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-

     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:



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



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

G0126621 7
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.



     5. Fire Insurance.  President Mo ey submitted the follow-
ing report from Klair & Scott, Insuranoe Agents




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-

Straight Insurance

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


; ql:l3. 50
  190. 50
  426. 30
$1354. 80

$342, 000
  54 000
  60, 000

cost $277.02
  "1 171.18
  "  255.60
  1' 121.26
  "  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
Yours truly,
Klair & Scott
Per Bessie M. Birch



     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