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Caption: Board of Trustees Minutes - 1940
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36 BOARD OF TRUSTEES [July 21 On the basis of the foregoing figures it is evident that an annual service charge collected from 10,500 undergraduate students in the regular session to the amount of $4 a semester or $8 a year would be sufficient to finance these these requirements. In addition it is expected that a large number of the members of the faculty would join voluntarily in paying the same charge as students. It may also be desirable to assess this fee against graduate and professional students, approximately 1,500 in number, and undoubtedly some fee would be required against summer session students, now over 3,500 in number. These additional sources of income would provide ample margin for contingencies or might even make possible a reduction in the annual fee. One item of possible expense, however, not included above, is general taxes on the property. It is believed that the property would be exempt from taxation since it would be used for educational purposes. If, however, taxes should be levied, they probably would amount to as much as $1.50 a year per student, thus necessitating a considerable increase in the annual fee. The Foundation would be expected to provide for furnishing and equipping the building. It already has available in cash or in pledges over $100,000 for this purpose. In order to secure the loan which has been tentatively offered, it would be necessary for the Executive Committee or the Board of Trustees to indicate its willingness to proceed in accordance with the foregoing program and request the University of Illinois Foundation to secure the proposed loan. T h e Foundation would then make the application for the loan and, after the site has been conveyed to it by the Board of Trustees, would execute all necessary papers. In view of the great importance of the proposed new Union Building to the life and welfare of the University and in view of the importance of moving as rapidly as possible in order to take advantage of the offer of the Public W o r k s Administration, I recommend the approval of the proposed plan of procedure with respect to securing this loan and providing the resources for its repayment and for the operation of the new building. Dr. Meyer offered the following resolution and moved its adoption. After full discussion, the resolution was adopted by the following vote: Aye, Mr. Karraker, Dr. Meyer. RESOLUTION Be it resolved, by the Executive Committee of the Board of Trustees of the University of Illinois, that we request the University of Illinois Foundation to apply to the Connecticut Mutual Life Insurance Company for a loan of $550,000 for the purpose of completing the construction of Illinois 1745-F for which the Federal Emergency Administration of Public W o r k s has tendered a grant in the sum of $450,000 which has been accepted by the Board of Trustees of the University of Illinois, and that the University of Illinois Foundation do whatever may be needful to obtain such loan and complete such building. T h e University will cooperate with the Foundation in every possible way to build such building and will enter into an option agreement with the Foundation to lease such building when completed at a reasonable annual rental in conformity with the requirements of the lender-mortgage. APPROPRIATIONS TO RADIO STATION (3) On June 29, 1038, a report of the Advisory Committee on the Radio Station was sent to each member of the Board of Trustees. Contingent on receipt of information that the application of Station W I L L for an increase in power to 5,000 watts had been granted, the Committee made certain recommendations. This matter was considered at a meeting of the Board of Trustees, and there was informal agreement to certain of these recommendations. In an order issued July 12, 1038, the Federal Communications Commission authorized Station W I L L to increase power from 1,000 watts daytime to 5,000 watts daytime. In accordance with the recommendations of the Advisory committee on the Radio Station, I recommend the following appropriations be made from the General Reserve F u n d :
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