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Caption: Board of Trustees Minutes - 1940
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I939] UNIVERSITY OF ILLINOIS 495 INVESTMENT OF ENDOWMENT FUNDS At this point, Mr. Pogue, for the Finance Committee, recommended that investments of trust funds be made as follows: 1. At the last meeting, the purchase of $10,000 Gulf States Utilities, 3^2% of 1969, was authorized, the price stated being 103. This was an error, as these bonds were issued at 10654 a n d a r e currently selling at 107^2. The First National Bank recommends the purchase at the present price. 2. We have $10,000 on hand for investment. We recommend the transfer of $4,000 Duluth, Missabe, and Iron Range Railway, 1st 3^4% of 1962, held in the Kinley fund, which is unrestricted, to group investments, and the purchase of the following: $4,000 Quaker Oats Common $3,000 Santa Fc, Prescott, & Phoenix Railway, 1st 5's of 1942 $3,000 United New Jersey R. R. and Canal, 1st 4's of 1944 On motion of Mr. Pogue, these investments were authorized. MATTERS PRESENTED BY PRESIDENT WILLARD T h e Board resumed consideration of matters presented by the President of the University. APPROPRIATION FOR SPECIAL A N D NON-RECURRING EXPENDITURES (13) A recommendation that the following assignments be made from the General Reserve Fund for the purpose indicated in each case: 1. Repairing and modernizing the residence on the University's experimental farm at Olney, Illinois $ 2 200 2. Improvements in Physical Plant Storeroom 5 000 3. Remodeling of Physics Building n 000 During the presentation of this matter, President Mayer, being called from the room, asked Mr. Cleary to preside. On motion of Mr. Adams, these appropriations were made as recommended, by the following vote: Aye, Mr. Adams, Mr. Cleary, Mr. Jensen, Mr. Moschel, Mrs. Plumb, Mr. P o g u e ; no, n o n e ; absent. Mr. H o r n e r , M r . Karraker, Mr. Mayer, Dr. Meyer, Mr. Wieland. At this point, President Mayer returned and resumed the chair. RESTORATION OF ALTERNATES TO THE BASE CONTRACTS FOR THE CONSTRUCTION OF ILLINI UNION BUILDING (14) On May 26, 1939, when contracts were awarded on the construction of the lllini Union Building, certain alternates were taken to keep the total cost within the funds available at that time. Since then additional funds have become available and the Director of the Physical Plant Department recommends the following restoration of alternates: 1. Alternate No. E-9 to provide main breakers on main power and light panels at the transformer room $ 800 2. Alternate No. E-5 to the extent covered by quotation of the Wadeford Electric Company to Samuel R. Lewis, dated June 20, 1939 2 200 3. Addition of main breakers to electric panels listed as Paragraphs Nos. 32117-32118 of a Memorandum by Samuel R. Lewis, dated June 7, 1939 746 Total $3 746 O n motion of M r . Cleary, the restoration of these items was approved.
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