Repository: UIHistories Project: Board of Trustees Minutes - 1948 [PAGE 161]

EXTRACTED TEXT FROM PAGE:

1946]

UNIVERSITY OF ILLINOIS

159

7. T h e Grantee may defer opening the Woodland Property to the public as a park until November 15, 1947, but from and after said date the Woodland Property shall be open to the public as a public park, provided that the Grantee may establish reasonable rules and regulations for the use and enjoyment of said Property. 8. T h e Grantee shall at all times employ and use a sufficient number of men for the maintenance and preservation of the Woodland Property and the trees and gardens thereon. The net income from the Farm, after payment of expenses for the management, care, preservation, maintenance, use and operation of the Farm, or such portion of said net income as may be necessary, shall first be devoted to the purposes of this Paragraph 8 before any thereof is used for any of the other authorized purposes set forth in Paragraph 9 hereof. 9. T h e Grantee shall maintain and operate the Farm and, except as hereinafter provided, shall use the income therefrom solely for the management, care, preservation, maintenance, use, operation, improvement and development of the F a r m and the Woodland Property, except that none of said income shall be used for the management, care, preservation, maintenance, use, operation, improvement, development or construction of the buildings and structures referred to in Paragraph 3 hereof and except that not more than 15% of the net income from the F a r m may be used for the care, maintenance, preservation, insurance, operation and use of the Main House or a building which replaces it. If any portion of the income from the F a r m is not expended by the Grantee for the foregoing authorized purposes during the calendar or fiscal year in which such income accrues or is received by the Grantee, the unused portion of such income may be held as a reserve by the Grantee; and such reserve, or any part thereof, may be used by the Grantee for the foregoing authorized purposes in any subsequent year or may be invested and reinvested by the Grantee and the income from and proceeds of such investments used by the Grantee for the foregoing authorized purposes in any subsequent year. If and whenever said reserve shall comprise cash a n d / o r investments whose aggregate value is in excess of the then estimated expense of carrying out the foregoing authorized purposes during the ensuing five years, such excess may be used by the Grantee for such educational, scientific and research purposes as it in its sole discretion may determine. 10. T h e Grantee may, with the written approval of the President of the Alumni Association of the University of Illinois and the Chief Justice of the Supreme Court of the State of Illinois, sell the F a r m or any portion thereof at any time by public or private sale for such price and upon such terms as the Grantee in its discretion may deem advisable and the President of the Alumni Association of the University of Illinois and the Chief Justice of the Supreme Court of the State of Illinois shall approve. T h e proceeds of such sale shall be put, kept, invested and reinvested by the Grantee in income-bearing securities selected by the Grantee and approved by the President of the Alumni Association of the University of Illinois and the Chief Justice of the Supreme Court of the State of Illinois without restriction as to the kind or character of investment, and the net income arising therefrom shall be used by the Grantee solely for the management, care, preservation, maintenance, use, operation, improvement and development of the Woodland Property and for the other authorized purposes set forth in Paragraph 9 hereof. 11. T h e Grantee shall have the right and privilege of using but shall not be obliged to use income and funds from sources other than the F a r m to accomplish and carry out the purposes of this gift.