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1Author:  University of Virginia Board of VisitorsRequires cookie*
 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.
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