funds are available to do this w o r k ; and the special committee appointed to present to the Governor the text of the resolution relating to the proposed use of the Revolving F u n d for new buildings was instructed to include in its presentation of the need for a supplementary State appropriation for buildings an item for the rehabilitation of the Auditorium.

REPORT OF FINANCE COMMITTEE

Mr. Moschel, for the Finance Committee, presented the following report. A meeting of the Finance Committee was held at the Blackstone Hotel in Chicago on July 23, 1937. The following members of the Committee were present: Mr. Oscar G. Mayer, Chairman, Dr. Karl A. Meyer; also, President A. C. Willard and Comptroller Lloyd Morey. The Committee considered the following matters: 1. Report of July 2, 1937, from First National Bank of Chicago on endowment investments: On advice of the bank the Committee recommends the following sales and purchases of securities: p ,• , . Sell: proceeds $ 5 000 Los Angeles School District, 3*4%, 1952 $ 5 212 5 000 Detroit City Railway, 5^2%, 1944 5 375 5 000 Portland General Electric, 1st 5%, 1950 5 300 5 000 Wisconsin-Minn. Light & Power, 1st and Refunding, 5%, 1944 5 325 100 Associated Gas & Electric Debentures, 5%, 1968 45 1 000 Chicago & West Towns Ry. 1st 5%, 1937 (in default) no Cash on hand 3 282 Total $24 649 T. Approximate Buy: cost l $10 000 Kansas Gas & Elec. Co., 1st 4 A%, 1980 @ about 102^ $10 250 10 000 Super Power Co. of Illinois, 1st S F 4 ^ % , 1970, @ about IOS!^ 10 550 2 000 Kansas Power & Light, 1st 4^4%, 1965 2 180 2 000 Central Illinois Public Service Co., 1st & Ref., Series E, 5%, 1956 @ about 102 2 040 Total $25 020