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Caption: Board of Trustees Minutes - 1950
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1949] UNIVERSITY OF ILLINOIS 825 recurring Appropriations. Reports of these committees, giving details on each item, a r e submitted herewith. On motion of Mr. Fornof, these appropriations were made as recommended, by the following vote: Aye, Mr. Fornof, Mr. Herrick, Mr. Livingston, Mr. McLaughlin, Dr. Meyer, Mr. Nickell, Mrs. Watkins, Mr. Williamson; no, none; absent, Mr. Hickman, Mrs. Holt, Mr. Stevenson. EXCHANGE OF GOVERNMENT SECURITIES (16) The 2 per cent Treasury Bonds held in connection with the trust fund under the Navy Pier lease mature on September 15, 1949. T h e United States Government offered in exchange for these bonds iyi per cent Certificates of Indebtedness due September 15, 1950, with the provision that subscriptions for these new securities must be entered by September 3. Under the authorization of the Finance Committee of the Board of Trustees, and on recommendation of the First National Bank of Chicago, this exchange was authorized and is now reported to the Board of Trustees. This report was received for record. (17) T h e Finance securities: Purchases: INVESTMENTS Committee reports the following ENDOWMENT F U N D S transactions involving $7,000 American Telephone and Telegraph Company zVi% debentures, due 1973 .$7 Si8 44 $2,000 B. F . Goodrich Company First Mortgage Bonds, 2}^%, due 1965 2 045 28 Sale: Houston Lighting and Power Company, 250 rights 246 87 Exchange: S T U D E N T L O A N F U N D S $50,000 U.S.A. Certificates of Indebtedness, ilA%, due July I, 1949, for $50,000 U.S.A. Certificates of Indebtedness, 1%%, due July 1, 1950. This report was received for record. PURCHASES (18) T h e Director of Purchases has proposed, the Comptroller has recommended, and the President has authorized emergency purchases listed under A in the Appendix (page 900). The Director of Purchases proposes and the Comptroller recommends purchases listed under B in the Appendix (page 901). On motion of Mr. McLaughlin, the action of the President in authorizing emergency purchases was approved and confirmed, and purchases were authorized as recommended. CONTRACTS EXECUTED BY COMPTROLLER (19) T h e Comptroller's report of contracts executed, July 11 to September 10, 1949 (see Appendix, page 903). T h i s report was received for record. QUARTERLY REPORT O F THE COMPTROLLER (20) T h e Comptroller presents his quarterly report to the Board as of June 30, 1949. T h i s report was received for record. GIFT TO THE UNIVERSITY (21) Mr. J. D. Phillips, class of 1893, of Los Angeles, California, has offered the University approximately $10,000 to establish a scholarship fund to be called the "J. D. and Clara Moore Phillips Scholarship." T h e income from the fund
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