Repository: UIHistories Project: Board of Trustees Minutes - 1952 [PAGE 282]

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With Whom Skidmore, Owings, and Merrill Graham, Anderson, Probst, and White, Inc. John Felmley Co.

UNIVERSITY OF ILLINOIS Contract Changes Executed

Purpose Men's Residence Hall planning Transformer vaults in Busey and Evans Halls Special State Veterinary Science Unit Amount $2 000 00 1 500 00 480000

379

Date July 31, 1950 July 5, 1950 June 13, 1950

Adjustments in Authorizations Issued Prior to July 1, 1949, Under Cost-Pius Standing Contracts

With Whom Lewis S. Colbert Reliable Plumbing & Heating Co. Purpose One adjustment One adjustment Amount $303 331 16 81 1

This report was received for record.

REPORTS OF T H E FINANCE COMMITTEE

(28) The Finance Committee reports the following transactions: Exchange of Government Securities The iJ/i per cent United States of America Certificates of Indebtedness Series G held in connection with the trust fund under the Navy Pier lease matured on September 15, 1950. The United States Government offered for purchase Certificates of Indebtedness Series A 154 per cent due January I, 1951, to yield approximately 1.29 per cent. Under the authorization of the Finance Committee of the Board of Trustees and upon recommendation of the First National Bank of Chicago, the purchase of the new Certificates was authorized and is now reported to the Board of Trustees. Deposit Funds Investments Purchase: U. S. A. 90-day Treasury Bills due December 7, 1950 $24 917 85 Endowment Funds U. S. A. Series G, 2^/2 per cent Savings Bonds due June 1, 1962 8 000 00 50/100 share Eastman Kodak Company Common, $10 par scrip certificate 22 99 Yi share Fidelity-Phenix Fire Insurance Company of New York, Cap. $10, par stock, fractional scrip issue of 1950 20 06 Student Loan Funds Exchange: $30,000.00 U. S. Certificates of Indebtedness, 1% per cent, due July 1, 1950, for $30,000.00, 1% per cent Treasury Notes due August 1, 1951.

This report was received for record.

BOND OF UNIVERSITY TREASURER

(29) When Mr. Irvin L. Porter was elected Treasurer of the University on March 10, 1949, for two years, his bond was fixed at $3,000,000. It has been the practice of the Board to require a bond that would cover the balance in the hands of the Treasurer at all times. Since the foregoing action, the balance has increased considerably and is continuously above $4,000,000 with little likelihood of a decrease. Mr. Porter has filed a new bond in the amount of $5,000,000 with E. E. Brown, James B. Forgan, and Homer J. Livingston as sureties. The Finance Committee recommends the acceptance of this new bond in place of the bond previously filed.

On motion of Mr. McLaughlin, the recommendation of the committee was adopted.

1

Deduct.