Board of Visitors minutes June 26, 1936 | ||
A special meeting of the Rector and Visitors was held on this date to consider
revising the request of the University to the Public Works Administration for loan and grant
for the erection and equipping of a new library building and for providing the necessary
loan therefor from sources other than from the Federal Government, and for such other matters
as may come before the meeting.
There were present the Rector, Fred W. Scott, Visitors Goolrick, Corbitt, Rinehart,
Hall, Garnett, Stuart, Williams, Lewis C. and R. Gray Williams, and President Newcomb.
The President stated, in connection with the University's application for loan
and grant from the Public Works Administration for erecting and equipping a new library,
that it was the general impression that no grant would be made by the said Administration
where a loan was also required of the Federal Government, but if the amount required in the
nature of a loan could be had from other sources it might be possible to secure the necessary
grant. He further reported that after consultation with the Rector, arrangements had
been made with the Wilmington Trust Company, of Wilmington, Delaware, for a loan of
$400,000 @ 4% interest, and with Scott and Stringfellow for a loan of $123,000 @ 4% interest,
making a total of $523,000 required by the Public Works Administration to secure a grant of
$427,909.00.
In view of the foregoing statement, the following motion by Mr. Garnett, seconded
by Mr. Stuart, was adopted:
IT IS RESOLVED by the Rector and Visitors of the University of Virginia
that its President, John Lloyd Newcomb be and he is nereby authorized and
directed to change the pending application for loan and grant to the Public
Works Administration, for $950,909, for the construction and equipment of a
new Library Building, to a grant of $427,909.
The following motion with reference to the proposed loans was made by Mr. Goolrick
and seconded by Mr. Corbitt and adopted:
RESOLVED, that from the unrestricted funds of the University, the
Finance Committee be and is hereby authorized to set aside and from time
to time as may be required to pay over to the Bursar for the use of the
Building Committee, the sum of $523,000 or so much thereof as may be
necessary to be used in temporarily financing the construction and equipment
of the New Library Building, which sum, together with the grant of
$427,909 from the United States of America, is estimated to be sufficient
to pay the entire cost of such construction and equipment, all of which
advancements shall be repaid to the unrestricted fund account of the
University, with interest at 4% as and when the bonds issued under the
provisions of the Acts of Assembly of Virginia, approved September 7th,
1933, and all amendments and extensions thereof, are sold and paid for.
And be it FURTHER RESOLVED that the offer of the Wilmington Trust
Company to purchase $400,000 face value of said bonds as set out in
resolution of the Trust Estates Committee of its Board of Directors,
adopted June 25th, 1936, copy of which has been presented to this meeting,
be and is hereby accepted.
And be it FURTHER RESOLVED that the offer of Scott and Stringfellow to
purchase $123,000 face value of said bonds at par be and is hereby accepted.
The President was authorized to make a contract with R. E. L. Taylor for plans
and specifications for the new library building as the development of the project may
justify.
George O. Ferguson, Jr., Chairman of the Students' Admission Application Committee,
the Acts of the General Assembly of 1936, reported that admission had been denied to the
following qualified students to enter the graduate department of the University; that they
had made arrangements to enter the schools and to receive the amounts as shown:
Name | Residence | University | Amount |
Banks, Lavinia J. | Richmond | Columbia | $61.48 |
Bowles, Eloise P. | Richmond | Pennsylvania | 50.00 |
Bradley, Emma D. | Richmond | Columbia | 61.48 |
Braxton, Margaret R. | Richmond | Columbia | 61.48 |
Brown, E. Corinne | Richmond | Pennsylvania | 50.00 |
Brown, Louis P. | Richmond | Pennsylvania | 50.00 |
Bryant, Olga Russell | Richmond | Pennsylvania | 50.00 |
Butler, A. E. | Richmond | Columbia | 61.48 |
Crawford, Harry S. | Richmond | Columbia | 61.48 |
Driver, Willard M. | Richmond | Columbia | 61.48 |
Edmonds, Helen Gray | Lawrenceville | Ohio State | 68.30 |
Gaskins, A. A. | Richmond | Columbia | 61.48 |
Graves, Elsie Z. | Richmond | Columbia | 61.48 |
Gray, Hattie E. | Richmond | Michigan | 72.70 |
Harris, Blanche E. | Richmond | Columbia | 61.48 |
Harris, Viola B. | Ettrick | Columbia | 61.48 |
Jackson, Alice C. | Richmond | Columbia | 61.48 |
Jones, Daisy | Richmond | Columbia | 61.48 |
Jones, Mary E. | Richmond | Pittsburgh | 50.00 |
Lawson, Sadie V. | Roanoke | Western Reserve | 50.00 |
Lewis, Page D. | Richmond | Pennsylvania | 50.00 |
Lomax, Olga | Lynchburg | Columbia | 61.48 |
Ruffin, George B. | Farmer's Store | Pennsylvania | 50.00 |
Segear, Henrietta D. | Richmond | Pennsylvania | 50.00 |
Spriggs, Martha J. | Richmond | Columbia | 61.48 |
Taylor, John R. | Richmond | Michigan | 72.70 |
Thompson, Ethel | Richmond | Columbia | 61.48 |
Walbarrow, Gertrude B. | Richmond | Columbia | 61.48 |
Woltz, Annie E. | Richmond | Pennsylvania | 50.00 |
Woods, Alice H. | Lynchburg | Columbia | 61.48 |
The foregoing report was approved.
The meeting then adjourned.
Rector.
Secretary.
Board of Visitors minutes June 26, 1936 | ||