Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 306]

EXTRACTED TEXT FROM PAGE:

I94i]

UNIVERSITY OF ILLINOIS

303

apply for patents; but if there are patentable discoveries and the University receives patents thereon, the agreement provides that instead of giving the usual preferential consideration as a prospective licensee to the cooperating agency, the University shall execute all necessary assignments and licenses as are required by the cooperating agency, which shall not be required to pay any royalties or fees whatsoever, but that other users shall pay the University a royalty. Since this represents a substantial departure from the form of contract usually employed by the University, I am submitting it to the Board for final action. It should be noted that the object of the investigation will be of benefit to the public through increased safety of railway travel. T h e University of Illinois Engineering Experiment Station has been engaged in research on car wheels and brake shoes for many years and unquestionably has better equipment and staff for such research than are available elsewhere.

On request of Mr. Livingston, action on this matter was deferred.

WAGES OF BUILDING SERVICE EMPLOYEES (2) T h e University Committee on Wages has had pending before it a request from the building service employees (janitors) in the Urbana Departments for an increase in wages from the present rate of 61^2 cents per hour, established in July, 1939, and additional vacation and sick leave benefits. T h e Committee has also had conferences with representatives of these employees and of their organization. As a result of its deliberations the Committee recommends an increase of 3}4 cents an hour in the wages of the general labor groups in Urbana and Chicago, such as grounds, water station, heat, light and power, trucks, and building service employees, and farm laborers in Urbana, (including certain employees now on a monthly basis), effective July 1, 1941, for the biennium 1941-1943. This adjustment is recommended to meet the prevailing local wage rates and in accordance with the practice of adjusting wage rates at the beginning of the biennium, and also in view of the fact that the Committee anticipates even further increases in comparable employments during the coming biennium due to increased cost of living and labor demand. O n m o t i o n of M r . L i v i n g s t o n , t h i s a d j u s t m e n t w a s a u t h o r i z e d a s recommended. CONTRACT WITH ENGLISH BROTHERS FOR ILLINI U N I O N BUILDING (3) A statement concerning damages sustained by the University by reason of the failure of English Brothers to complete their contract for the construction of the Illini Union Building within the specified time, and a request for authority to take the matter up with the Attorney General when it seems advisable.

Judge Johnson made a statement on this matter. On motion of Mr. Wieland, authority was granted as requested.

REPORT OF FINANCE COMMITTEE ON INVESTMENT OF FUNDS A t t h i s p o i n t , t h e f o l l o w i n g r e p o r t of t h e F i n a n c e C o m m i t t e e w a s presented. Included among the University's investments were $15,000 of U. S. Treasury 3^4% bonds due August 1, 1941, at book value of \o\2/j, present market IO2}4. On May 22 the Government proposed to exchange these bonds, par for par, at 2^2%, but the First National Bank recommended the sale of these bonds and the proceeds invested in 2l/2% Series G, U. S. Savings bonds due 1956. T h e purchase of the latter bonds was authorized by the Board on April 17, 1941. Since immediate action was necessary, the advice of the Bank was followed, and the Finance Committee requests confirmation of this emergency action. O n m o t i o n o f M r . F o r n o f , t h i s a c t i o n of t h e F i n a n c e was approved and confirmed. O n m o t i o n of M r . J e n s e n , t h e B o a r d r e c e s s e d . Committee