Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 955]

EXTRACTED TEXT FROM PAGE:

952

BOARD OF TRUSTEES

[June i

After discussions covering a period of several months, the Connecticut Mutual Life Insurance Company, holder of these loans, has offered to rearrange them at 3J4% interest, callable after three years, with a premium of 2 % after three years and through the sixth year, and 1% thereafter. Cooper, Kanaley & Company, the Company's representative, would receive a commission of onehalf of 1% of the new loan, a total of $5,811. While it is entirely possible that the Union Building loan could be refinanced at a lower interest rate in 1945, advantages of the proposal are as follows: 1. Because of reduced income in the building, refinancing of the Union Building would be quite difficult and an immediate saving of interest would be of real benefit. 2. The proposed rearrangement would get the Men's Residence Hall loan on a callable basis which is not possible under the present provisions. 3. The proposed rearrangement would make possible the reconveyance of the properties to the University by the Foundation, subject to the outstanding obligations, so that they would again become University property. T h e question has been discussed with the Director of Finance and the State Budgetary Commission, and it seems undesirable to request the General Assembly for appropriations to pay off these loans. After considering all these facts, the Finance Committee recommends that the proposal of the Connecticut Mutual Life Insurance Company as above described be accepted and the appropriate officers of the Board and administrative officers be authorized to complete and execute all necessary documents. It is proposed that the change be made as of June 1, 1944, subject to the concurrence of the University of Illinois Foundation. O n m o t i o n of M r . D a v i s , t h i s r e c o m m e n d a t i o n w a s a d o p t e d a n d authority w a s granted as recommended. C H A R L E S H . BOOTH ESTATE T h e S e c r e t a r y , o n r e q u e s t of J u d g e J o h n s o n , p r e s e n t e d t h e f o l l o w i n g . At its meeting on June 19, 1943 (Minutes, page 399), the Board of Trustees authorized the sale of the Charles H . Booth farm in K n o x County at not less than $100 an acre. The Dean of the College of Agriculture reported October 29, 1943 (Minutes, page 723), that negotiations for the sale to Mr. Fred Nichols of Galesburg had been completed. However, in order to satisfy the purchaser it was necessary through legal proceedings, which were authorized, to clear a flaw in the title (Minutes, page 749). Counsel for the executor reports that a decree finding the conveyance by will to be to the Board of Trustees of the University of Illinois has been entered by the Circuit Court of Knox County and therefore the sale may now be completed. M r . F o r n o f offered the following resolution: Be it resolved that the President and the Secretary of the Board of Trustees of the University of Illinois are authorized and directed to execute a warranty deed to Fred W. Nichols and Floy E. Nichols, husband and wife, of the City of Galesburg, County of K n o x and the State of Illinois, as joint tenants, conveying the following described real estate: T h e Southwest Quarter ( S W J 4 ) of Section 25 and the South Half (S}4) of the Northeast Quarter ( N E $ 4 ) of Section 26, all in Township 11 North, Range One East of the F o u r t h Principal Meridian, being Galesburg Township, in County of Knox, State of Illinois, containing 240 acres, more or less. T h i s resolution w a s adopted by the following vote: Aye, M r . Davis, Mr. Fornof, M r s . Grigsby, Mr. Jensen, Mr. Livingston, M r . McKelvey, Dr. Meyer, M r . Nickell; no, n o n e ; absent, M r . Green, M r . Karraker, Dr. Luken. C O L L E G E O F VETERINARY MEDICINE AND S U R G E R Y A t t h i s p o i n t , t h e P r e s i d e n t of t h e U n i v e r s i t y p r e s e n t e d t h e f o l l o w i n g statement. T h e President of the Board of Trustees and the President of the University have received the following letter from the Governor of Illinois urging the