8  



  for one year and $10,000 for two years.

       The situation thus stands:

  Founaation         $1_9,377.50   paid by Al2ini-
  Building            40,000.00     (620, 00 paid by-University..
                                    ($20,000 paid by Alumni
  Builying            30,000.00     To be paid by enrnings;
                                    $20,000 endorsed by Univ.
   Aotal               a89,377.50
        Of moneys now on hand from the building's earnings
   it is a question that should be settled at once as to
   whether payments shall be made on notes endorsed by the Uni-
   versity or paid on $10,000 in notes held by the contractor
   on completion of the building.    It is my feeling that such
   earnings should be used to liquidate the notes endorsed
   by the University.
                                     Very truly yours,

                                           Frank L- MIcVey
                                           Presaident

     12. Conversion of Chapel into Reading Room.    A motion was
made by MEr. Lyle, seconded and adopted, that the present chapel
be used for a reacting room, and that the new Basketball Building
be used as a men's gymnasium, and, that the old gymnasium be used
as a women' s gymnasium.

     13. Funds for Suab-Fxperiment Station on Robinson Iand.
President McVey presented to the Board the importance of beginning
work at the Sub-Experiment Station on the Robinson land.    The
point was made that the funds appropriated by the Legislature
will not be made available until July 1, and work, therefore,
could not be begun this year.    A motion weas msae by Mr. Ingbls,
seconded and carried, that subject to the President's being able
to obtain a written statement from the State Auditor that the
money will be available before July 1, that work on the Robinson
Tract be begun at once.

     14. Liability Tnsurance.    President McVey stated to the
Board that the University has carried liability insurance for the
employees of the Institution and the question of renewing it
should be considered.   The matter was discussed at length.    A
motion was made by Mr. Lyle, seconded and carried, that liability
.nsurance be continued.

     15. Student Fees.   President McVey stated to the members of
the  Board that the Fees of the University of Kentucky are con-
siderably lower than the other state institutions and that in vie--