Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 1003]

EXTRACTED TEXT FROM PAGE:

IOOO

BOARD OF TRUSTEES Contract Changes

[March 23

Amount to be Paid to the University

$16 500 00 18 000 00 2 500 00

With Whom Association of American Railroads Commonwealth Edison Company Merck and Company, Inc. United States Army

Purpose Study fatigue failures of rail joint bars and the relation of wheel load to wheel diameters Solubility of boiler waters identified as URC project No. 31 Unidentified nutritional factors - Instruction of military personnel Instruction of navy officers Payment of expenses for required degree thesis Value of wheat germ oil in physical

Effective Date January 1, 1956 January 1, 1956 February i, 1956 September 1, 1955 January 26, 1956 September 12, 1955 January i, 1956

DA-11-175-AV-1455

Rates per contract

90 00

United States Navy N6oo(P) 4023a Veterans Administration V3028 V-2645 VioBin Corporation

Rates per contract

4 800 00

A d j u s t m e n t M a d e in 1953-54 C o s t - P i u s C o n t r a c t (Adjustment in project authorized prior to July 1, 1955)

With Whom Consulting Engineering Service With Whom E. T. Drewitch (Plastering) Purpose Engineering calculations for air conditioning rooms in Davenport Hall Purpose Nineteen items: 8918.57 deduct to $1,850.00 $ Amount 26 22 Date February 9, 1956

A d j u s t m e n t M a d e in 1955-56 C o s t - P i u s C o n t r a c t

Amount $1 280 38 Date February, 1956

This report was received for record. SALE O F P O R T I O N O F J E S S I E V. CRAIG T R U S T ESTATE LAND (23) In and by her will, Jessie V. Craig, deceased, late of Coles County, Illinois, devised certain land to the National Bank of Mattoon, Illinois, in trust with directions to pay the annual net income therefrom to her son, Donald D. McFall, and to turn over the trust property to his children, if any, surviving him after his death. The will further provides that, if he dies without children surviving him, the trust estate is to be turned over to the University when he dies. Consequently, the University has a contingent interest in the land comprising a portion of the trust estate, although, since Donald D. McFall is now living and married, is only thirty-six years of age, and has two living children, it appears unlikely that the University will ever receive any portion of the trust estate. The trust estate now includes 260 acres of farm land situated east of Mattoon, Illinois, and the trustee has succeeded in negotiating a sale of 14^2 acres thereof at a price of $1,500 an acre to a purchaser who desires the same as the site for a factory. T h e 14^2 acre tract is separated from the remainder of the land by a railroad, and farming it creates certain difficulties for that reason. The trustee has filed a petition in the Circuit Court of Coles County for authority to sell that tract at said price and its attorneys have requested that the University enter its appearance in that proceeding and consent to the granting of that petition. They have informed the Legal Counsel that, in their judgment and that of the trustee, the sale of the 1 4 ^ acre tract at that price will be an advantageous one, that it is in the best interests of the trust estate and all interested in it that the sale be made, and that Donald D. McFall is of the same opinion and has consented to the sale. A portion of the net proceeds of the sale will be used in paying off some indebtedness and securing the release of a mortgage upon the land which will then remain in the trust estate, and the balance of the net proceeds of the sale will be invested by the trustee for the benefit of the trust estate. The Legal Counsel and the Comptroller recommend that authority be given the Legal Counsel to enter the University's appearance in the above mentioned proceeding and to consent, on behalf of the University, to the granting of the trustee s petition for authority to make the sale. I concur.

On motion of Mr. Swain, authority was granted as recommended.