xt7vmc8rcf7p https://nyx.uky.edu/dips/xt7vmc8rcf7p/data/mets.xml Lexington, Kentucky University of Kentucky 1920111 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, 1920-11-nov1-ec. text Minutes of the University of Kentucky Board of Trustees, 1920-11-nov1-ec. 1920 2011 true xt7vmc8rcf7p section xt7vmc8rcf7p 





     Minutes of a special meeting of the Lxecutive Committee of the
University of TXentucky on November 1, 1920.





     A special meeting of the Executive Committee of the University
of Kentucky waes held in the law offices of Mr. Richard C. Stoll,
Lexington, Kentucky, at 11:30 o'clock, a. m., November 1, 1920.
The meeting was called for the purpose of considering the question
of borrowing funds to meet the payrolls and University accounts dur-
ing the months of November and December.    ?.he following members
weere present: Richard C. Stoll, Chairman. Rainey T. Wells, and
P. P. Johnston, Jr.    'Presiaent Frank L. MoVey, and Wellington
Patrick, Secretary of the Committee -Reere also present.

     President MAc.Vey stated to the Committee that owing to the fact
that the Univcer:ity receives no money from the State during Octo-
ber, November an~d December of each year, it is necessary to borrow
funds to meet the TJUiiversity's obligation during that time.  A
statement was read from the Business Agent indicating that it will
be necessary for the University to bor'row about $170,000 during the
next three months in order to meet its payrolls and pay its current
bills accumulating during that time.

     On motion, duly seconded, the following resolutions were uatwkw'
mously adopted:

     BE IT RESOLVED,  By the Executive Committee of the University
of Kentucky, that Richard C. Stoll, Chairman of the Executive Com-
mittee of the University of lentucky, and D. F. Peak, Business
Agent of the University, be, and they are hereby authorized to bore
tow for and on behalf of the University of Kentucky the sum of
Thirty Thousand ($30,000) Dollars at one time, or from time to time,
from the Phoenix and Third Trust Company of Lexington, Kentucky for
90 days, and the said Richard C. Stoll and De.  . Peal: shall be
authorized to determine the rate of interest to be paid not exceed-
ing W; and they are also authorized to execute any renewal or re-
newals of an-y notes executed for the said sum so borrowed, either
in whole or in part, form time to time.

     BE IT RESOLVED, By the Executive Committee of the University
of Kentucky, that Richard C. Stoll, Chairman of the Executive Com-
mittee of the University of Kentucky, and D. R. Peak, Business Agent
of the University, be, and they are hereby authorized to borrow for
and on behalf of the University of Kentucky the sum of One Hundred
Thousand ($lcO,000) Dollars at one time, or from time to time, from
the Citizens Union National Bank of Louisville, ientucky, for 90
days, and the said Richard C. Stoll and D. H. Peak shall be author-
ized to determine the rate of interest to be paid, not exceeding 6%;
and they are also authorized to excaute any renewal or renewals of
any notes executed for the aid sum so borrowed, either in whole or
in part, from time to time.

     Whereupon the Committee adjourned.
                                           Wellington Patrick
                                       Secretary of the Committee