Caption: Board of Trustees Minutes - 1960
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98 BOARD OF TRUSTEES [September 30 COMMITTEE REPORTS The Board considered the following reports and recommendations from its committees. THE STATE B O N D ISSUE R E F E R E N D U M M r . Williamson, for t h e Committee on Buildings a n d G r o u n d s , presented the following resolution, a n d moved its adoption: Resolution The Board of Trustees of the University of Illinois endorses the proposed bond issue authorized by the General Assembly of Illinois for referendum at the general election on November 4, 1058. Approval of the bond issue will enable the state of Illinois to provide funds in the immediate future for the construction of critically needed buildings at the state universities and the state hospitals. The total amount involved is $248,000,000 of which $167,000,000 would be for the universities and $81,000,000 for the hospitals, subject to allocation by the General Assembly of Illinois. Demands upon our state educational institutions to enhance ongoing programs and services and to prepare for prospective increased enrollments together with the requirements of the state hospitals make the needs of these institutions far in excess of the amounts proposed in this bond issue. The Board of Trustees of the University of Illinois records its approval of the bond issue as a practical means to help the state make a substantial reduction in accumulated building needs and to prepare for essential services in the future. This resolution was adopted by the following vote: Aye, Mr. Bissell, Mr. Herrick, Mrs. Holt, Mr. Hughes, Mr. Johnston, Mr. Livingston, Mr. Nickell, Mr. Swain, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Stratton. USE O F UNIVERSITY A U T O M O B I L E S ASSIGNED TO CHICAGO COLLEGES Mr. Swain, for the Finance Committee, reported that the Committee has approved the following statement of policy relating to use of automobiles assigned to the Chicago Professional Colleges and the Chicago Undergraduate Division for official University business: The Vice-President in charge of the Chicago Professional Colleges and the Executive Dean of the Chicago Undergraduate Division shall have use of automobiles for the convenience of the University. Cars will be available to them for use on University business and for transportation to and from their homes as such business may require. These cars shall also be available to other staff members for transportation on University business, subject to approval of such use by the VicePresident in charge of the Chicago Professional Colleges or the Executive Dean of the Chicago Undergraduate Division. On motion of Mr. Swain, the action of the Finance Committee was confirmed. INVESTMENTS Mr. Swain, for the Finance Committee, reported the following changes in investments of trust funds: URBANA-CHAMPAIGN Par Purchase $ 9 000 1 000 50 000 50 000 32 000 3 000 5 000 50 000 Endowment Funds —• General Issue Rate Maturity Commercial Credit Commercial Credit Consolidated Edison New York Telephone Ref. Phillips Petroleum Phillips Petroleum Phillips Petroleum U. S. Steel Amount $ 8 730 00 970 00 49 875 00 50 875 00 31 280 00 2 921 25 4 887 50 51 187 5° 3H 4 sH \% 2*A 2X 2*A 4 2/1/76 2/1/76 1988 7/1/93 2/1/64 2/1/64 2/1/64 7/15/83
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