Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 151]

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148

BOARD OF TRUSTEES

[November 29

The Comptroller presented this matter and commented on the terms of the agreement. On motion of Mr. Karraker, the President and the Secretary of the Board were authorized to execute this agreement, and the appropriation of $3,715 was made from the General Reserve Fund, by the following vote: Aye, Mr. Adams, Mrs. Freeman, Mr. Karraker, Mr. Mayer, Mr. Moschel, Mrs. Plumb, Mr. Pogue, Mr. Wieland; no, none; absent, Mr. Cleary, Mr. Horner, Dr. Meyer.

STUDY O F UNIVERSITY RETIRING ALLOWANCES AND DEATH BENEFIT SYSTEM

At this point, Mr. Karraker presented the following report.

T h e Finance Committee recommends that the Board authorize the University to retain the services of Mr. D. F. Campbell, of Chicago, a consulting actuary and leading authority on pension plans, to make a complete study of the problems involved in the University's retiring allowances and death benefit system, to prepare a complete plan with an estimate of the cost, and to prepare a bill providing for legislation to put such a plan into effect. This service will involve a total fee of $2,500; the Committee recommends an appropriation of this amount from the General Reserve Fund.

On motion of Mr. Karraker, this recommendation was approved, and the appropriation was made, by the following vote: Aye, Mr. Adams, Mrs. Freeman, Mr. Karraker, Mr. Mayer, Mr. Moschel, Mrs. Plumb, Mr. Pogue; no, none; absent, Mr. Cleary, Mr. Horner, Dr. Meyer, Mr. Wieland. The Board resumed its consideration of matters presented by the President of the University.

R E S O L U T I O N , ILLINOIS U N I O N (13) A recommendation that the following resolution be adopted. Whereas, the University of Illinois Union, Inc., was organized with the approval of the University of Illinois for the purpose of aiding in the general welfare of students in the University, and Whereas, in carrying out this purpose, it acquired certain buildings known as the Union Building and the Union Arcade Building adjacent to the campus which it operated as far as its resources would permit as a center of student activities through a long period of years in which such a center was not provided by other means, and Whereas, in providing these buildings for this purpose it has expended out of its own income an amount in excess of $50,000, and Whereas, the University of Illinois Union, Inc., now proposes to convey these properties to the Board of Trustees, Therefore, be it resolved, that the Board of Trustees of the University of Illinois records its recognition and appreciation of the valuable service of the University of Illinois Union, Inc., in acquiring and operating quarters for student activities and in conveying these properties to the University at this time.

On motion of Mrs. Freeman, this resolution was adopted.

OFFER OF LAND BY ILLINOIS IOWA POWER COMPANY (14) T h e Illinois Iowa Power Company has abandoned the street railway right of way west of W r i g h t Street. It has offered to sell to the University a strip of this right of way which adjoins University property between Sixth and W r i g h t Streets and being an area 40 feet in width by 248^2 feet in length for a price of $1,800. Although the University has no immediate use for the