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Caption: Board of Trustees Minutes - 1940
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38 BOARD OF TRUSTEES Mortgage indebtedness on these properties, which is past due and is in the process of being refinanced, amounts to $26,500. If the Club can dispose of the California Street property at a satisfactory price it will do so and apply the proceeds on reduction of its indebtedness. In its present condition this property is not self-supporting. The Club house is attached to the University Power Plant. It would make a suitable residence hall for either faculty or students and doubtless could be operated on a basis which would cover operating expenses and debt service. Since it may be necessary in the near future to arrive at a decision on this matter in order to complete the plans for the new Union Building, I recommend that the proposed arrangement for the faculty and the University Club in the new building be approved in principle and that the President of the University be authorized to work out if possible a satisfactory arrangement with the University Club along the lines of the tentative memorandum. O n motion of Dr. Meyer, this arrangement was approved in principle, and authority was given to the President of the University as requested. BABCOCK ENDOWMENT F U N D Mr. K a r r a k e r , for the Finance Committee, presented a report by the Comptroller, containing an offer from J. H . Boyden of $3,000 cash in settlement of a second mortgage note for $5,440.46 (on which no interest has been paid since 1930). This note came to the University as part of the Babcock endowment fund. O n motion of Dr. Meyer, the Comptroller was authorized to accept $3,000 cash in full settlement of this obligation, and the officers of the Board were authorized to execute the necessary release on receipt of the money. T h e Executive Committee adjourned. H. E. C U N N I N G H A M O. M. KARRAKER Clerk Chairman, K A R L A. pro tempore MEYER
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