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Caption: Board of Trustees Minutes - 1940
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766 BOARD OF TRUSTEES [February 16 RESOLUTION The Board of Trustees of the University of Illinois records with profound sorrow the death on February 5, 1940, of the Honorable Charles S. Deneen, former United States Senator, one time Governor of Illinois, and a former member of the Board of Trustees of the University. Governor Deneen served as a member of the Board of Trustees for eight years, from 1905 to 1913, when he was Governor of the State. The Board wishes to record its deep appreciation of the services of this distinguished citizen to the State as Governor, to the country as a Senator, and to the University as a member of its governing body. He had a deep interest in the affairs of the University not only in his official capacity but as a private citizen. In recording this tribute to Governor Deneen, the members of the Board of Trustees direct their Secretary to send a copy of this resolution to his family as an expression of sympathy with them in their loss. REPORTS OF FINANCE COMMITTEE At this point, Mr. Moschel, for the Finance Committee, presented the following recommendation. Southwestern Gas and Electric Co. 4% bonds of i960, of which we own $10,000 at a book value of 103.1, were called recently at a call price of 104. A new issue at 3%% due 1970 is offered, and our investment counsel recommends the purchase of an equivalent amount of the new issue at about 103. The Finance Committee approves this recommendation and requests approval by the Board of Trustees. O n motion of M r . Moschel, this recommendation was approved. MUTUAL BENEFIT HOSPITAL F U N D Mr. Moschel presented also the following recommendation of the Comptroller. At the January meeting of the Board of Trustees, the Board approved new regulations for the Mutual Benefit Hospital Fund which included the provision that the Board would assume the custody of the fund. The cash balance in the checking account of the Fund has been turned over to us by the former Trustee, Dean Turner. There is also a savings account of $7,418.27 in the First National Bank of Chicago at ij/z% interest per annum. I recommend that this deposit be approved as an investment of this Fund, and the account continued. I further recommend that the Secretary of the Board and the Comptroller jointly, or their deputies, be authorized to make withdrawals from that deposit to meet the needs of the Fund as they arise. O n motion of M r . Moschel, these recommendations were adopted. INVESTMENT IN MORTGAGE Mr. Moschel also reported that the Finance Committee has considered and approved as an emergency action, as an investment of endowment funds, an application for a first mortgage loan of $3,000 on a new residential property in southwest U r b a n a near the University grounds. T h e property represents an investment of over $20,000, and the owner is a person of excellent reputation and substantial income. T h e loan is for three years at 4 % , interest payable semi-annually, with privilege of repayment in part or in full at any interest date. On motion of M r . Moschel, this loan was approved. At this point, President Mayer returned and took the chair. MATTERS PRESENTED BY PRESIDENT WILLARD T h e Board resumed consideration of matters presented by the President of the University.
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