Caption: Board of Trustees Minutes - 1954
This is a reduced-resolution page image for fast online browsing.
EXTRACTED TEXT FROM PAGE:
1953] UNIVERSITY OF ILLINOIS II9I Rentals and fees collected shall be deposited in a "Revenue Bond Account" and later transferred to other operating and bond redemption accounts as needed or available. Funds in this account may be invested in United States securities. The rentals and fees are collected at the beginning of each quarter and are disbursed for the operation and the maintenance of the properties and for the payment of debt service throughout the quarter. There is a sizable balance on hand at the beginning of the quarter in the "Revenue Bond Account" which diminishes throughout the period and could be invested in short-term, easily liquidated investments. T h e bond resolution authorizes the investment of these funds in United States securities. The Acting Comptroller recommends that authority be given the Business Manager of the Chicago Colleges to invest and reinvest such funds in United States Treasury Bills, which can be purchased from, and sold to, the First National Bank of Chicago on short notice as the cash requirements of the fund demand. I concur and recommend approval. On motion of Mr. Grange, this recommendation was approved. REPORT O F G E O R G E A. MILLER E N D O W M E N T F U N D INVESTMENTS (15) The Acting Comptroller reports the following transactions involving securities of the George A. Miller Endowment Fund. These transactions were authorized in the general program for investment of these funds as recommended by the Finance Committee and approved by the Board on November 20, 1953. Sales £715,000 U. S. Treasury Bills due between December 10, 1953, and January 7, 1959 $714 323 79 Purchases $50,000 U. S. Treasury ZlA% Bonds due 6-15-83/78 @ 1 0 3 ^ $200,000 U. S. Treasury Certificates of Indebtedness due 8-15-54 @ 100 2 % 2 $40,000 Allied Chemical and Dye Corporation 3}4% Debentures due 4-1-78 @ 1 0 3 ^ $40,000 Associates Investment Company 2,14,% Debentures due 9-1-62 @ ioo}4 £40,000 Burroughs Corporation 3jHs% Debentures due 6-1-77 @ io\}4 $40,000 General Motors Corporation $}i% Debentures due 1-1-79 @ 100 >£ $40,000 Northern Natural Gas Company iH% Debentures due n - 1 - 7 3 @ roiK $40,000 Public Service Electric and Gas sH% Debentures due 6-1-72 @ 101K $40,000 Quebec Hydro-Electric Commission 3>£% Debentures due 12-1-78 @ 99 J^ 200 shares Abbott Laboratories @ 44}4 300 shares American Tobacco @ 67 Jls 700 shares Central and Southwest Corporation @ 22 300 shares Cleveland Electric Illuminating—200 @ 5 4 ^ and 100 @ 5 4 . . 500 shares Consolidated Edison Company of New York @ 4 1 ^ 200 shares E. I. du Pont—100 @ 102 and 100 @ 1 0 5 ^ 300 shares General Motors @ 5 8 ^ 300 shares B. F . Goodrich—200 @ 75 and 100 @ 75H 600 shares Kansas City Power and Light—300 @ 3 1 ^ and 300 @ 3 1 . . 600 shares Maryland Casualty Company—200 @ 2 7 ^ , 200 @ 27 K, and 200 @ 27J-S 500 shares Merck and Company—100 @ 2 0 j ^ , 100 @ 20>6, and 300 @ 2 0 K 400 shares Phillips Petroleum—200 @ 5 2 ^ and 200 © 5 3 400 shares Standard Oil Company of California @ 51 >< 400 shares Tampa Electric Company—200 @ 52 and 200 @ 53 8 20 15 16 20 20 17 22 18 900 137 400 250 562 787 437 512 712 00 50 00 00 50 50 50 50 50 16 500 00 10 21 20 21 175 150 500 000 00 00 00 00 This report was received for record.
| 
