| | 1 | Author: | University of Virginia
Board of Visitors | Add | | | Title: | Board of Visitors minutes (1928) June 11, 1928  | | | | Published: | 1928 | | | | Subjects: | University of Virginia::Board of Visitors | University of Virginia Library, Text collection | UVA-LIB-Text | | | | Description: | The annual meeting of the Rector and Visitors was held on this date at
10 o'clock A. M., lasting until 6 P. M., with intermission for lunch, followed by a
session on the morning of the 12th which convened at 9:30 o'clock. At a meeting of the members of the Board of Trustees
of the International Education Board held May 25, 1928, the officers
presented your letter of February 2, 1928, in which, on behalf of
the trustees of the University of Virginia, you request the Board's
cooperation in strengthening and stimulating research in the physical
and biological sciences. It was observed that in addition to sums
now available, annual sums approximating $45,000 would be required
eventually to carry out your program of development in chemistry,
physics and biology, and that there was reasonable assurance that beginning
with the fiscal year July 1, 1930, the authorities of the
University would be in position to provide annually increasing sums
for this purpose, so that within a period of from five to seven years
the University would be able to assume the increased annual expenditure
of $45,000. RESOLVED, That the locations selected for the proposed
dormitories on the western slope of Monroe Hill and for
the academic building on the site of the Mallet House, be
and are hereby approved, subject to minor changes in
location. The largest single maturing investment included above, was an item of
$103,600 School & College 6% Certificates which were called for payment by the
State of Virginia at par on January 1, 1928. $100,000 of these were held in the
Corcoran Fund. To replace this large investment at a time when high grade bonds
were selling at prices which returned lower yields than for many years past, of
course, worked a hardship upon the University. It was necessary to accept a
lower return in order to obtain anywhere nearly commensurate safety. | | | Similar Items: | Find |
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