Repository: UIHistories Project: Board of Trustees Minutes - 1946 [PAGE 877]

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870

BOARD OF TRUSTEES

[October 18

RELEASE A N D APPROPRIATION OF ADDITIONAL FUNDS

At this point, Mr. Livingston reported that he had been assured that the Post-War Planning Commission would recommend to the Governor at its next meeting on October 24 the release of further amounts to the University of $1,520,622, including $450,222 for plans for buildings included in the program, $426,100 for immediate construction of a physics research laboratory and pilot model of the betatron, and $644,300 for an addition to the Power Plant. President Willard recommended that, subject to the release of funds for plans and specifications on the building program by the Governor, appropriations be made on each of the projects in order that contracts for architectural services, previously approved by the Board of Trustees at its meeting on June 30, 1945 (and subject to further review by the Committee on General Policy), may be executed without delay. On motion of Mr. McLaughlin, this recommendation was adopted, by the following vote: Aye, Mr. Davis, Mr. Fornof, Mrs. Grigsby, Mr. Livingston, Mr. McKelvey, Mr. McLaughlin, Mr. Williamson; no, none; absent, Mr. Green, Dr. Luken, Dr. Meyer, Mr. Nickell.

FACULTY-GRADUATE STUDENT CENTER INVESTMENTS (12) T h e agreement between the University and the University of Illinois Foundation concerning the investment of funds for the proposed FacultyGraduate Student Center Building provides that the Board of Trustees should approve such investments. T h e Executive Committee of the Foundation requests the approval of the following securities as investments of this fund: $11,000 U. S. Treasury Notes 1^4% due December 16, 10461 $10,000 U. S. Treasury Notes 2 % due December 15, 1954

On motion of Mr. Davis, these investments were approved as requested.

SALE OF SECURITIES (13) Under date of August 29, 1045, the Board of Trustees approved the sale of two $1,000 bonds known as Illinois Central Joint 4's of 1963. T h e First National Bank of Chicago, our investment counsel, has stated that is impossible to dispose of these bonds without a resolution of the Board of Trustees authorizing the Comptroller and Secretary to execute the necessary documents to complete such a sale. T h e Comptroller requests and the Finance Committee of the Board has approved the passage of the following resolution:

RESOLUTION REGARDING DISPOSITION OF T w o $1,000 BONDS K N O W N AS ILLINOIS CENTRAL JOINT 4's OF 1063

Whereas the Board of Trustees of the University of Illinois is the owner of two $1,000 bonds known as Illinois Central Joint 4's of 1063 and Whereas the Board of Trustees approved the sale of these two bonds in its regularly called meeting on August 29, 1945, Now, therefore, be it resolved by the Board of Trustees of the University of Illinois that Lloyd Morey, Comptroller, and H. E. Cunningham, Secretary, be authorized to execute any and all documents necessary to complete such sale. I concur and recommend approval.

On motion of Mrs. Grigsby, this resolution was adopted.

PURCHASES AUTHORIZED (14) T h e following purchases were recommended by the Purchasing Agent and authorized by the Comptroller. Unless otherwise specified, the purchases were made on the basis of lowest bids, ceiling prices, or because the items are noncompetitive. Emergency action was necessary to secure delivery in time to meet specific needs or because prices quoted were subject to immediate acceptance.

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Approved by Finance Committee of Board of Trustees on August 3, 1945.