Caption: Board of Trustees Minutes - 1940
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
980 BOARD OF TRUSTEES [June 28 2. T h e scholarship shall be administered by the University in the same way as other privately endowed scholarships through such standing or special committees as may be appointed for these purposes. 3. T h e award shall be made to a junior or senior woman registered at the University of Illinois, on the basis of character, scholarship, general ability, and financial need. Whenever there are two or more applicants for this scholarship who in the judgment of the University are equally qualified in all respects, the stipend shall be divided among them. 4. T h e donor will turn over to the University of Illinois prior to September 1 of each academic year funds to pay the stipend of the scholarship for that year. 5. T h e donor makes this offer on a year to year basis and does not commit herself to continuing it indefinitely at this time. K I T T I E B. PIERCE 420 S. Waiola Avenue La Grange, 111. She has also turned over to the University her check in the amount of $500 in payment of the stipend for this scholarship for 1940-1941. I recommend acceptance of this offer under the terms indicated above. On motion of Mr. Jensen, this gift was accepted as recommended. FINANCING OF REMODELING OF PHARMACY BUILDING FOR USE AS STUDENT-FACULTY A L U M N I U N I O N FOR THE CHICAGO DEPARTMENTS (15) Pursuant to the authorization of the Board of Trustees and its Executive Committee on May 28 and June 7, respectively, the Comptroller has secured proposals from investment bankers and insurance representatives as follows: CHICAGO UNION BUILDING FINANCING PROPOSAL A—COOPER, KANALEY, & Co., CHICAGO, ILLINOIS (Representing Connecticut Mutual Life Insurance Company) ( T h e proposal submitted was on the basis of an interest rate of 4?4%. However, it was indicated that, on application, it might be possible to obtain a rate of 4%. F o r this reason figures are shown on the basis of both 4 % and 4 ^ % . ) Amount of loan $120 000 $120 000 Interest rate 4% 4}4% Total interest cost 58 714' 62 736' Commission 1 ^ % 1 800 1 800 Other financing expense 700 700 Total cost to University 61 214 65 236 1 Available for construction 114 266 114 0642 F o r m of obligation—Mortgage note of University of Illinois Foundation. Amortization—Over 20 years, principal and interest to be repaid semiannually. Property security—Closed mortgage on building and land on which building stands. Other security—Net income of project and fees assessed. Delivery of funds—As required during construction, interest to accrue only from date supplied. PROPOSAL B—CHARLES K. MORRIS & COMPANY, INC., CHICAGO, ILLINOIS Amount of loan Interest rate Total interest cost Commission 1%% Other financing expense (fiscal fees) Total cost to University Available for construction 'Allows for $3,234 interest cost during construction. a Allows for $3,436 interest cost during construction. •Allows for $4,200 interest cost during construction. $120 000 3j4% 51 398* 1 800 1 598 54 796* 114 000
| 
