Caption: Board of Trustees Minutes - 1936
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626 BOARD O F TRUSTEES LEASE O F NALLY PROPERTY FOR O I L STATION [April 18 Mr. Mayer presented a recommendation of the Finance Committee for the acceptance of a proposal of the Mid-Continent Petroleum Corporation to lease for five years, with option of two five-year extensions, at a minimum annual rental of $420 and a maximum of $840. The Company will make all improvements and pay all taxes thereon. On motion of Mr. Mayer, this recommendation was adopted. INVESTMENT O F E N D O W M E N T FUNDS Mr. Mayer presented a further recommendation of the Finance Committee that $6,000 of uninvested endowment funds be invested in the following: $3,000 Kansas Power and Light Company, 4J4 per cent bonds of 1965, at approximately 108. $3,000 Central Illinois Light Company, 3 ^ per cent bonds of 1966, at approximately I0SJ4. On motion of Mr. Mayer, these investments were authorized. MEMBERSHIP IN UTILITY INVESTORS ASSOCIATION Mr. Mayer presented also a recommendation of the Finance Committee that the University continue its membership in the Utility Investors Association for one year beginning September 1, 1936 at a cost of $25. On motion of Mr. Mayer, this membership was authorized. INTEREST RATES ON S T U D E N T LOANS Mr. Mayer, for the Finance Committee, presented also a recommendation that the rates of interest on student loan funds be reduced as follows: During the period of attendance at the. University, and for one year thereafter, 4 per cent. One year after graduation or withdrawal, and to maturity of the notes, 5 per cent. After maturity (except in meritorious cases) 7 per cent. On motion of Mr. Mayer, these rates were authorized. BIDS ON ADDITION TO M I N I N G A N D M E T A L L U R G I C A L LABORATORY Mr. Barrett for the Committee on Buildings and Grounds, presented a schedule of the bids received on April 13 for the construction of the addition to the Mining and Metallurgical Laboratory. Bidders George Bennett T. J. Corkery GENERAL WORK Alternate fi Base Bid (Deduct) $27 387 00 S 700 00 2890000 {£ g £ " } Alternate iz (Deduct) £500 00 72500 Bond £414 00 43500 Check £900 00 89000 1 000 00 I 000 00 1 100 00 E. N. DeAtley 31 458 00 ( B I 000 00} 85000 46500 English Bros 31 000 00 I 000 00 850 00 465 00 John Felmley Co 30 800 00 1 000 00 1 100 00 350 00 Alternate f 1.—If Haydite concrete blocks are substituted for glazed tile, etc. Alternate ti.—If changes are made in construction of second-story ceiling and roof. Bidders Kewaunee Mfg. Co W. W. Kimball Co WalrusMfg.Co Hamilton-Invincible Co W. M. Welch Mfg. Co LABORATORY EQUIPMENT Base Bid $S 747 83 oocooo :.:.... 8 062 11 Bond tiooo .... 27 so ..... Check $265 °° 30000 270 00
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