Repository: UIHistories Project: Board of Trustees Minutes - 1958 [PAGE 320]

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1957)

UNIVERSITY OF ILLINOIS

3U

REPAIRS OF DRILL HALL AT NAVY PIER (22) The Board of Trustees has appropriated $20,000 for the University's share of the cost of repairing the Drill Hall at Navy Pier. The city of Chicago has entered into a contract with the Frank P. Noe Company of Chicago for the repairs at a cost of $32,000, and the city has asked that t h e University pay $18,667.67 as its portion of the cost. This is less than the two-thirds of the cost which the University had previously agreed to pay. I recommend that the Comptroller and the Secretary of the Board be authorized to execute an agreement with the city of Chicago to conclude this transaction.

On motion of Mr. Herrick, the Comptroller and Secretary of the Board were authorized to execute this agreement.

APPLICATIONS FOR FEDERAL FUNDS FOR HEALTH RESEARCH FACILITIES (23) At its meeting on February 14, the Board confirmed the filing of applications for federal matching funds under the provisions of Public Law 835 for University health research facilities which qualify under this law. The Board was informed, pursuant to advice received from the Acting Chief of the Health Facilities Branch, Division of Research Grants, t h a t it will be in order for the University to submit supplemental requests for funds for movable equipment, as well as for construction of buildings. Accordingly, 1 have authorized supplemental applications as follows: 1. A Medical Research Laboratory at Chicago Professional Colleges Federal funds previously requested $1 425 000 00 Supplemental funds requested 250 000 00 2. Remodeling and expansion of research facilities in the Division of Biochemistry of the Department of Chemistry and Chemical Engineering Federal funds previously requested 65 682 50 Supplemental funds requested 4 805 00 3. Research Wing of Biology Building Federal funds previously requested 942 000 00 Supplemental funds requested 104 500 00 Confirmation of this is requested.

On motion of Mrs. Watkins, the President's action was confirmed.

ESTATE O F FRED S. BAILEY (24) Thomas, Mulliken, and Mamer, Champaign, attorneys for the estate of Fred S. Bailey, have submitted to t h e University a proposed first and final account prepared by the Harris Trust and Savings Bank, Chicago, the executor, together with the proposed final report of t h e executor. T h e attorneys have requested t h e Board of Trustees to sign an entry of appearance and a waiver of notice to obviate the necessity of giving notice of hearing of this account and report. The final account and report of the executor indicates that $939,279.51 was received by the executor by converting certain assets of the estate into cash. Certain farm lands were not converted to cash but were transferred directly to the trustee. The major item of assets sold was 739 shares of stock of the Champaign National Bank. After payment of funeral expense and expenses of administration, there was distributed to the Harris Trust and Savings Bank, trustee under the will, the principal sum of $788,928.85. Under the terms of Mr. Bailey's will one-third of the net income of the trust estate will be paid annually to the University of Illinois to be used in support of t h e Bailey Memorial Chair of Money, Banking, and Finance. The Comptroller and the Secretary of the Board request authority to sign the necessary documents so that the final report and the first and final account of the executor may be approved.

On motion of Mr. Johnston, the Comptroller and Secretary of the Board were authorized to sign the necessary documents.

REPORT O F GRANTS TO T H E UNIVERSITY FROM T H E FORD FOUNDATION A N D THE ROCKEFELLER FOUNDATION (25) The Ford Foundation has made a grant of $5,600 to the University to be ex-