Caption: Board of Trustees Minutes - 1940
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92 BOARD OF TRUSTEES [September 30 Emeritus: ADDITION TO KATE NEAL KINLEY MEMORIAL FELLOWSHIP F U N D (2) The following offer from Dr. David Kinley, President To the Board of Trustees of the University of Illinois: L A D I E S AND G E N T L E M E N : I hereby present to your Board as an addition to the Kate Neal Kinley Memorial Fellowship Fund fifty (50) shares of Quaker Oats common stock, with a present market value of about $104-105 per share. These additional securities shall be subject to all the conditions and provisions of the original gift as recorded in the minutes of the meeting of your Board on September 28, 1935, pages 392 to 394 of the thirtyeighth Report of your Board, July n , 1934, to June 29, 1936, except that these present securities shall not be subject to the requirement in paragraph two (2) of the original deed of gift that the securities then given shall be held until maturity. It was and is my intention that within the limitations of the original deed of gift, the care and management of the funds of this Endowment shall be left to the good faith and judgment of your Board as to reinvestment, and that your Board be not restricted in reinvesting said funds to the classes of securities prescribed for Trust Funds by the laws of Illinois. The selection of securities for reinvestment, when such reinvestment becomes necessary under the provisions of the Trust, is left entirely to your discretion. Respectfully yours, DAVID K I N L E Y Dated at Urbana, 111. September 21, 1938. The original of this offer is being turned over to the Secretary of the Board for record and the securities have been deposited with the Comptroller. On motion of Mr. Moschel, this gift was accepted, with the thanks of the Board. FOUNDATION CONTRACT FOR NATURAL RESOURCES BUILDING (3) The agreement between the Department of Registration and Education and the Board of Trustees in relation to the construction of a Natural Resources Building provides that plans and specifications for the building shall be submitted to the Board for approval before the Department advertises for bids. Contemplated contracts must also be submitted to the Board of Trustees for approval before they are awarded. The State has received a PWA grant for this building under the terms of which construction must begin not later than October 19. This means t h a t bids must be received and a contract awarded before that date. T o meet this condition the Department plans to award a foundation contract separate from the general work. Plans and specifications were received by the Physical Plant Department yesterday afternoon (September 29) too late for examination of them in time for presentation at this meeting. Consequently, I recommend that the Buildings and Grounds Committee be authorized to act for the Board in this matter. On motion of Mr. Karraker, this matter was referred to the Committee on Buildings and Grounds, with power to act. NAME FOR BUILDING TO REPLACE UNIVERSITY HALL (4) A recommendation t h a t the new classroom building which is being erected to replace space lost in University Hall be called "Gregory Hall" in memory of Dr. John Milton Gregory, the first Regent of the University. On motion of Mr. Cleary, this building was named Gregory Hall as recommended. EASEMENT FROM ILLINI U N I O N BUILDING TO GREEN STREET (5) A recommendation that the Board authorize its officers to execute an easement giving the University of Illinois Foundation access from the site of the Illini Union Building across University property through Green Street to the public thoroughfares, by the adoption of the following indenture:
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