Repository: UIHistories Project: Board of Trustees Minutes - 1938 [PAGE 661]

EXTRACTED TEXT FROM PAGE:

1938]

UNIVERSITY OF ILLINOIS

659

area, for researches to develop new scientific, chemical, and technical uses and new and extended markets for farm commodities and by-products. Such research work shall be devoted primarily to those farm commodities in which there are regular or seasonal surpluses. The Act authorizes the Secretary to acquire land, to accept in the name of the United States donations of any property, real or personal, to utilize voluntary services and the cooperation of other agencies. The Secretary of Agriculture is authorized to allocate $1,000,000 annually to each of the four regional laboratories to be established. These regional laboratories will be located in communities which offer them and the Government the best advantages in carrying out the purpose for which they are established. There is a possibility that one of them may be established at Urbana in view of the advantages which it would have from close proximity to the library, laboratory, and other facilities available at the University of Illinois. The matter is being presented at this time for consideration by the Board of what it could offer the Federal Government. First of all, a site would be required and this would involve deeding land to the Federal Government. Because of the limitations of its power plant the University is not in a position to offer heat, light, power, and similar utilities, but it may be advisable to bring this situation to the attention of the Governor and the General Assembly of Illinois for the consideration of a State appropriation to increase the University's power plant facilities and for other purposes relating directly or indirectly to the operation of the Federal laboratory. On motion of Mr. Cleary, the President of the University was authorized to apply for the erection of such a laboratory at the University, and to express the willingness of the University to deed land to the United States Government for a site for such a laboratory and to offer reasonable cooperation of the staff and reasonable use of the University farm land, and the President was requested to get in touch with the Governor, State Department of Agriculture, State Surveys, and with our representatives in the Senate and in the House of Representatives in order to secure the location of this laboratory at the University of Illinois.

INVESTMENT OF STUDENT LOAN FUNDS

Mr. Moschel, for the Finance Committee, presented a recommendation that a part of the cash balance in student loan funds for which there is no call at present, be invested in United States Government bonds as follows: $25,000, 3 % % of 1941, and $25,000, 2% of 1942. On motion of Mr. Moschel, this investment was authorized.

INVESTMENT O F E N D O W M E N T FUNDS

Mr. Moschel, for the Finance Committee, presented a recommendation that a total of $20,000 of uninvested endowment funds be invested in the following securities (not more than $5,000 in any one i s s u e ) : Market Yield Gulf States Utilities Co. First Mortgage & Refunding Series C 4% Bonds due 10/1/66 1033^ 3.8% Indianapolis Power & Light Company First Series A 5% Bonds due 1/1/57 105^ 4-5 Inland Steel Company First Series D ZYA% Bonds due 2/1/61.. io5j£ 3.3 The Kansas Power & Light Co. First 4 ^ % Bonds due 11/1/65.. ioo}4 3-9 Ohio Edison Company First tfi Bonds Series of 1936 due 1/1/72 98 3.8 On motion of M r . Moschel, this investment was authorized.