UIHistories Project: A History of the University of Illinois by Kalev Leetaru
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Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 17]

Caption: Book - History of Illinois Land Grant Endowment
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than one-fourth of the price of the land; and shall pay interest annually upon the deferred payments at not lets than eight per cent, per annum. Resolved, That a committee be appointed to arrange prices for the lands by quarter sections, with the methods of offering the lands for sale, and the details of contracts and deeds, in accordance with conditions above specified. Resolved, That the land which may remain unsold on the first day of April, 1884, be leased for the season of 1H84 on the best terms which can be obtained. (Dec. 11, 1883; XII, 213) On motion of Mr. McLean, the Regent, Trustees Millard, Bennett and Pearman were appointed a committee, to report at this session of the Hoard a plan whereby the Nebraska lands ran be offered for sale as per terms of the resolution heretofore adopted. (Dec. 11, 1883; XII, 216) Terms—One-fourth of the price, cash; the remaining three-fourths deferred to such time as the purchaser may desire, not more than ten years, reckoned from the first day of January next preceding the day of sale; interest on deferred payments payable annually on the first day of January of each year, at eight per cent, per annum. The price of any quarter section to be not less than that set forth in the following list. The buyer must pay all taxes becoming due after the date of the purchase. (Mar. 12, 1884; XII, 229) In the matter of land contracts the Board instructed the Committee on Nebraska Lands that they should close contracts for deeds only in accordance with the terms of original contracts. (Mar. 9, 1886; XIII, 95) Up to the present time twelve of the sales have been perfected by the payment in full of principal and interest, and deeds have been given. In most cases the buyers have been prompt in the payment of installments as they have fallen due, and in no case has it yet been necessary to resort to any harsh measures to enforce collections. (Mar. 12, 1889; XV, 47) Report of the Committee on Minnesota Lands. Gentlemen: About the first of this year Mr. Andrew Olson, to whom had been given under date of May 5, 1892, contract No. 95, for the S.W. V Sec. 6, 4 T. 116 N., R. 34 W. 5th. P. M., wrote Professor Shattuck that he would be unable to make further payments on the land and surrendered his contract. A cash payment had been made of $324.40 when the contract was given, but the interest due January 2, 1893, had not been paid. Your committee having first ascertained that the contract had not been recorded, accepted the surrender subject to the approval of the Board. The report was accepted and the committee was instructed to procure a release from Mr. Andrew Olson for the tract of land surrendered. (Aug. 1, 1894; XVII. 266)

A D M I N I S T R A T I O N OF T H E E N D O W M E N T F U N D

Resolved, That the Treasurer of the Board be instructed to invest the proceeds of the tale of land scrip in either United States Stocks, stocks of the State of Illinois, or in county bonds, or any of them, drawing interest at not less than six per cent. (May 9, 1867; I, 45) Your Committee, in eon junction with the Treasurer, have deemed it wise to put the proceeds of the land scrip in Illinois bonds as fast as they could he obtained, at par and interest, thereby having our funds in such form that we