Repository: UIHistories Project: Board of Trustees Minutes - 1942 [PAGE 389]

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386

BOARD OF TRUSTEES BINDING FOR LIBRARY

[July 15

Mr. Adams requested discussion of the proposals for binding for the Library (Minutes, June 24, 1941, page 330). This matter was referred to the President of the University to check with the Director of the Library and to present at the next meeting. The President was requested also to consider the advisability of having this work done by the University.

SETTLEMENT W I T H CHARLES K. MORRIS

Mr. Karraker, for the Finance Committee, presented the following report.

On May 15, 1041 (page 284) the Board of Trustees authorized the Finance Committee to negotiate a settlement with Charles K. Morris & Co. for services rendered and expenses incurred prior to that date in connection with legislation needed by the Board of Trustees to enable it to finance construction projects through direct obligations rather than through the University of Illinois Foundation. Such legislation was passed at the recent session of the. General Assembly as the result of which the refinancing of Medical and Dental bonds was carried out at a substantial saving. Charles K. Morris & Co. rendered a bill for $6,000 for these services. T h e Committee has conferred with Mr. Morris and discussed the matter with him at length, and has reached the conclusion that the sum of $4,500 would represent satisfactory compensation for these services and would be reasonable from the standpoint of the University. Mr. Morris has indicated that he would accept this amount in full settlement of the claim. T h e Finance Committee recommends that the payment of $4,500 to Charles K. Morris & Co. be approved as final settlement of these services. Money is available to the extent of $5,364 from the "Revenue F u n d " of the old Medical and Dental bond issue and held by the University of Illinois Foundation subject to the order of the Board of Trustees, and it is recommended that this payment be made out of these funds. This balance remains after completing other expenses and payments made to date relating to the old issue.

On motion of Mr. Karraker, this settlement was authorized, by the following vote: Aye, Mr. Adams, Mr. Cleary, Mr. Davis, Mr. Fornof, Mrs. Grigsby, Mr. Jensen, Mr. Karraker, Dr. Meyer, Mr. Wieland; not voting, Mr. Livingston; absent, Mr. Green.

SECURITIES RECOMMENDED FOR INVESTMENT

Mr. Karraker presented a recommendation of the Finance Committee that the following items of investment for endowment funds for the purpose of taking care of the reinvestment of funds that may become available as the result of prepayments, maturities, or additional gifts, be approved and authorized.

Amount $ 5 000 $ 5 500 $20 000 $20 000 Item Safe Harbor Water Power Company, First 4 ^ % , 1979 ($15,000 now held) Mississippi River Power Company, First 5%, 1951 ($14,500 now held) Idaho Power Company, First 3 ^ % , 1967 Niagara Lockport & Ontario Company, First 5%, 1955 A pproximale Price 109 HI 11034 noK

On motion of Mr. Karraker, these investments were authorized as recommended. The Board resumed its open session.