Repository: UIHistories Project: Board of Trustees Minutes - 1950 [PAGE 152]

EXTRACTED TEXT FROM PAGE:

i 9 48]

UNIVERSITY OF ILLINOIS

149

I recommend the authorization of the purchase of this land and a special appropriation of $750 for this purpose.

On motion of Mr. McKelvey, this purchase was authorized and the appropriation was made, by the following vote: Aye, Mr. Davis, Mr. Fornof, Mrs. Holt, Mr. Livingston, Mr. McKelvey, Mr. McLaughlin, Dr. Meyer, Mr. Nickell, Mr. Williamson; no, none; absent, Mr. Green, Dr. Luken.

OIL AND GAS LEASES ON OLNEY EXPERIMENTAL FARM (7) The Board of Trustees on September 23, 1948 (Minutes, page 84), authorized leasing to the Sun Oil Company for oil and gas development an experimental fruit farm tract of lgyi acres near Olney, Illinois. The Sun Oil Company also wishes to lease the seventy-five acre experimental farm tract which lies to the north of the 195/3 acre tract described as follows: "The South YA, of West half of Southwest quarter of Section 36 and beginning at a point 12 chains South of the Northwest corner of the East half of the Southwest quarter of Section 36, thence South 28.19 chains, thence East 4.26 chains, thence North 28.19 chains, thence West 4.26 chains to place of beginning, 12 acres, more or less in Section 36; also, beginning at the Southwest corner of the West half of Southwest quarter of Section 36, running thence North along the section line 120 rods, thence West 4 rods, thence South 120 rods, thence East 4 rods to the place of beginning, containing 3 acres in Southeast quarter of Section 35, Township 4 North, Range 10 East, containing 75 acres, more or less." This will give the University the same protection in the event oil or gas production in commercial quantities is developed within a statutory offset location. The Head of the Department of Horticulture and the Director of the Agricultural Experiment Station recommend that this lease be authorized under the same terms as the other lease. The company will pay a rental of $5.00 a year an acre. If oil or gas is produced from wells on the University's land the University will receive one-eighth of the proceeds; if oil or gas is produced within 330 feet of University land the University will share in the royalties. I concur.

On motion of Mrs. Holt, this lease was authorized as recommended.

APPOINTMENT OF JOSEPH A. RUSSELL AS PROFESSOR A N D HEAD OF THE DEPARTMENT OF GEOGRAPHY (8) I recommend the appointment of Dr. Joseph A. Russell of Syracuse University as Professor and Head of the Department of Geography on indefinite tenure at a salary of $8,000 an academic year beginning February 1, 1949.

On motion of Mr. McLaughlin, this appointment was approved as recommended.

SALE OF STANDARD OIL OF NEW JERSEY STOCK (9) The Finance Committee of the Board recommends that two shares of Standard Oil Company of New Jersey stock received as a dividend on Standard Oil of Indiana stock be sold, since this dividend has been ruled as a distribution from income. Authorization for this sale and approval of the following resolution is requested:

RESOLUTION REGARDING SALE OF STOCK

Whereas, the Board of Trustees of the University of Illinois is the owner of two shares of capital stock of the Standard Oil Company of New Jersey, and Whereas, the Board of Trustees has approved the sale of such stock in its meeting of October 21, 1948, 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 to complete such sale.

On motion of Mr. Livingston, this sale was authorized and the resolution was adopted as requested.