Repository: UIHistories Project: Book - History of Illinois Land Grant Endowment [PAGE 20]

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University

of Illinois

and $3,000 in cash, which amount is the full amount of the principal and accrued interest due on said bond at this date. And, whereas, there have arisen grave doubts as to the validity of said Kankakee county bonds now held by this I'niversity, therefore your committee would respectfully recommend that such proposition be accepted. Resolved, That the report of the committee to whom was referred the matter of funding the Kankakee county bonds be adopted, and that the Treasurer of this Hoard be authorized to surrender to the authorities of said county the bonds of said Kankakee county now held by him on behalf of the University, upon receipt by him of $48,000 in bonds of said County running twenty years with interest at rate of 5 per cent, per annum and the sum of three thousand dollars in money. (June 12, 1884; XII, 240) I have exchanged with Kankakee county, 30 Kankakee county bonds of $1,000 each, $30,000; for 30 Kankakee county 5 per cent, refunded bonds, $1,000, $30,000, registered by the Auditor of the State, due in 20 years from July 1, 1884. I also received on account of interest 18 Kankakee county 5 per cent, refunded bonds, $18,000; cash $3,000. In accordance of your resolutions adopted June 13, 1884. (Sept. 13, 18*4; XII, 248) Indeed, it may be a matter of congratulation that the State of Illinois has never been called to replace any of the endowment of this University, because lost in unfortunate investments, as in such case the law of Congress requires. The same good fortune has not attended all our Western States. That the University, as the assignee of the State, had a lawful right to make such investments there can be no shadow of a doubt, or that it has an indefeasible title to the lands so entered, which it now holds under patents duly issued to it by the Government of the United States. [Report to Trustees by S. H. Peabody, Regent, at close of second term of service] (Mar. 10, 1885; XIII, 21) The last crop in Nebraska was not so good as usual, and some requests have been made for extension of time for payment of principal and interest due. Extensions of principal have been agreed to, but parties have been notified that the payments of interest must be made. There is little doubt that all delinquent interest will be paid. (Mar. 9, 1887; XIV-42) For premium on $4,000 6V£ per cent. Montgomery county school bonds, due in 5, 8, 10, and 12 years $195 60 For premium on $3,500 7 per cent. Sangamon county school bonds due in '88, '89, '90, '92, and '94 $100 80 For premium on $12,000 6 per cent. Montgomery county school bonds due 1890 to 1901 $348 00 $644 40 (July 30, 1887; XIV, 88) It gives me pleasure to be able to report that the interest bearing capital of the University is now over $450,000. This sum will be materially increased when the time comes for the sale of the lands in Minnesota, but that time does not yet appear to have arrived. S. H. Peabody (Regent). (Mar. 13, 1888; \ l \ M) The undersigned having been instructed by your body at the meeting held March 12, 1889, to make an examination of the bonds and other securities held by the Treasurer of this Hoard as endowment funds of the University of