Repository: UIHistories Project: Board of Trustees Minutes - 1956 [PAGE 932]

EXTRACTED TEXT FROM PAGE:

1956]

UNIVERSITY OF ILLINOIS

929

married students or staff at moderate additional cost. The facilities will be more attractive to undergraduate women than the remodeled temporary buildings would be. • This should be regarded as interim housing for unmarried students. While the standards will be better than those required by the University for approval of private housing, the space per student is less than the University's standard in permanent residence halls. However, the use of this apartment project is justified on the basis of urgent need so that prospective women students will not be denied the opportunity to attend the University during the next few years because of lack of housing. T h e Director of the Physical Plant Department, the Comptroller, and the President of the University recommend acceptance of this proposal. The Committee on Buildings and Grounds concurs and recommends that: 1. Subject to the above terms and conditions negotiations be continued so that this housing may be constructed promptly and when completed in September, 1956, leased to the University of Illinois Foundation for a period of ten years. 2. The Comptroller and the Secretary of the Board be authorized to execute a sublease with the University of Illinois Foundation for the remainder of the present biennium and with the right of the University to renew said sublease for successive periods of not more than two years each and not exceeding a total of ten years. 3. The assignment of $90,000 of accumulated income from the rental of temporary housing units for the purchase of furnishings. O n m o t i o n of M r . N i c k e l l , t h e a b o v e r e c o m m e n d a t i o n s w e r e a p proved and the authority requested w a s granted by the following vote: Aye, M r . Herrick, M r s . Holt, M r . Johnston, M r . M e g r a n , M r . Nickell, Mr. Swain, M r s . W a t k i n s , M r . Williamson; no, n o n e ; absent, M r . Bissell, M r . L i v i n g s t o n , M r . S t r a t t o n . CONTRACT FOR WATER HEATERS IN HORTICULTURE FIELD LABORATORY (20) The Director of the Physical Plant and the Comptroller recommend award of a contract for $3,320 to Schroeder and Sons, Champaign, the lowest bidder, for the installation of new water heaters and connections in the Horticulture Field Laboratory to replace worn-out heaters which were installed many years ago. Funds have been budgeted for this improvement. I concur and recommend that the Comptroller and the Secretary of the Board be authorized to execute this contract. O n m o t i o n of M r . S w a i n , t h i s c o n t r a c t w a s a w a r d e d a n d t h e C o m p t r o l l e r a n d t h e S e c r e t a r y of t h e B o a r d w e r e a u t h o r i z e d t o e x e c u t e t h e same. REPORT OF FINANCE COMMITTEE T h e F i n a n c e C o m m i t t e e r e p o r t s t h e f o l l o w i n g c h a n g e s in i n v e s t m e n t s of t r u s t f u n d s : Endowment Funds—General Purchase $50,000 U. S. Treasury 254% Bonds due August 15, 1063 $48 609 38 450 shares Southern California Edison Co., $5 par Common stock 23 925 27 $5,000 U. S. Treasury 2 j 4 % Bonds due August 15, 1063 4 001 56 $10,000 General Motors Acceptance Corp. 3^6% Bonds due 1975 10 075 00 Endowment Funds — Miller Estate 100 shares Tampa Electric Co. Common stock, by exercising stock rights to subscribe to additional shares 2 550 00 Chicago Departments Dentistry-Medicine-Pharmacy Revenue Bond Fund of 1051 — Reserve Purchase $2,000 U. S. Treasury 2%% Bonds due August 15, 1063 1 987 90