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Caption: Board of Trustees Minutes - 1942
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98 BOARD OF TRUSTEES [October 21 SECOND SESSION, OCTOBER 21, 1940 W h e n the Board convened after the recess on October 21, 1940, the same members were present as before, and also Dr. K a r l A. Meyer. T h e officers of the University enumerated above were present. MATTERS PRESENTED BY PRESIDENT WILLARD T h e Board considered the following matters presented by the President of the University. PURCHASES RECOMMENDED (1) A recommendation that the following purchases be authorized: 1. One car load Douglas fir and cypress lumber, from the Wm. C. Schreiber Lumber Company, Chicago, the lowest bidder, at a cost of $1,504, f.o.b. Urbana. 2. 400 cases of paper towels from the Decatur Paper House, the lowest bidder, at a price of $3.25 per case, and at a total cost of approximately $1,450, f.o.b. Urbana. 3. Structural and reinforcing steel for remodeling the old Pharmacy Building (Baker Building) according to specifications and drawing submitted to bidders with request for quotation, from the New City Iron Works, the lowest bidder on a part of the work (alternate No. 1) at a price of $2,358, and from the Ceco Steel Products Corporation, the lowest bidder on another part of the work (alternate No. 2) at a price of $626. This is for remodeling the former College of Pharmacy Building for use as a Union Building. 4. Fire, lightning, and wind storm insurance for the Illini Union Building, through Cooper, Kanaley, and Company, in accordance with the following schedule: A mount $200 000 $200 000 $200 000 $200 000 $200 000 Company Alliance Insurance Co. Connecticut Fire Ins. Co. Equitable Fire & Marine Insurance Company Insurance Company of North America Phoenix Insurance Company Period Years 1 2 3 4 5 Cost per $100 per policy period Rate Total $116 $.058 232 .116 •174 348 464 580 $1,740 .232 .29 O n motion of Mr. Jensen, these purchases were authorized recommended. APPROPRIATION FOR STUDY OF N E W SYSTEM OF RETIRING ALLOWANCES AND DEATH BENEFITS as (2) At the request of the Finance Committee, a special committee of the faculty has been working out a retirement and death benefits system to replace the present one with a funded plan. Last year the Board made an assignment of $500 from the General Reserve Fund for the expenses of these studies. The Comptroller reports that the appropriation is practically exhausted and requests an additional $500 for this work. O n motion of M r . Williamson, this appropriation was made as recommended, by the following vote: Aye, Mr. Jensen, M r . K a r r a k e r , Dr. Meyer, M r s . Plumb, M r . Pogue, M r . Williamson; no, n o n e ; absent, M r . A d a m s , Mr. Cleary, Mr. Mayer, M r . Stelle, M r . Wieland. ADJUSTMENTS IN BUDGET FOR 1 9 4 0 - 1 9 4 1 (3) In approving the budget for 1040-1041 the Board authorized the President of the University to make such changes and adjustments as are necessary.
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