Repository: UIHistories Project: Board of Trustees Minutes - 1968 [PAGE 616]

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564

BOARD OF TRUSTEES

[ June 20

14, and situated in the West Half of the Southwest Quarter ( W Vi S W i/4) of Section 14, Township 18 North, Range 5 East of the Third Principal Meridian (3rd P.M.) lying North of the Sangamon River, in the County of Piatt, and State of Illinois.

On motion of Mr. Swain, the foregoing resolution was adopted.

RECOMMENDATION FROM COMMITTEE ON COPYRIGHTS AND RECORDINGS (32) The Committee on Copyrights and Recordings has reviewed a request from the College of Education that a contract be negotiated with Holt, Rinehart and Winston, Inc., for the publication of a book based on instructional materials developed by the Curriculum Laboratory's English Project. It is proposed that the publishing company advance funds to the University amounting to $19,640 for the payment of the salaries of individuals who would complete the manuscript — such advance to be deducted from royalty earnings on sales of the book. In the light of its review, the Committee on Copyrights and Recordings makes the following recommendations: 1. That a contract be negotiated with Holt, Rinehart and Winston, Inc., for the publication of such a volume, with the copyright to be held in the name of the publisher. 2. That Holt, Rinehart and Winston, Inc., provide funds to the University in the estimated amount of $19,640, which would be used for the payment of salaries to individuals who would complete the work on the mansucript. This advance would be deducted from royalty earnings under the contract before any royalty payments would be made in accordance with the provisions of item (3). 3. T h a t royalty payments of 10 per cent on sales would be made as follows, after the advance payment referred to in item (2) had been recovered by the comp a n y : 8 per cent to the University and 2 per cent (1 per cent each) to the two staff members who have worked on the project and who would complete the preparation of the manuscript for publication. T h e Executive Vice-President and Provost and the Vice-President and Comptroller endorse these recommendations. I concur. O n m o t i o n of M r . C l e m e n t , t h e s e r e c o m m e n d a t i o n s w e r e a p p r o v e d . ESTATE OF EUGENE S. BOERNER (33) Under the will of Eugene S. Boerner, 80 per cent of the stock he owned in Jackson & Perkins Company was bequeathed to Cornell University and 20 per cent to the University of Illinois. The bequests are contingent upon the institutions creating a separate endowment fund in the name of Eugene S. Boerner, with the income from the fund to be used either for the establishment of a professional chair or scholarships in the name of Eugene S. Boerner. It is further provided in the will that the stock in Jackson & Perkins Company might be sold during the lifetime of the deceased or at the time of his death be subject to a contract of sale, but in either event the proceeds from such a sale would be the source for the endowment fund. Mr. Boerner's stock was under contract of sale at the time of his death and, pursuant to the terms of the will, the executor has proceeded with the terms of a stock purchase agreement. Under this agreement, Mr. Boerner's stock as well as the stock of the other shareholders, has been transferred to another corporation as purchaser. The stock purchase agreement provides for payment of cash and deferred interest-bearing payments maturing in 1981, these latter payments to be affected by adjustments from time to time based upon certain representations and warranties agreed to by shareholders of Jackson & Perkins Company. The executor advises that the University of Illinois share should approximate $59,000 plus interest. However, this figure is subject to the adjustments and estate costs referred to above. In accord with the requirements of Mr. Boerner's will, the executor has requested that T h e Board of Trustees of the University of Illinois adopt a resolution under which the University agrees to abide by all of the terms and conditions