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Caption: Board of Trustees Minutes - 1940
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724 BOARD OF TRUSTEES [January 27 these properties for residence hall purposes; also estimates of the operating income and expense. This report was received for record, and the matter was referred to the President of the University for further study. INTEGRATION O F DIVISION O F HOUSING W I T H OFFICES OF DEAN O F MEN A N D DEAN OF W O M E N (36) At the meeting of the Board on December 18, it was recommended informally for consideration by the President of the University that the Division of Housing be more closely integrated with the offices of the Dean of Men and the Dean of Women. I have conferred with the Dean of Men, the Dean of Women, and the Director of Housing on this matter. T h e present arrangement is satisfactory to the Dean of Men. T h e Director of Housing and the Dean of W o m e n have submitted for approval by the President of the University a new schedule of office time which will give the Dean of Women's representative in the Division of H o u s i n g more hours per week in the Dean's office in the W o m a n ' s Building. This report was received for record, and the matter was referred to the President of the University for further study. INVESTMENT OF E N D O W M E N T FUNDS Mr. Pogue, for the Finance Committee, presented the following report. About the middle of January the T r u s t Department of the First National Bank of Chicago, which acts as our investment counsel, called attention to the status of Nebraska Power first 4^4% bonds due 1081 of which we owned $10,000 at a book value of 108.66. T h e bonds are callable at lo6$4, and the bank advised that indications point to the possibility of call in the not far distant future. The market at that time was above our book value, and the bank recommended that we dispose of the bonds as soon as possible. T h e Finance Committee, after reviewing the matter, reached the unanimous conclusion that the recommendation of the bank should be followed. Since prompt action was required, the Committee, acting under the emergency provision of the By-laws, authorized the Comptroller to place these bonds on the market. At this date $3,000 have been sold at n o $ 4 ; $1,000 at 1 1 0 ^ ; and the remainder are being offered at 109 or better. T h e Finance Committee recommends the investment of these and other free endowment funds, up to $20,000 in DuQuesne Light Company's first zVi per cent bonds of 1965, at about 107. On motion of Mr. Pogue, this report was accepted and the investment was authorized as recommended. PURCHASE OF INSURANCE Mr. Pogue, for the Finance Committee, reported also as follows: T h e Purchasing Agent has secured quotations for fire insurance coverage in the amount of $234,400 for a period of five years on the Second Unit of the Medical and Dental Building. T h e present policies expire February 12, 1940. T h e University is required to carry insurance on this building for the protection of the bond issue. T h e Finance Committee recommends that the insurance be placed as follows: $80 000—Continental Insurance Company: Premium Moore, Case, Lyman, & Hubbard, Agents % 467 20 $80 000—The St. Paul Fire and Marine Insurance Company: Allen and Company, Agents 467 20 $74 400—Insurance Company of North America: Burton and Trelease, Agents 434 49 $234 400 Total $1 368 89 On motion of Mr. Pogue, this insurance was awarded as recommended.
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