university of illinois - UIHistories Project

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 the 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, that 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 OF FRED S. BAILEY
(24) Thomas, Mulliken, and Mamer, Champaign, attorneys for the estate of Fred S.
Bailey, have submitted to the 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 the executor. The attorneys have requested the 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 the
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 OF GRANTS TO THE UNIVERSITY FROM THE FORD
FOUNDATION AND THE ROCKEFELLER FOUNDATION
( 2 5) The Ford Foundation has made a grant of $5,600 to the University to be ex-