xt770r9m3m2d https://exploreuk.uky.edu/dips/xt770r9m3m2d/data/mets.xml Lexington, Kentucky University of Kentucky 19320529 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1932-05-apr29-ec. text Minutes of the University of Kentucky Board of Trustees, 1932-05-apr29-ec. 1932 2011 true xt770r9m3m2d section xt770r9m3m2d Minutes of Called Meeting of the Executive Committee of the University of Kentucky, Friday, April 29, 1932. The Executive Committee of the University of Kentucky met in call meeting in President McVeyTs office at the University of Kentucky Friday, April 29, 1932, at 10:30 a. m. The following members were present: Judge Richard C. Stoll, Mr. James Park, Mr. E. B. Webb. Meeting with the Executive Committee was Pres- ident Frank L. McVey and D. H. Peak, Acting Secretary . The minutes of the meeting of the Board of Trustees of April 18, 1932, were approved as recorded, except that paragraph No. 24 was corrected to read as follows: 24. The Financial Situation. The afternoon ses- sion of the Board was devoted to a careful discussion of the financial situation of the University. The Bus- iness Agent met with the members and presented statement of income and operating expenses for the rest of the year. -Meeting with the Board was Mr. J. Pelham John- ston, Attorney of Lexington, who was requested to look into the situation because of the veto of $ection 46,. et al, of the Appropriations Bill and to report his con- clusions to meeting of the Executive Committee to be held upon call. The Executive Committee was given ab- solute authority to act in its judgment relative there- to. 1. Income Estimate and Salary PaYment. The Business Agent presented an estimate that showed an excess of $20,000.00 income over obligations due in. May, 1932. The estimate included the probable receipt of $60,000.00 from State Treasurer, the propor- tion of taxes available from April collections. On the basis of the estimate it was recommended by the Committee that salaries of the College Division for the month of April be paid in a flat aMount of $100.00 or less on each salary as soon as remittance was received from the State Treasurer. 2* Sale of Warrants Approved. The Business Agent reported that warrants listed below had been sold since the last rmeeting of the Board of Trustees at the prices and in amounts indicated in the list. The sales were made by the Treasurer on recommenda- tion of the Committee, R. C. Stoll, F. L. McVey and D. H. Peak, appointed for that purpose and on the further approval of Thomas P. Cooper Dean of the College of Agriculture. The sales were approved by the Executive Committee. The list is as follows: 2. YO. Amount Interest 88 Per Cent Total E 641 3,129.33 Ext. 115.17 Z,753.81 2,868.98 E 640 10,000.00 Ext. 368.00 8,800.00 9,168.00 637 3,329.16 Ex.Sta. 122.53 2,929.66 3,052.19 E 1356 1,833.33 Pub. Ser. 59.58 1,613.33 1,672.91 E 3377 1,833.33 Pub. Ser. 37.42 1,613.33 1,650.75 E 3121 2,041.67 West. Ky. 44.52 1,796.67 1 841.159 E 3122 19762,34 Robinson 38.42 1,550.85 1,589.27 E 2799 701.02 iurs. Ins. 16.35 616.90 633.25 E 2798 991.66 Robinson 23.15 872.66 895.81 E 5158 255-13 Zfirs. Ins. 3.05 224.52 227.57 E 5159 2,265.80 Robinson 26.95 1,985.11 2 012.06 E 5157 1,833.33 Pub. Service 21.90 1,613.33 1,635.23 E 1359 10 000. 00 Ext. Div. 326.39 8,800.00 9, 126239 E 3379 107000.00 Ext, Div. 205.56 8,800.00 9,005,56 E 4013 1,984.54 Robinson 134. 45 1,786.09 1,820.54 E 5153 7,271.80 Exa. Sta. 82.82 6 444.63 6,627. 44s 3. Security Trust Company Notes Ordered Renewed, The notes at the Security Trust Company for -100,000.00 secured by State Warrants were ordered renewed for a period of thirty days. Mr. Charles Manning of the Security Trust Company had agreed with the Business Agent that he would. recommend to his board that it release warrants in excess of such amounts as will equal the face of the notes at discount of seventy-five per cent of face of warrant, 4. Funds in Princeton Banks. The Business Agent reported that funds had been withdrawn from the Farmers National Bank at Princeton, Kentucky. The action of the First National Bank and Trust Company of Lexington, Kentucky, in receipting for and hold- ing in escrow certain securities given by the First National Bank of princeton , Kentucky, for the purpose of securing the Universi- tyts account in that bank was approved. The receipt mentioned is in words and figurew as follows: First National Bank & Trust Co. Lexington, ICy. The undersigned hereby acknowledges receipt from the First National Bank of Princeton, Kentucky, of the fol- lowing securities to be held as collateral security for a deposit carried with the said bank by the Universi- ty of Kentucky, Lexington, Kentucky. These securities are to be held in escrow by the undersigned for the above stated purpose, it being understood and agreed 3. between all parties concerned that said securities can only be withdrawn by the First National Bank of Princeton, Kentucky, upon it giiing to the under- signed ten (10) days notice and with the further pro- vision that sOid securities shall not be wo delivered without the written consent of the said University of Kentucky. A0190988. E02794255 F02786726 G0126621 7 J00336389 D00426574 F02975766 D02975594 K00031080* D 3875 U. S. Fourth Liberty Bond $l1000.00 U. 8. Fourth Liberty Bond 1,000.00 U. S. Fourth Liberty Bond 1, 000.00 U. S. Fourth Liberty Bond 500.00 U. S. Fourth Liberty Bond 500.00 UI. S. Fourth Liberty Bond 500 00 U. S. Fourth Liberty Bond 100,00 U. S. Fourth Liberty Bond 100.00 U. S. Fourth Liberty Bond 50.00 State of Kentucky Institutional Warrant Dated January 7th, 1931 257.88 The above described bonds are in coupon form and all unmatured coupons are attached. The undersigned assumes no liability under said agreement except for the safekeeping of the above described bonds and warrant. IN WITNESS WMEREOF, The First National Bank and Trust Company of Lexington, Kentucky, has hereunto affixed its corporate name by J. M. Sellars, its Cashier, at Lexington, Kentucky, this 22nd day of April, 1932. FI.ST NATIONAL BANK AND TRUST COMPAN1TY By Cashier 5. Fire Insurance. President Mo ey submitted the follow- ing report from Klair & Scott, Insuranoe Agents ITo. No. No. No, No, No. No. No, NO, lNo. NEW YORK UNDERWRITERS INSURANCE COMPAINY Klair & Scott April 26th, 1932 Dr. F. L, McVey, Pres,, University of Kentucky, Lexington, Kentucky. Dear Dr. MoVey:- We are in receipt of your letter of April 25th advising that wooden building near the Engineering Buildings has been removed and we are this day applying to the Bureau for a re-rating on those buildings affected by this charge. As per your request, we are pleased to submit the cost of straight insurance on the buildings which you desig- nated: lyr. Straight Insurance lyr. 90,4p Co-Insurance Library $50, 000. Education- 50,000 Memorial - 50,000 Dairy - 50,000 McVey - 50, 000 Ag.Eng. - 30,000 $280, 000 -ost it It 1l 1l It ; ql:l3. 50 226.50 268.00 130.00 190. 50 426. 30 $1354. 80 $342, 000 54 000 90,000 129,000 210,000 60, 000 $885,000 cost $277.02 "1 171.18 " 255.60 1' 121.26 287.50 " 281.40 i' 393.96 In view of the above figures, you can, carry $885,000. with the 90o Co-insurance which will cost you only $a9.16 more than if you carry P280,000.00 insurance on the straight insurance plan. The reason for this is that the credit for co-insurance on fire proof buildings is so great that you can afford to carry much more in- surance on the 90$'oCO-nsurance plan. Trusting the above is the desired information and await- ing your advice in regard to final decision, we beg to remain Yours truly, Klair & Scott Per Bessie M. Birch Sec. 50 In view of the figures shown in above report the Executive Committee ordered that the Insurance Committee oproceed to have the insurance written on co-insurance Dlan. The cost of the insurance will be approximately t l4 g 22l1 for one year on col- lege property and $3,500.00 for one year on Experiment Station property; two and one-half premiums on three year plan and four premiums on five year plan, There will be a credit on unex- pired policies on college property of $3,732.59. It was recom- mended that the policies be written for one year but as the matter will not be closed until after July 1st the final de- termination of the period of insurance was left open. 6. Group Life Insurance. The faculty committee on group life insurance made request that the Executive Committee consid- er the advisability of compulsory insurance, a large majority of the staff consenting thereto. The Executive Committee was of the opinion that enforced life insurance was not advisable and took no action on the request. 7. Switchboard Asselbly President McVey reported that it seems advantageous to assembl the five telephone switchboards now on the Campus so that one board may control all telephones; that as a matter of economy many telephones have been discontinued and that one switchboard will decrease the cost of operation. The Lexington Telep]hone Company has estimated the cost of the change at ,$625.00. It was ordered that the change be made. 8. Report on Appropriations Bill. Mr. Pelham Johnston, who was authorized at the meeting of the Board of Trustees of April 18, 1932 to report his conclusions on the financial posi- tion of the University under the appropriations bill as passed by the recent Legislature and signed by the Governor, presented a report which was carefully considered and discussed It was resolved that members of the Executive Committee and Mr. Johnston hold a conference at Frankfort with the proper state officials to further study the problem and to determine proper procedures 99 No Authority to Endorse Athletic Council Note. The re- quest of the Athletic Council that the University endorse a pro- posed loan for operating expenses was not approved, it appearing that the University has no authority to make such endorsement. 10 Resignation of Secretary of Board., Mr. Wellington Pat- rick requested that he be relieved of the duties of Secretary of the Board of Trustees and Executive Committee, suggesting that he wished to devote his entire time to the work as Director of University Extension. The Executive Committee accepted the resig- nation, expressing appreciation of Mr. Patrick's long and faith- ful service and regret at his resignation. tH. wa aulectgd SQ r ty of the Board ad Executive ee an was y au horlzetoyprepare, presen for approv- al and have recorded the minutes of the meetings. Respectfully submitted, D. H. Peak, Secretary