Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 19]

EXTRACTED TEXT FROM PAGE:

Land Grunt /• ndowmcnt Fund

19

Whereas, There is now a hill before the legislature for repealing the law restricting the Hoard of Trustees to a certain class of lx>ndff Resolved, That Mr. (iardner and the Treasurer he authorized to exchange the bonds o\ Champaign County, tailing due on the firM of May next, for the same amount of Champaign County bonds hearing eight per cent, intense, that have been issued to replace the ten per cent, bonds. Carried. (Mar. 13, 1877; IX. JO) Your Committee to whom was referred the investing of the proceeds of the $115,000 Champaign county bonds, due May 1, 1877, beg leave to report that they exchanged $100,(XM).(X) at par for the same amount of Champaign 8 per cent, bonds, due in five years with privilege of ten years, and purchased $15,000 Champaign County 8 per cent, bonds for which we paid a premium of $325. (Mar. 14, 1877; IX, 34 | Treasurer Bunn presented the contract, duly signed by Messrs. Burtn and Gardner on behalf of this Hoard, and by the Chairman and Clerk of the Hoard of Supervisors of Champaign county, stipulating that $20,000 of said countv bonds therein described be carried by the Hoard of Trustees until May, 1 provided that said bonds shall draw ten per cent, per annum. (June 11, 1879; X, 174) Resohcd, That the Executive Committee be and hereby are authorized to demand and use all necessary means to collect from the county of Champaign the balance of the loan, about two thousand dollars, due the Illinois Industrial University. (June 11, 1879; X, 174)

WHEKEAS,

$30,000 of Pike Countv bonds mature and will be paid July 1,

1879; be it Resolved, That the Treasurer be and he is hereby authorized to reinvest said amount to the best advantage, and report his action to this Board. (June 11, 1879; X, 174) Resolved, That this Hoard does not consider itself under any obligation, moral or legal, to compromise the interest on the Kankakee County Bonds, and therefore decline to offer any terms of compromise. That the Treasurer is hereby authorized to communicate with the Board of Supervisors of said County, and to report any action or proposition from said Supervisors to the Executive Committee, and that this Committee are hereby authorized to act in the premises if it becomes necessary before the next meeting of the Board. (Sept. 10, 1879; X, 193) Mr. Taylor, of Kankakee, was introduced to the Board, and presented a proposition to refund certain Kankakee county bonds. On motion, the President of the Board and Trustees Bennett and Follansbec were appointed a committee to confer with Mr. Taylor, County Agent of Kankakee* on the subject of refunding certain bonds of said Kankakee county, now held by the University, and report to this Board. (June 12, 1884; XII, 238) Your committee, to whom was referred the matter of the Kankakee county bonds, would respectfully report: That a proposition is made by Kankakee county through Hon. IX C Taylor* its agent, to pay the bonds of said county now held by this University, by giving to the University $48,000 in 5 per cent. 20 yttr refunded bonds, of said count N