Caption: Board of Trustees Minutes - 1948
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i8 BOARD OF TRUSTEES [July 30 before the President took office, he has not had an opportunity to participate in them but stated that they will be continued, and he is planning to confer with a number of interested parties at Urbana during the month of August. Action on this matter was deferred. FINANCIAL SITUATION (31) We have asked for an early conference with the Governor to give the President of the Board and the President of the University an opportunity to present the need of the University for a supplemental appropriation of $6,000,000 to enable it to take care of veterans and other students who want to attend. If a special session is out of the question, it would appear that the Governor and members of the General Assembly should make public announcement of their support of the program of the University. The Provost and the Comptroller commented on this matter. The Secretary read the resolution adopted June 15 (Minutes, page IX 2 5 )On motion of Mr. Fornof, the Board reiterated the resolution adopted June 15, 1946, and instructed the Secretary to transmit the resolution and a statement of the facts to Governor Green. HOSPITAL AND MEDICAL SERVICE INSURANCE Mr. Williamson presented the following: The finance committee has received from the Comptroller a report of bids secured by the Purchasing Agent on hospital and medical service insurance in the Urbana-Champaign departments for the year beginning September 19, 1946. Total premiums were stated on the basis of uniform benefits the same as in past years but with the following additions: 1. Extension of insurance to cover confinement in the individual's residence location for any period in which space is not available in a hospital in the University community. 2. A family rate covering spouse and children. The lowest bid, allowing for estimated dividend at the close of the policy year, was submitted by the Liberty Mutual Insurance Company through Earl H. Clay, agent, of Chicago, for an estimated total of $158,478. The Finance Committee recommends acceptance of this bid. On motion of Mr. Williamson, this bid was accepted as recommended. INVESTMENT OF E N D O W M E N T AND STUDENT LOAN FUNDS Mr. Williamson presented also the following report. The Finance Committee, on advice of the First National Bank of Chicago, investment counsel, authorized the purchase of the following securities on April 8, May 21, and July 15, 1946. Endowment Funds U. S. Treasury Series G Bonds 2j^'s due 1958 at par $37 400 Student Loan Funds U. S. Treasury Bonds 2% due December 15, 1954/52 @ 104 23/32 19 000 U. S. Treasury Notes 7/g% due July 1, 1947, @ 100.053 25 000 U. S. Treasury Bonds \Y\% due June 15, 1948, @ 101 16/32 25 ooo1 U. S. Treasury Bonds Series G 2 ^ % due 1958 at par 50 000 These securities have been purchased, with the exception indicated. This report was received for record. CIVIL AERONAUTICS BOARD HEARING The Legal Counsel stated that the Civil Aeronautics Board on July 12, 1946, had granted Leave to Intervene in the Great Lakes Area Case on the joint petition of the Board of Trustees of the University of Illinois 1 $10,000.00 not purchased as of July 30, 1946.
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