Caption: Board of Trustees Minutes - 1960
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12 BOARD OF TRUSTEES [July 29 Based on the Corporation's record of earnings for the past several years, the administrative trustees concluded that the best interests of the beneficiary institutions would be served by disposing of the Aermotor shares. This sale was consumated on June 3, 1938. Immediately prior to this transaction, securities held in the investment portfolio of the Aermotor Corporation were transferred to the Trustees as a dividend, and assets in a separate Trust Estate were released to its Trustees by the purchase of annuity contracts for the beneficiaries of that Trust. All securities thus received were sold, thereby converting the Trust Estate to an all cash position. The total proceeds of these transactions were deposited with the Northern Trust Company and, with the exception of approximately $5,000 retained to pay for further expenses including an audit report, have now been distributed to the beneficiary institutions in the proportion that those institutions participated in the original Trust created by the will of Mr. Noyes. The amount received by the University of Illinois is $220,131.33 which will be invested as an endowment and the income used for the purposes of the original gift. The receipt of this sum, plus a small additional amount that may be received in the future, completes the liquidation of the University's interest in this Trust Estate. T h i s report w a s received for record. PURCHASES Purchases Authorized (24) The following purchases were authorized by the President's Office on the recommendation of the Director of Purchases and the Vice-President and Comptroller. In each case the purchase was recommended on the basis of the lowest bid. Item 68 sink base cabinets 55 base cabinets 68 formica counter tops (For conversion of Arbor Suites to apartments) One Varian model V-4004 four-inch laboratory electromagnet with one pair tapered pole caps, one pair cylindrical caps, one V-2300A power supply, and one V-2301A current regulator Labor and equipment to unload approximately 1,233 tons of iron plate from railroad cars and move to location and stack on south side of Physics Research Laboratory Lead coated copper sheets as follows: 170 16 in. by 96 in., 20 oz. 12 24. in. by 96 in., 20 oz. r20 24 in. by 96 in., 16 oz. 5 36 in. by 36 in., r6 oz. Replacement parts for General Precision Laboratory image orthicon camera Department Housing Vendor T h o m p s o n L u m b e r Co., Champaign Cost $6 998 00 f.o.b. delivered 4 275 OO f.o.b. Palo Alto, Calif. S 548 50 Physics Varian Associates. P a l o A l t o , Calif. Physics D o n M c C a b e Co., Champaign Physical P l a n t I n d u s t r i a l M e t a l s , Inc., S t . Louis, M o . 4 S24 72 f.o.b. delivered TelevisionMotion Pictures National Theatre S u p p l y Co., Chicago 2 743 93 f.o.b. Pleasantville, N.Y. O n m o t i o n of M r . W i l l i a m s o n , t h e s e p u r c h a s e s w e r e a p p r o v e d . Purchases Recommended The Director of Purchases has proposed and the Vice-President and Comptroller recommends the following purchases. Unless otherwise specified, the purchase in each case is recommended on the basis of lowest bid. I concur. Item 70,000 (approximately) answer sheets of statewide testing program to be scored Department B u r e a u of Educational Research Vendor Measurement Research Center, I n c . , Iowa C i t y , I o w a Cost $8 400 00 f.o.b. Iowa City, Iowa
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