Repository: UIHistories Project: Board of Trustees Minutes - 1980 [PAGE 334]

EXTRACTED TEXT FROM PAGE:

1979]

5/16 5/16 5/16 5/16

UNIVERSITY OF ILLINOIS

323

10.15% $2 500 000 00 10.40 10.38 2 000 000 00 100 000 00

5/16 5/16 5/21 5/21 5/25 5/29 5/29 5/31 5/31 5/31

$2 500 000 Continental Bank 10.15 percent time deposit due 10/15/79 2 000 000 Continental Bank 10.40 percent time deposit due 11/13/79 100 000 Prairie State Bank 10% percent certificate of deposit due 11/13/79 200 000 South Shore National Bank 10% percent certificate of deposit due 1 1 / 13/79 185 000 U.S. Treasury bills due 9/20/79 650 000 U.S. Treasury bills due 4 / 2 9 / 8 0 4 700 000 Continental Bank 10.45 percent time deposit due 11/19/79 1 000 000 Continental Bank 10 Vi percent time deposit due 2/15/80 2 000 000 Continental Bank 9.70 percent time deposit due 7/23/79 650 000 U.S. Treasury bills due 1 0 / 4 / 7 9 . . . 250 000 U.S. Treasury bills due 1 0 / 2 5 / 7 9 . . . 3 000 000 Continental Bank 9.80 percent time deposit due 8/20/79 700 000 Lincoln Savings & Loan 10H percent certificate of deposit due 7 / 3 0 / 7 9 . . . 150 000 U.S. Treasury bills due 1 0 / 2 5 / 7 9 . . .

10.38 9.79 10.08 10.45 10.50 9.70 9.74 9.73 9.80 10.38 9.82

200 000 00 178 826 04 592 153 25 4 700 000 00 1 000 000 00 2 000 000 00 628 252 45 240 325 35 3 000 000 00 700 000 00 144 218 00

O n m o t i o n of M r . L e n z , this r e p o r t w a s a p p r o v e d a s p r e s e n t e d .

Estate of Charles Chacey Kuehn Acceptance of Bequest

(52) Under his Last Will and Testament dated February 19, 1974, Charles Chacey Kuehn made a bequest to the University of Illinois as follows: I bequeath Five Hundred Thousand Dollars to the U N I V E R S I T Y O F I L L I N O I S as an endowment fund to be used for scholarships in memory of and in the names of my mother and father, O L I V E CHACEY K U E H N and ALFRED L. K U E H N , both of whom graduated from that University, one-half of such scholarships to be awarded to needy, able, and deserving men students who are pursuing an engineering course (preferably but not necessarily civil engineering) and the other one-half to women students in the same character pursuing a general course in the literary school. T h e appropriate authorities may prescribe specific standards beyond those here suggested, but I request that each scholarship be in an amount sufficient to enable the holder to pay all expenses for tuition, board, and lodging (to the extent such holder shall not have other means to provide for some part thereof) without having to seek employment during the school year. Mr. Kuehn died April 25, 1978, and the estate is now prepared to distribute the funds. The executor has requested that the Board of Trustees pass the following resolution accepting the gift. University counsel has examined the bequest in view of the regulations issued June 3, 1975, by the Department of Health, Education, and Welfare regarding implementation of Title I X of the Higher Education Amendments of 1972 which prohibit educational institutions from awarding financial aid on the basis of sex. There are provisions in the regulation for "pooling of funds," and it is the opinion of the University counsel that the University may legally accept the bequest. I recommend acceptance of the bequest and passage of the following resolution.