Repository: UIHistories Project: Board of Trustees Minutes - 1940 [PAGE 919]

EXTRACTED TEXT FROM PAGE:

916

BOARD OF TRUSTEES

[April 25

Secretary of the Foundation, to appear before the Board at this meeting to discuss in detail these proposed expenditures and the plan for raising the balance of the funds for the furnishings and equipment of the Mini Union Building. The Secretary of the Foundation has also submitted an analysis of the proposed distribution of the expenditures pursuant to this additional appropriation which was sent to the members of the Board in advance of this meeting. Dean Thompson and M r . Colvin were introduced. T h e y presented a detailed budget for the expenditure of the amount requested, and commented thereon. On motion of Mr. Cleary, an appropriation of $1,000 was made from the General R e s e r v e F u n d to the Foundation, to cover one issue of the Illini News, and traveling expenses, by the following vote: Aye, M r . Cleary, M r . K a r r a k e r , M r . Mayer, D r . Meyer, M r . Moschel, Mr. P o g u e ; no, n o n e ; absent, M r . A d a m s , M r . H o r n e r , Mr. Jensen, M r s . Plumb, M r . Wieland.

REFINANCING OF MEDICAL AND DENTAL BUILDING BONDS

(35) The Comptroller and the University Counsel have been investigating the possibilities of refunding the bonds outstanding on the Medical and Dental Building at a lower rate of interest. These bonds may be retired on any interest date (July 1 and January 1), so that if the refinancing is to be carried out at the next opportunity it will be necessary to issue the call not later than May 31. I am asking the Comptroller and the Counsel to submit a report of their negotiations. O n motion of M r . Mayer, the President was authorized to continue negotiations with any interested and responsible financial institution for the purpose, if possible, of prompt refinancing, in cooperation with the University of Illinois Foundation, of the Medical and Dental College bonds, notwithstanding no enabling or corrective legislation can be had at the special session, on advantageous terms with resulting savings to t h e University, and was requested to report at the next meeting.

AFFILIATION W I T H RUSH MEDICAL COLLEGE AND PRESBYTERIAN HOSPITAL

(36) A report of progress on negotiations with the officers of Rush Medical College and the Presbyterian Hospital concerning affiliation with the University of Illinois College of Medicine. D r . Meyer commented on the negotiations. O n motion of M r . Moschel, the Committee on Chicago Departments was requested to consider reports and recommendations on this matter.

ILLINI U N I O N BUILDING BUDGET POLICIES

(37) The Advisory Board on the management and operation of the Illini Union Building and the Director of the Physical Plant Department recommend adoption of the following policies relating to the operation of the Illini Union Building: 1. Budget policies for the distribution of expense between service functions within the building. 2. Operation and maintenance budget for 1040-1941. 3. Proposed building service charge. On motion of M r . Cleary, a service charge, of $5 a semester and $2.50 for the S u m m e r Session was authorized.