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     Minutes of the Meeting of the Executive Committee of the Uni-
versity of Kentucky, Monday, March 9, 1936.


     The Executive Committee of the Board of Trustees of the Uni-
versity of Kentucky met in President McVey's office at 10:30 a.m.
on Monday, March 9, 1936.   The members of the Committee present
were Judge Richard C. Stoll, Chairman; R. Miller Holland and James
Park.   President Frank L. McVey and Secretary D. H. Peak were al-
so present.

     1. Approval of Minutes Deferred.

     The minutes of the meeting of February 25, 1936, not having
been published, approval was deferred.


     2. Financial Report.

     The financial report for the month of February, 1936, was
ordered recorded in the Minutes.   The report reads as follows:


                                                   EXHIBIT tIBt



Statement of
       Month



Income and Expenditures
of February 1936



Previously
Reported



Current
Month



General Fund Income
  Federal Appropriation    28,500.00
  Vocational Ed. Board     12,972.01
  Int. on Peabody Endow.    1,000.00
  State Appro.-Back Sal,   71,100.00
  State Appro.-Sum.Sch.     9,000.00
  Special Agr. Appro.      14,750.00
  State Appro.-Repairs to
    Buildings               2,701,92
  State Appro.-General    387,704.03
  Student Fees            115,120@74
  Student Fees - Sum.Sch.  59,228.17
  Student Fees - U.H.S.     5,563.50
  Student Fees - El.Tr.Sch. 4,280.00
  Student Fees - Un. Ext.  10,649.59
  Miscellaneous Receipts    9,105.69
  Rentals                   1,675.30
  Menis Dormitories         9,389.40
          Total           742740. 35



7,125.00    35,625.00
  204.27    13,176.28
             1,000.00
             71,100.00
             9,000.00
2,150.00    16,900.00



1,170.66
59,096.46
95,199.16

3,570.00
3,680.00
1,207.47
   824.18
   265.00
195,374.61
179,866. 81



  3,872.58
446,800.49
210,319.90
59,228.17
  9,133.50
  7,960.00
  11,857.06
  9,929.87
  1,940.30
  14,764.01
922,607.16



Fiscal
Year
To Date




 








2.



Expenditures
  Instruction
  Administration, Exp.
     & Maint.
 Additions and Better-
     ments
             Total

  Excess of Income over
    Expenditures



Patterson Hall Income
Board                    27,'o
  Misc. Receipts              4
  Room Rent - Summer Sch.   2,(
            Total          30,C

Expenditures
  Expense                  23,(
  Additions and Better.       "
            Total          24,.

  Excess of Income over
    Expenditures            5

General Fund Income       772,l
General Fund Expend.      632,'
  Excess of General Fund
  Income over Expend.    140,(
  Accounts Payable -
  liquidated             (71,:
  Excess of Receipts over
  Expenditures for General
  Ledger accounts        (32,]
  Excess of Receipts over
  Expenditures for the
  fiscal year to date -
  General Fund            36,
  Excess of Receipts over
  Expenditures for te fiscal
  year to date - General Fund
  Cash in Bank July 1, 1935
  General Fund
  Cash in Bank February 29,
  1936 - General Pund



453,744.10

143,545.65



68,210.28

21,680.57



521,954.38

165,226.22



11,330.18      1,402.99    12,733.17
608,619.93     91,293.84   699,913.77


134,120.42     88,572.97   222,693.39



737.96
255.06
)89.00



12,129.65



39,867.61
   255.06
 2,089.00



)82.02    12,129.65     42,211.67


615.77     5,025.07     28,640.84
547.25  __547.25
L63.02     5,025.07     29,188.09


)19.,00     7,104.58    13,023.58

322.37    191,996.46   964,818.83
?82.95     96,318.91   729,101.86

)39.42     95,677.55   235,716.97

191.63)                (71,191.63)


582.97)    35,793.89     3,210.92



264.82    131,471.44   167,736.26



167,736.26

  5,837.75



173,574.01




 







3.



Experiment Station Income
Hatch - Federal Appro.      7,500.00
  Milk and Butter - Cash
    Receipts                  5,74,). 84
  Betf Cattle Sales           1,756.70
  Dairy Cattle Sales            535.54
  Sheep Sales                   537.94
  Swine Sales                 1,438.41
  Poultry Sales               1,543.73
  Farm Produce Sales          1,523.67
  Horticultural Sales           398.40
  Seed Test                     473.29
  Seed Inspection             8,560.37
  Rentals                     5,012.68
  Miscellaneous                 375.29
  Fertilizer - Fees          13,096.46
  Public Service - St. Appro.13,441.98
  Public Service - Misc.         11.60
  Feeding Stuffs - Fees      28,819.89
  Adams - Federal Appro.      7,500.00
  Serum - Sales               1,226.19
  Serum- Virus Sales            102.85
  Serum- Live Stock Sales       117.45
  Serum - Supply Sales           95.35
  Serum - Misc. Receipts          2.35
  State Appropriation        33,000.00
  Creamery - License Fees     8,290.50
  Creamery - Testers License  2,845.95
  Creamery - Glassware Tested   447.80
  Robinson - State Appro.     7,240.86
  Robinson - Misc. Receipts   1,766.58
  West Ky. - State Appro.     9,952.97
  West Ky. - Misc. Receipts   6,214.95
  Purnell - Federal Appro.   30,000.00
  Bankhead-Jones - Fed.Appro.14,800.88
  Nursery Inspection - St.Ap. 1,450.39
  Nursery Inspection - Fees   1,255.00
            Total           217,078.86



Expenditures
  Expense                   182,881.45
  Additions and Betterments   2,446.70
            Total           185;328.15



3,750.00  11,250.00

   862.54   6,605.38
   18.57   1,775.27
   40.00     575.54
              537.94
    34.40   1,472.81
    224.65   1,768.38
    450.05   10973.72
              398.40
    80.50     553.79
 2,710.32  11S270.69
   144.67   5,157.35
   35.50     410.79
 3,395.00  16,491.46
 1,788.09  15,230.07
      5.00      16.60
 6,124.44  34,944.33
 3,750.00  11,250.00
    78.64   1,304.83
      6.75     109.60
      12.31     129.76
      10.40     105.75
                 2.35
  3,233.82  36,233.83
     22.50   8,313.00
     48.00   2,893.95
     42.52     490.32
     926.64   8,167.50
     207.54   1,974.12
     679.67  10,632.64
     337.84   6,552.79
 15,000.00  45,000.00
            14,800.88
    229.35   1,679.74

-44, 299,772 261  6.5



26,650.12 209,531.57
   619.56   3.066.26
27,269.68 212,597,83



Excess of Income over
Expenditures              31,750.71
Accounts Payable - liqui.  (3,150.32)
Excess of Receipts over Ex-
penditures for General
Ledger account            21,718.59



17,020.04  48,770.75
           (3,150.32)



(2,707.01) 19.011.58




 







Excess of Receipt s over
Expenditures



Excess of Receipts over
  Expend. for the fiscal
  year to date - Experiment
  Station
Cash in Bank July 1, 1935 -
Experiment Station
Cash in Bank February 29, 1936
- Experiment Station



64,632.01

(23,296.47)



41,335.54



Extension Division Income
  Federal Bankhead-Jones
  Federal Smith-Lever
  Federal Additional Co-op.
  Federal Supplementary
  Federal Capper-Ketcham
  State Smith-Lever
  County and Other
         Total

Expenditures
  ExDense
  Excess of Income over
    ExDenditures



144,925.05
74,154.38
15,500.00
26,545.52
18,400.49
72,500.00
12,818.46



144,925.06



10,700.00
  117.86



289,850.11
74,154.38
15,500.00
26,545.52
18,400.49
83,200.00
12,936.32



364,843.90  155,742.92    520,586.82


308,075.62   56,745.15    364,820.77

56,768.28   98,997.77   155,766.05



Excess of Income over Ex-
penditures for the fiscal
year to date - Extension
Division
Cash in Bank July 1, 1935 -
Extension Division
Cash in Bank February 29, 1936
- Extension Division



155,766.05



303.82



156,069.87



Trust Fund Income
  Student Loan Fund
  Student Notes Paid
       Total Receipts

Expenditures
  Expense
  Student Notes
  General Ledger accounts
       Total Expenditures

  Excess of Receipts over
  Expenditures



3,119.11
2,441.08



287.14
322.15



3,406.25
2,763.23



5,560.19      609. 29    6,169.48


    15.00       11.33        26.33
    100.00       50.00       150.00
 51000.00                 5,000.00
_5,115.00       61.33      5,176.33


   445.19      547.96       993.15



Excess of Reaeipz over
Expenditures for the
fiscal year to date -
Trust Fund



993.15



4.



50,318.98



14,313.03



64,632.01




 










Cash in Bank July 1, 1935
Trust Fund
Cash in Bank February
29, 1936 - Trust Fund



Summary
     General Fund Income  772,822.37
     Experiment Sta. Inc.  217,078.86
     Extension Div. Income 364,843.90
     Trust Fund Income       3,119.11
               Total    1,357?.364.24



General Fund Expend.  632,782.95
Experiment Sta.Expend.185,328.15
Extension Div. Expend.308,075.62
Trust Fund Expend.         15.00
          Total    1,126,201.72



191,996.46
44,289.72
155,742.92
    287.14
392,316.24



96,318.91
27,269.68
56,745.15
     11.33
180,345.07



964,818.83
261,368.58
520,586.82
   3,406.25
1,750,180.48



729,101.86
212,597.83
364,820.77
      26.33
1.306.546.79



Excess of Income over
Expenditures
Accownts Payable -
liquidated



231,662.52

(74,341.95)



211,971.17



443,633.69

(74,341.95)



Excess of Receipts over
Expend. for General
Ledger accounts      (15,864.38)



Student Loan Fund
Notes

Petty Cash account



2,341.08



200.00



Excess of Receipt s over
Expend. for the fiscal
year to date - Combined
Fund                 143,997.27



245.330.20



389.327.47



Excess of Receipts over Ex-
penditures for the fiscal
year to date - Combined
Fund



Cash in Bank and on hand July
  1, 1935 - Combined Fund
Cash in Bank and on hand Feb-
  ruary 29, 1936 - Combined Fund



(14,026.06)

375,301.41



5.



1,129.84

2,121.99



33,086.88



272.15



17,222.50



2,613.23

  200.00



w  



389a~327.47




 








6.



                Abstract of item shown on Statement
                of Income and Expenditures as "Excess
                of Receipts and Expenditures for Gen-
                eral Ledger accounts $17,222.50"



                                 Debit             Credit

  Accounts Receivable                            24,393.55

  Insurance Paid in Advance       244.00

  Sundry Accounts               6,927.05

                                 7, 171.05        24,393.55
                                                   7,171.05

                                                   17,222.50




     3. Reqcuisition Committee Report.

     The Requisition Committee filed written report of its action
each week from January 9, 1936, to March 4, 1936, inclusive. The
report shows that orders had been made by the Business Office on
the authority of the Requisition Committee in the manner prescrib-
ed by the Board of Trustees and state laws, running from No. 3981
to No. 5041.   The report was examined, and on motion and second
the orders named therein were ratified and approved and payments
on said orders were authorized and approved.     The following
budget additions, shown in the report, were approved: removal of
electricians' shop, $800.00; Administration Building, room 6,
$30.00; allowance to students in band, Department of Music,
$400,00; Department of Archaeology, collection from Montgomery
County on case made by Department of Buildings and Grounds, SZ3.00;
frozen faucets, Buildings and Grounds, $22.00; repairs Alumni
Gymnasium seats, $76.00; janitors' supplies bought from student,
L. C. Langston, in order to help pay his fees, $85.00; Barker Hall,
$10.00.




 







4. Allotments for March.
    Dear Dr. McVey:

         The Board of Finance and Budgetary Control at its
    meeting March 9th made the following allotments for the
    University of Kentucky for the month of March:

          College Division                $   57,900.00
          College of Agriculture               2,150.00
          Experiment Station, Lexington        3,000.00
          Experiment Station, Princeton          940:00
          Experiment Station, Quicksand          580.00
          Experiment Station Analysis          1,560.00
          Nursery Inspection                      80.00
          Agricultural Extension              10,700.00


                    (Signedl Walter W. Mulbry, Secretary
                              Board of Finance and Budgetary
                                       Control.

     5, Out-of-State Travel.

     The Business Agent reported that the College Division out-of-
state travel expense for the year 1934-35 amounted to $3,288,22;
that for the year 1935-36 the amount requested of the State Fi-
nance Board, to date, is V2365.37; that of that amount $1268.53 has
been approved and $1096.84 has not been approved by that Board.
Favorable action on requests for out-of-state travel has not been
received from the State Board of Finance.


     6. Fire and Tornado Insurance.

     The Business Agent presented the following letter:



                                    March 9th, 1936

     Dear Mr. Peak:

     Concerning the insurance of the University of Kentucky
     which expires March 14th and which we have been instruct-
     ed to see that it is taken care of in the way of renewal
     up to July 1st, 1936, beg to advise that for the number
     of agents who have heretofore written the business, we
     need 210 printed forms but the only forms left are fifty-
     nine of which you said you would need two.




 






8,



    In order to avoid any additional expense whatsoever, the
    Executive Committee thought it wise for us to write prac-
    tically all of this insurance in our office, thereby
    eliminating the expense of having any additional forms
    printed, and we would be willing under these conditions
    to see that each agent received his or her full com-
    mission on the amount of business which they were to re-
    ceive; however, wie will await your advices which we hope
    may be received within the next few days as to whether
    new forms are to be printed or not.   If new forms are
    to be printed will you please send us requisition on the
    State Printer so that we may send him the form and we
    would suggest that 240 be printed.

    Awaiting your advices, we beg to remain

    Yours truly,

    (Signed) Klair & Scott
              Per T. S. Scott.


     The suggestion made in the letter above quoted was approved
and the Klair & Scott agency was authorized to take care of all
renewals of fire and tornado insurance policies on the basis sug-
gested.


     7. Interest on Bonds.

     The Business Agent reported that he has made request of the
Auditor of Public Accounts by "pay-in-voucher" to give credit to
the University of Kentucky for the unpaid installments of interest
on land grant statutory bonds (Morrill Act) the total due and un-
paid to date being $12,966.75.

     If the question of payment is referred to the Attorney Gen-
eral by the Auditor, President McVey was authorized to act for
the University in presentation of its cause to the Attorney Gen-
eral.


     8, Geology Truck.

     The question of purchase of a new truck was presented again
at the request of Dr. A. C. McFarlan, head of the Department of
Geology.  (See Section 11, Minutes of February 25, 1936).    He
asked to be allowed to purchase the truck in his own name and to
pay for it from income from use of truck as such income is re-
ceived, the truck to be transferred to the University and run as
a University truck.   No objection was raised to the plan, but it
was suggested that the University incur no obligation for the pay-
ment of the purchase price.




 







9.



     9. Municipal Leaue Room.

     President McVey presented coroespondence relative to Munici-
pal League room.  The correspondence was examined, and no further
action taken.


   10. Road and Sidewalk Construction -- W. P. A.

     Superintendent's letter to President McVey:


                          Re; W.P.A. Roads and Sidewalks.

    My dear President:

    The attached letter to Mr. Wilder is in compliance with
    his request,  He called me by phone one day not so long
    ago and suggested that I give him this information so
    that he could make an effort to help procure materials
    thru the Board of Commerce.  He seemed to think that
    it would be possible to obtain crushed rock in some way
    and thereby lighten the burden on the University.

    In the meantime, I would like to have authority to pur-
    chase 270 tons of stone aggregates in the amount of
    $435.00 to match a car of cement which W. P. A. wants to
    place on the job this week.   This amount of material
    will lay approximately one half mile of 6 foot sidewalk.

    (Signed) M. J. Crutcher
               Superintendent.



     Superintendent's letter to Mp. Wilder:


     Mr. Ed Wilder, Secretary
     Lexington Board of Commerce
     Lexington, Kentucky

                             Re: tip.,.P.A. Road and Sidewalk
                                 ProJect.

    Dear Sir:

    As I told you over the 'Phone, this project is now in
    progress and about all that can be done until materials
    are procured, is a limited amount of grading.




 








10.



     The W. P. A. will spend $1615.00 for cement and furnish
     $5083.00 for labor.   They expect the University to
     furnish about 1066 tons of Sandag and crushed rock at
     a cost of approximately 8l200.00, or 18% of the total
     cost.

     These materials will build 1.63 miles of concrete pave-
     ment 610ff wide and keep 30 men employed for approximate-
     ly four months.   If you can help out in any way on the
     rock we will appreciate it very much.

     (Signed) M. J. Crutcher
               Supt.


     President McVey was authorized to set up W. P. A. road and
sidewalk projects in his discretion, to extent of funds available.


     11. Bridge Repairs -- C.C.C. Camp, Robinson Sub-Station.

     G. H. Wiggin, Superintendent E. C. W. Camp S-51, Noble, Ken-
tucky, in a letter to Dean Cooper, dated February 21, 1936, stat-
ed that he had been directed by the State Forester to formally
request that the University of Kentucky supply bridge timbers
from Robinson Sub-Station forest or elsewhere for trussing the
Troublesome Creek bridge.   He then set out in detail how the tim-
bers may be acquired and the probable cost thereof.    This letter
was referred by Dean Cooper through President McVey to the Execu-
tive Committee.   Dean Cooper's letter set out that the policy
when the camp was established was that the Station would be put
to no expense by reason of the camp, and asked whether or not
that policy be changed.

     The Committee gave consideration to the request and consider-
ed the policy adopted as sound and thereupon order that Dean Coop-
er inform Mr. Wiggin that it is not practicable to comply with
the request.


     12. Tobacco Greenhouse,

     Referring to approval In Minutes of last meeting of the Execu-
tive Committee for erection of tobacco greenhouse, President MIcVey
reported that Frankel and Curtis, architects and engineers, Lex-
ington, Kentucky, have been employed to design and superintend
the construction,   No change was made in proposed plans or loca-
tion of the building.




 








11.



     13. P. W. A. Building Operation.

     a. Director and Dean Present.

     Mr. George H. Sager, acting director of P. W. A. for Kentucky,
and Dean James H. Graham took part in the discussion of matters
pertaining to P. W. A. building operations.

     b. Steam Distribution System.

     Reconsideration of acceptance of bid of Myer Plumbing and
Heating Company of Louisville, at the December 7, 1935, meeting
of the Board of Trustees, for construction of steam distributing
system was brought up by the following statement made by Dean
Graham:

                                   March 9, 1936


     My dear President IcVey:

          On February 21 I made you an outline and progress
     report on the results of our study in the matter of
     conduit, tiling, insulation and other materials to be
     used in the proposed construction of the steam distrib-
     uting system, in connection with the Central Heating
     Plant.   In that report I discussed the qualities of
     two makes of conduit, - (a) a standard trade-marked make
     of tile called "Ric-Wil" wherein long fibred asbestos is
     used as the steam pipe packing or insulating material
     and (b) the use of "Bannon" tile with a zodulated rock
     wool as the means of insulation.   I estimated that the
     authorized use of "Bannon" tile and rock wool might
     reduce the Meyer contract price from $82,000 to near
     $70,000.   I stated that the decision between these two
     tiles and insulating materials was close, wherein one
     material possessed the merit of long and extensive use,
     while the other would cost approximately $12,000 less,
     - that both materials were now guaranteed to give 90%
     efficiency -- that this guarantee would apply only dur-
     ing the early years of the installation and that the
     rock wool would not withstand moisture as well as the
     asbestos,   However, in view of the possible saving of
     $12,000 out of an $82,000 contract and the free drain-
     age obtaining on this campus, I was inclined to choose
     the use of "Bannon" tile and rock wool,




 





12.



     I will now continue my report of progress in this
study __

     Mr. Perry West, a graduate of this College and hav-
ing some thirty years experience in heating plant and
conduit construction in the eastern states, including
the central heating plants at Cornell University and
Princeton University, arrived here at my request on
Wednesday, February 26.   During the following six days
all studies, plans and specifications were reviewed.
The location of the distribution system was studied and
relocated for the third time, resulting in a considera-
ble shortening of line between the Central Heating
Plant and the buildings on the experimental farm.    M.r.
West also recommended the possible use of a third system
of conduit going under the trade-mark name of "IThermo-
tile" - a recent development in conduit construction -
and stated that it was the best and most efficient con-
duit now on the market.   After an examination of the
design and specifications of "Thermotile", I fully concur
with him for the following reasons, --

     1. It is not merely a piece of vi.trified clay pipe,
split longitudinally and then cemented together again
after the steam-pipes are placed; but a real engineered
design and structure with concrete base, reinforced side
walls, and double strength arch covering of glazed vit-
rified clay.

     2. It is designed for strength and especially for
the exclusion of all moisture and ground-water.

     3, Being designed to include a concrete base
throughout, it will resist disturbance of the conduit
by tree roots.

     4, I personally prefer and recommend this "Thermo-
tile" conduit, with steam-pipes insulated with sectional
insulation against all others we have studied, including
"Ric-Wil", "Bannon", et al, irrespective of price.

     At my request, Mr. West drafted a proposed change
in the specifications (1) to use "Bannon" tile and Eagle-
Picher nodulated insulating wool, together with designs
for the placing of the tile in both soft and hard ground,
and (2) to use "Thermotile" and sectional insulation or
long-fibred asbestos.

     On Monday, March 2, I met Mr. Meyer in the Directorte
office in Louisville and gave him the proposed specifica-
tions and blue prints, explaining that no change could
be made without the approval of the Board of Trustees,
but that I would like him to make a price and cost study
and furnish me the difference in price, if any, so that
I might conclude my report on this matter.    As we had




 







13.



also made some slight changes in the location of the
conduit line and as I could not then furnish him with
a profile of this new alinment, I suggested he come
to the campus and make a personal inspection and thus
avoid possible future arguments, because of this pro-
posed change.

     On Thursday, March 5, Mr. Meyer arrived in Lexing-
ton from his work at Morehead and went over the line as
requested.   I also introduced him to Mr. Turno, an en-
gineer formerly with the Johns-Manville Company, but now
interested in the "Thermotile".

     I asked Mr. Meyer to give me revised figures based
on the new alinement, for'Ric-Will, for "Bannon" and for
"Thermotile", and asked that our Mr. Farris be present
during the revising of these figures.    I also stated
that I believed the Director would designate one of his
engineers to act in a similar capacity.    Mr. Meyer
agreed to do this.

     During and since the stqy of Mr. West, Mr. Reed C.
Wilson and his brother, Mr. Tilford L. Wilson, called
upon me and stated that they were backing Mr. Voigt,
because he would buy the valves and pipe fittings from
them ih-case he obtained this work.    They also stated
that they had or would call upon the Director.     I ex-a
plained to them the circumstances surrounding the orig-
inal opening of the bids and my subsequent studies and
that I proposed to report in full to the President for
the action of the Board and the Director.    I explained
the matter had not been opened or reopened in so far as
I knew, but that I was merely making a study of all con-
duit systems.

     This Voigt matter and the Voigt postscript bid has
grown into something of a "tempest in a teapot".     I
can say that I fully concur in the action of Professor
OlBannon and the Director in regard to it at the opening
of the bids on December 6.    We are about to enter upon
a construction program of wide variety, will expend
$800,000 in the doing of it, and will do business with
many contractors of all kinds and condition.     Therefore,
I may as well state here as elsewhere, that for so long
as I may hold any responsibility in the matter, I propose
to discard all postscript bids, unaccompanied by detailed
plans and specifications, irrespective of who or how they
may be submitted, and I recommend that this be the es-
tablished policy of the University.




 





14.



          This concludes my report of this study.   I strong-
     ly recommend the change to "Thermotile" at any reason-
     able comparable cost; for it contains the best engineer-
     ing and efficiency qualifications with the greatest
     promise of lasting service, because of its structural
     design.  As a result of this study and our consulta-
     tion with Ar. West, the recent alterations in the lo-
     cation of the conduit line, and some other minor changes,
     such as substituting steel pipe for wrought iron pipe
     in the water return lines and the use of sectional in-
     sulation for dry packing,  I believe the system can now
     be installed for about g10,000 less than the original
     M'leyer bid of 882,000.

     (Signed) James H. Graham
               Dean


     Request for a hearing by the Ric-Wil Company of Cleveland,
Ohio, was received and filed.

     Resolution.

          George H. Sager, Jr., acting director of P.W.A.
     for the State of Kentucky, was present and advised
     the Executive Committee that the administrator had
     ruled that tentative contracts were not binding until
     the award was not only approved by the P. W. A., but
     the contract actually signed by the University of Ken-
     tucky.   It was moved by R. Miller Holland and seconded
     by James Park, that the action of the Board of Trustees
     on Decamber 7, 1935, awarding the contract for the
     steam distributing system for the central heating plant
     to Meyer Plumbing and Heating Company, of Louisville,
     Kentucky, be and it is hereby reconsidered and set
     aside, and it is ordered that Colonel James H. Graham
     revise the specifications so as to include certain
     alternate material and that the project be re-adver-
     tised,   The motion carried unanimously, and it was
     so ordered.


     c. South Engineering Building.

     On motion and second, Dean Graham was authorized to prepare
plans and specifications for the south section of Engineering
.Building, and on approval of Mr. George H. Sager, acting director,
to advertise for bids.

     d. Heating Plant.

         1. Abstract of Title.

         Abstract of title to tract on which spur of railroad is
built was filed by William Meeks, abstracter employed by order
made at February meeting of the Executive Committee.    He was




 







15.



requested to present his bill, payment to be made from funds re-
ceived from sale of bonds,

        2. Deed from Security Trust Company.

        President McVey stated that the Security Trust Company
of Lexington, Kentucky, had agreed to deed to the University the
site of the proposed heating plant and the strip of land on which
part of the railroad spur is constructed, in consideration that
the University pay at once and in full the payment, 96,350.00O
due at the end of this fiscal year, and payable July 1, 1935, as
set out in lease of date June 28, 1935.

     A motion was made, seconded and duly passed that upon pre-
sentation of deed for land as set out above by the Security Trust
Company and approval of that deed as required by law, the Business
Agent pay to the Security Trust Company the sum of $6,350.00 from
the revolving funds of the College Division.


     e, Buildings Constructed on University Owned Land.

     On motion and second duly passed it was ordered that all
buildings erected by the University of Kentucky from funds received
from sale of bonds and funds received from grant under P. W. A,
shall be erected on land belonging to the University of Kentucky.


     Letter accepting.


     Charles A. Hinsch & Company,
          Union Trust Building,
              Cincinnati, Ohio.

     Gentlemen:

               We enclose herewith for your file letter ad-
     dressed to us by the Secretary of the Board of Trustees
     of the University of Kentucky with regard to the loca-
     tion of the buildings and improvements to be financed
     by the issuance of $634,000 Building Revenue Bonds.
     We originally had in mind that Judge Stoll would furnish
     us with a statement of substantially the import shown
     by the enclosed letter, but we are agreeable to accepting
     the letter in lieu of the certificate by Judge Stoll.
     You may therefore regard suggestion number 1 in our letter
     to you of March 9, 1936, having been fully satisfied.



Chapman and Crutcher.




 






16.



     f. Bonds, Docket Ky. 1013. College Division.

        1. Chemical National Bank, New York, Acceptance.

          We are very pleased to have your letter of Feb-
     ruary 26, notifying us that we had -been named one of
     the Paying Agents for the bonds and coupons of the
     University amounting to 8634,000.   We have noted the
     f act that the interest is payable January 1 and July
     1, commencing July 1, 1936.  We assume that First
     National Bank and Trust Company will notify us prior
     to each intege Clement date to charge their account
     for the coup ns7 o s for payment.

          The charge for paying the coupons is 1/4th of
     1% of the funds disbursed by us and for paying the
     bonds at maturity it is 1/10th of 1% for the first
     $500,000 and 1/20th of 1% for amounts above this.
     These rates are the standard rates charged by the
     New York banks for these services.

                           (Signed) Percy H. Johnston
                                     Chairman


          2. Signing and Delivery.

     Dean Graham and the Business Agent were authorized to see
that the bonds for $634,000.00 sold to W. E. Hutton & Company,
and J. D. Van Hooser & Company are duly executed according to or-
ders of the Board of Trustees and delivered to the purchasers.

          3. It was ordered that funds received by the College
Division from refunds by Central Kentucky Natural Gas Company
from impounded funds $3,697.13, entered on University books in
March 1936 be transferred by the Business Agent to the account,
IUniversity of Kentucky Building Revenue Bond and Interest Redemp-
tion Fund".   (See Mi11nutes of February 25, 1936).


     g. Bonds Docket Kentucky 1114, Experiment Station Annex,

          1. On