Caption: Board of Trustees Minutes - 1942
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200 BOARD OF TRUSTEES [February 21 per cent was approved, subject to the payment of at least 5 per cent of the principal each year. SALE AND PURCHASE OF SECURITIES Mr. Mayer reported also for the Finance Committee a recommendation of the Investment Counsel that securities of the par value of $66,000 be sold and that the proceeds and other uninvested endowment funds be used to purchase securities of the par value of $75,000, according to the following schedules. Amount S E C U R I T I E S RECOMMENDED FOR SALE Approximate (par) $10 000 6 000 10 000 10 000 10 000 10 000 7 000 Amount Bonds Central Illinois Public Service 3 f i % , 1968 Cumberland County Power and Light 3>£%, 1966 Gulf States Utilities 3 ^ % , 1969 New York Steam 3K%> 1963 Southwestern Gas and Electric 3>4%, 1970 Inland Steel 3 % , 1961 Swift and Company 3 K % . !95<> SECURITIES RECOMMENDED FOR PURCHASE Market price. 105}4 107 i<>9J< 105K 105K 105K I O 4 Approximate (par) J i o 000 10 000 20 000 15 000 20 000 Bonds Louisiana Power and Light 5 % , 1957 Mississippi River Power 5 % , 1951 Potomac Edison 5 % , 1956 Nebraska Power 4^2%, 1981 Minneapolis Gas and Light 4 % , 1950 Market price 108 109^ 109 108 107 On motion of Mr. Mayer, these sales and purchases were authorized. REFUNDING OF MEDICAL AND DENTAL BUILDING BONDS Mr. Mayer, also for the Finance Committee, presented a proposal of Charles K. Morris and Company, Incorporated, for the refunding at a lower rate of interest of the Medical and Dental Building bonds. On motion of Mr. Mayer, this matter was referred to the Finance Committee for further negotiations and early report to the Board. RESOLUTION O N DEATH O F GOVERNOR LOUIS L. EMMERSON Mr. Mayer presented the following resolution. T h e Board of Trustees records with profound sorrow the death on February 4 of the Honorable Louis Lincoln Emmerson, former Governor of Illinois and a former member of the Board of Trustees. Governor Emmerson served as a member of this Board for four years, from 1929 to 1933, while he was Governor of the State. P r i o r thereto he served for twelve years, from 1917 to 1929, as Secretary of State of Illinois, having been elected to that office for three consecutive terms. During this period of sixteen years in high offices, Governor Emmerson served the people of Illinois with distinction and honor. T h e Board of Trustees desires to record grateful appreciation of these services to the commonwealth and to the University a s a member of its governing body. H e took an interest in the affairs a n d welfare of the University, an interest which continued during t h e years following his retirement from public office. T h e Board of Trustees directs that this resolution be spread on its minutes and that the Secretary send a copy to the family of Governor Emmerson as an expression of the Board's sympathy with them in the loss they have suffered. On motion of Mr. Mayer, this resolution was adopted.
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