Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 549]

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1937]

UNIVERSITY OF ILLINOIS

547

Disbursements (as per canceled checks returned to Comptroller): March, 1937 $14 4°o 00 April, 1937 7 200 00 May, 1937 7 200 00 Total, Disbursements 28 800 00 Balance on hand June 30, 1937 (on deposit at First National Bank of Chicago) $38 212 19

F. M. GORDON, Treasurer Correct: LLOYD MOREY, Comptroller

This report was received for record.

STATE EMPLOYEES' A N N U I T Y F U N D

(24) The Sixtieth General Assembly passed a law establishing a State Employees' Annuity Fund which would have affected the University. This bill, however, was vetoed by the Governor because of certain defects which made it impossible for the State Auditor of Public Accounts to carry out its provisions. The Comptroller has been informed that a similar bill may be introduced in a special session of the General Assembly. The sponsors of this legislation have offered to cooperate with officials of the University in drafting a new bill to make it more suitable from the University's point of view. The Comptroller has prepared a memorandum outlining the advantages and disadvantages of such legislation from the point of view of the University.

Professor Morey commented on this report. On motion of Mr. Adams, this matter was referred to the Finance Committee for study and report. At this point, Dr. Meyer withdrew.

EXCHANGE O F PROPERTY W I T H UNIVERSITY O F CHICAGO

(25) The Physical Plant Department reports that the University of Chicago is now willing to consider the exchange of its property on Lincoln and Polk Streets and Winchester Avenue, now under lease to the University of Illinois, for the site of the old Medical Building. The Real Estate Manager of the University of Chicago states that a proposal to exchange these two properties without a cash consideration either way and taxes if any prorated to the date of delivery of deed will probably receive favorable consideration by the Trustees of the University of Chicago.

This report was received for record.

ILLINOIS BUDGETARY COMMISSION

(26) The Sixtieth General Assembly passed the following act which was approved July 1, 1937, creating the Illinois Budgetary Commission: ILLINOIS BUDGETARY COMMISSION (HOUSE BILL NO. 662. Approved July 9, 1937-) AN ACT to establish the Illinois Budgetary Commission, to define its powers and duties, and to make an appropriation therefor. Be it enacted by the People of the State of Illinois, represented in the General Assembly: SECTION 1. There is created the Illinois Budgetary Commission to consist of the Governor as ex officio member thereof, the chairmen of the Committees on appropriations of the House of Representatives and the Senate, two members of the Senate, appointed by the President thereof, upon the advice and consent of the Executive Committee, and two members of the House of Representatives, appointed by the Speaker thereof. Any vacancy in the Commission shall be filled by appointment in the same manner. SECTION 2. The Governor shall serve as a member of said Commission during his term of office and until his successor is elected and qualified, as pro-