<pre style="white-space: pre-wrap">xt7c862b8z1q https://exploreuk.uky.edu/dips/xt7c862b8z1q/data/mets.xml Lexington, Kentucky University of Kentucky 19320913 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, 1932-09-jul13-ec. text Minutes of the University of Kentucky Board of Trustees, 1932-09-jul13-ec. 1932 2011 true xt7c862b8z1q section xt7c862b8z1q 


     'iJnutes of Meeting of the Executive Committee of the Uni-
versity of Kentucky, July 13, 1932.


     The Executive Committee of the Board of Trustees of the
University of Kentucky met in President McVey's office at the
University of Kentucky July 13, 1932, at 10:30 a. m.   All the
members of the Committee, viz., Judge R. C. Stoll, Judge Robert
GC. Gordon, E. B. Webb, Joe B. Andrews, and James Park, were pres-
ent.   President Frank L. McVey and Secretary D. H. Peak were also
present.


     1. Minutes Approved.  The Minutes of the meeting of the Ex-
ecutive Committee of June 23, 1932, 'were approved.

     2. Financial Report.   The financial report for June was
ordered so be recorded in the Minutes.   It reads as follows:


                                              EXHIBIT "B"


             Statement of Income and Expenditures
                      Month of June 1932


                            Previously       Current      Fiscal
                            Reported         Month        Year
                                                           _To Date


General, Fund Income
Federal Appro.
Agri. Eng. Bldg. Aprro.
  Bureau of Mineral and
    Top. Survey
 Vocational Ed. Board
 State Tax
 Int on Lib. Loan Bonds
 In*t. on Endowment Bonds
 Student Fees
 Student Fees - Sum. Sch.
 Student Fees - U.H.G.
 Student Fees - rl.Tr.Sch.
 Student Fees - Univ. Ext.
 Miscel. Recei~t
 Spec. Agr. Ap oro.
 Rentals
 Men's Dormitories
 State Appro. - Sum. Sch.
         Total           _


42, 750.00


    166. 22
  5, 879. 62
863, 413.02
  1, 700.00
  8,644.50
L615 087.42
46, 861. 90
11 121. 70
15, 412. 65
29,824.10
23,921. 71
  6,768. 99
  3, 419. 40
  19941?. 24


lE50 383.47


41, 569. 98

    42.00
16, 986. 13
31, 091. 65


2* 238. 25
26,2694.55
23,037. 50
  2,795.00
  3,008.63
    707.98
18,833.92
    552.79
    812.75
  8.333. 33
155.704.46


  4:2, 750. 00
  41, 569. 98

     208.22
  22,865.75
  894,504.67
  1,700.00
  8,644e50
  153,325.67
  73,556.45
  13,159.20
  18,207.65
  32,8832.73
  24,629.69
  25,602.91
    3 972.19
    20,224.99
    8.333.33
1.386.087.93


2.


Expenditures
  Instruction
  Adm. Exp. & Ma int,
  Additions and Better.
          Total
  Excess of Expenditures
    over Income

Patterson Hall Incomle
  Board
  Miscellaneous Receipts
  Room Rent - Sum. Sch.
           Total

Expenditures
  Expense
  Adeitions and Better.
           Total
  Excess of Income over
  Expenditures

General Fund Income
General Fund Exoend.
  Excess of General Fund
  Expend. over Income
  :Exeess of Expend. over


  790,474.43
  317, 250. 97
  108,411. 10
L, 216,136.50

   14, 246. 97


62,537.98
  212. 90
4, 777. 75


175,201.12
36, 608.83
    81.55


965, 675.55
353, 859.o80
108.492.65


211,891.50 13428,028.00

(56,187.04)  (41,940.07)


  1,312.00    63, 849.98
     34.70       247.60
  1.748.05     6_525.80


  67,528. 63     3,094.75     70 S23. 38


  52,234. 42      6,442.53    58,676.95
  8,844.25         140.80     8,985.05
  61 078.67      6 583.33     67,662.00

  6,449.96      (3, q488.58)  2,961.38

1, 297, 9i2o 10  158, 794821 1,4569 701. 31
1 8-77,215.17    218 474.83  1.49535690-000


Re-


ceipts - General Ledger
Accounts
1931-1932 Accounts Pay-
able
1931-32 Accounts Receiv.
Excess of Receipts over
Expenditures for the
fiscal year to date -
General und


20,696.93


28,174.93

67, 314.95


116 j86.81


(59,675.62)


(73,519.52)

133,110.21
(20.517.68)


(20.602.61)


(38,978. 69)


(4 a5, 344. 59)

200,425. )f6
( 20. 517.68 )


95. 584. 20


Excess of Receipts over
Expenditures for the f is-
cal year to date - Genera.l
Fund
Cash in Bank July 1, 1932 -
General Fund
Cash in Bank June 30, 1932-
General Fund


95 ,584. 20

(107, 858. 56)

(12.274. 36)


_ -- , . .^. .


 . 7


3.


Trust Fund Income
  Student Loan rund
  Student Notes Paid
       Total Receipts


2,445.95
4., 239. 53
6,685.48


47.53   2,493.48
114.00   4,353.53
161.53   6,847.01


Expenditures
Ex-ense                     549.82
  Student, Notes            6,081 ,50
       Total                6, 631. 32
  Excess of Expenditures
  over Receicts               54.16
  Excess of Exienditures
  ovier Receipts for the
  fiscal year to date -
  Trust Fund
  Cash in Bank July 1, 1932 -
  Trust Fund
  Cash in Bank July 30, 1932 -
  Trust Fund


Experiment Station Income
  Hatch - rederal Appro.
  !Cilk and Butter - Cash
  Receipts
  Beef Cattle Sales
  Dairy Cattle Sales
  Sheep Sales
  Swine Sales
  Poultry Sales
  Farm Produce Sales
  Horticultural Sales
  Seed Test
  Rentals
  Miscellaneous
  Fertilizer - Fees
  Public Service - St. AT
  Public Service - Misc.
  Feed.ing Stuffs - Fees
  Ad -^ns - red. Appro.
  Serum - Sales
  Serum - Virus Sales
  Serum - Supply Sales
  Serum - Misc. Receipts
  qta-te Appropriation
  Oreamery - License Fees
  Orea-mery - Testers' Lic
  Oreamery - Glassware TE


  15, O000 00

  10,765.98
  1,076.35
     332.i 78
     424.93
     760. 76
   2,656.28
   1 910a46
   1 199. 75
      C;2200
   5,664&27
   3, 27. 91
   27,561.38
p 17,677.37
      39. 60
  28,309.08
  15,000. 00
  ?,666.47
     136. 50
     169. 60
     91. 61
  317 797. 75
  5,640. 50
  1,968. 00
est-


  ed                        284.15
Robinson - State Appro.  15,665.41
Robinson - Misc. Rec.       500.09


  808. 76
  667; 75
    5.00
    72. 81

  208.02
  47. 75
  89. 30

  122 67
  390. 68
2 306. 25
2, 911.96
   11. 35
1,493.24

  131. 28
     9,45
     3,65

152 381. 48
1 329. 50
   786.00


15 ,00000

1.1, 574. 74
1, 744. 10
   337078
   4970 74
   760Q76
 2,864. 30
 1,958.21
 1, 289i05
    22.00
 5,786694
 3, 618. 59
 292 867.63
 20,589.33
    50.95
29, 802.32
15,000.00
25797.75
   145.95
   173.25
   91.61
47,179e23
62970.00
2 , 754.00


   87.33     371.48
7,070.28  22,735.69
             500.09


40. 00
284. 75
324. 75

(163. 22)


  589.82
6,366.25
6 -950'. 7


(109.9;6)


(109.06)

1.417. 64


1 308.58


West  Ky.   State Appro.   1E
West Ky. - Misc. Rec.
Purnell - Ped. Appro.      6C
State Appro. - Patterson
  Farm Purchase             2
  Nursery Inspection - Fees   I
  Nursery Inspection - State
  Appro.
  Poultry Improvement
  Cream Grading               E
  Blood Test                  7
  Dark, Fired Tobacco Grow-
  ers' Assoc.
  Stemming District Assoc.
                To al      31(

Expenditures
Expense                   35(
Adeitions and Better.       
                 Total      35,
 Excess of Expenditures
 over Income              (4;
 1930-1931 Accounts Payable
 liquidated               (11
 1931-1932 Accounts Receiv.
 Excess of Expenditures over
   Receipts               _
 Excess of Expenditures over
   Receipts for the fiscal
   year to date - Experiment
   Station
 Cash in Bank July 1, 1931 -
   Experiment Station
 Cash in Bank June 30, 1932-
   Expe-iment Stat ion

TExtonsion Division Income
Federal Smith-Lever       14-
  Federal Add. Co-op.        3
  Federal Supplementary      5
  Federal Capper-Ketcha-m    3
  State Smith--Lever       105
  State Capper-Ketcham      15
  Urban Garden Fund          5
  County and Other           2
               Total       396


3, 587. 71
777.10
 000. 00

5,000.00
1,775.00

2,383.96
2,030.00
3,150.00
1,492.75

3,000.00


3 317. 36   18,905.07
               777. 10
            60, 000.00

            25 ,000.00
            1,775.00

    9.96     2,393.92
             2,030.00
             8p150.00
  104.25     1,597.00

4,400.00     7,400.00
1.688. 67    1,688. 67


Oa 7-,'5v5()  43,454. 75  354 { 00. 25


0 182. 71  402585.02  390 767.73
2,3 677. 61-   26.92      2$704.53
2P0 860.32  40,611.94  393, 472.26

2 114.82)   2,842.81   (39,272.01)

6Y511.37)               (16,511 37  
            (9. 775.00)  (9 t775.00

B0626.19)   (6,932.19)  (65 ,558.38)


                        (65,558.38)

                        60,174.95

                        (5,383.43)


8,310.55                148,310.55
1,000.00                 31,000).00
3,091.74                 53 091.74
6,801.18                 38,801.18
ill0.47    27,445.98    132,556.45
,372.80    17,586.99     32, 959.79
,000.00                   5,000.00
POO3005e 67   177.76      2 181.43
690.41    45 210.73    441,901.14


5.


Expenditures
Expense                 394
Excess of Income over
   Excpendi tures            2
 Ex-cess of Income over
   Expenditures for the
   fiscal year to date -
   Extension Division
 Cash in Bank July 1, 1931
 Extension Division
 Cash in Bank June 30, 1932
   Extension Division


; 531, 51 .46, 537. 74  441,069. 25

9 158. 90.  ( 1 a327e 01 )  831.89


831.89

6.905. 79


7,737.68


Sunmmary
General Fund Income   1,297,912.o10
Trust Fund Income         2,445.75
Experiment Station Inc. 310, 745.50
Extension Div. Inc.     396-690.41


Total


Genera.l Fund Txpend.
Trust Fund Expend.
Experiment Sta. rxp.
Extension Div. ;,xp.
            Total
Excess of Txpend. ove
Income
1930-1931 Accounts Pa
able licuidated
1931-1932 Accounts Pa
able
1931-1932 Accounts Re
Excess of Receipts ov
E,,cpenditures for Gen
eral Ledger accounts
Student Loan Fund -
Notes


Excess of Receipts ov
CExpend. for the fisc
year to date - Combi
Fund.
Excess of Receiots ov
Expenditures for the
fiscal year to date
Combined Fund
Cash in Bank and on h
July 1, 1931 - Combi
Cash in Bank and on k
30, 1932 - Combined


158, 799. 21
     47.53
 43 454 75
 45. 210. 73


1,45-6 711.31
    2 ,493.48
  354,200.25
  441. 901.14


2. 007.793.96  247,512.22 2,255 306.18

1,277,215.17   218,474.83 1,495,690.00
       549.82        40.00        589.82
   352?,860.32   40,611.94   393,472.26
   394,531.51    46,537.74   441 069.25
 2,025.15$.;82  305 664.51 2 330 821.33

   (17,362.86) (58,152.29)   (75,515.15)

   (16,511.37)                (16,511.37)

   67,314.95   133,110.21   200,425.16
c.              (30,292.68)   (30,292.68)
'er

    28,174.93   (73,519.52)   (45 344.5!)

    (1,841.97)     (170. 75)   (2%012.72)

er
al
ned
    59, 773. 68  (29.025.03)   30,746.65


Jer


iand
ned Fund
zand June
Fund


30, 748. 65

(37,360.-18)


6,611. 53


6.


             Abstract of item shown on statement
             of Income and Txvenditures as "Excess
             of rxpendituares over Receiots for General
             Ledger accounts $45,344.59."1


                                 Debit             Credit
Accounts Receivable                               32,524.19
Insurance Paid in Advance                         12,103.05
Notes Pavable                 100,000.00
Sundry Accounts                                   10__02_8_17

                              100 000.00          54,655.41
                              54.655. 41
                              45)344.59


     3,. Unpaid Salaries. The folo owing resolution relative to
unpaid salaries was unanimously passed:

    "The President called the attention of the Committee to the
resolution adopted by the Board of Trustees at the -meeting of
June 4, 1932, due to the lack of funds for the payment of sala-
ries of employees of the University.    He stated that the total
amoulnt due to the employees of the University at the end of the
fiscal year, June 30, 1932, which waw earned by them in accordance
with their contracts with the University, and which the University
is una.cble to oay, for lack of funds, is the sum of 5200,425.l8.
It was m..Poved and seconded that this report of the Presid.ent be
filed and that the Executive Committee renew the pledge of the
Board of Trustees to these egoloyees of the University to .make
every effort that it legally can to bring about the oayment of the
amounts owed to them.n."

     The report on which the above resolution is based reads as
follows:

    "The Business Office has paid out all college funds for the
year 1931-1932 available to date, July 13, 1932.    In addition to
certain claims oencling adjustment, the following salaries and
bills remain unpaid;


         Salaries for March                      $33,451.42
         Salaries for April                       33,008.92
         Salaries for May                         62,638.52
         Salaries for June                        69, 943.44
                                                  199,0421,30

         Eabor for April      266.75
         Labor for Hay        325.36
         Labor for June       790.75               10382.86
                                                  200,425.16

          State Journal                             3 228.61
          Library bills                             14,0 0 0. 00
                                                  2049653.77


    4. Vocational Education.   The Businesp Agent stated that the
expense of operating the Vocational Education Department for the
year 1932-1933 amounted to $259126.98 and that the State Vocation-
al Education Board has Paid the University of Kentucky that amount,
of which 12,563.41 was raid by checks representing federal funds,
and 12, 563. 48 was raid in two state Warrants, representing state
funds; that these State Warrants were sold at 781 per cent; that
the total amount realized on the two State Warrants, including
accrued interest, was $9,856.72, representing a loss of $2706.72,
The Business Agent was directed to confer with the staff of the
department of Vocational Education, through Dean Taylor, as to
adjustment of loss on these warrants, the warrants representing
the States half of these salaries, and to report at next meeting
of the Executive Committee.

     5. Bills Aporoved.   The following bills were aoDroved and
orderedc raid when funds are available:

     Lmerican Council on Education .................. $200.00
     Central District Warehousing Corooration
       payment on Service Building
          Princinal due .............. $10,000.00
          Interest ..................     4,800.00
          State and County Tax ........     360.00
          City Taxes due July 1, 1932..     656.25
          City Taxes due October 1, 1932.   656.25  A16,472.50

     Insurance Premiums on College Property
       for Year beginning March 14, 1932      . .15,562.82
       (This is subject to a credit for refunds)

     Insurance Premiums of Experiment Station
       Prorerty for the Year beginning March
       14, 1932 ..................3.......              3864a69


8.


     6, Accounting Under New La.we.  The opinion of Attorney
General Wooten as to status of University finance was recorded
in the Sinutes of the meeting of June 23, 1932.   A furtheil onin-
ion in certain nhases of Jollece finance, including unexpended
balance at end of fiscal year, wag mrade on written reouest of
President Cherry of Western State Teachers College, and others.
No copy of this has been received by the University of Kentucky.

     The members of the Executive Committee stated that in their
opinion Trust funds, that is, funds received by the University
to be used for specific purposes and that are not a part of the
ordinary operating expense, do not come within the meaning and
scope of the clause in the awpronriation bills reouiring transfer
of fuends to qtate Treasurer.  The terms under which Trust funds
are given and accepted will not *oer mit of such transfer.

     The members of the Vxecutive Committee stated tha.t in their
opinion federal funds do not come within the meaning and scope
of the clause in the appropriation bill reouiring transfer of
funds to State Treasurer.   Federal funds are under control of
the governing board of the institution, as indicated in the fol-
losing letter from the CQo:mDtroll er General of the United States:


           COMPTROLLER GENERAL OF T1E UNITED STATES
                         WASHINGTON


                                       September 4, 1930


A-32831


The Honorable,
    The Secretary of Agriculture.

Sir:

     Reference is had to the letter of the disbursing clerk, De-
partnent of Agriculture, dated July 21, 1930, and to your letters
of Aus-ust 8 and 27, 1930, with resoect to official checks of the
cisbursing clerk in favor of the Trustees of the Mississippi Agri-
culturl a and I'echanical College and the Treasurer, Mississippi
Experiment station.

           I . . . . . . . . . . . . . . . . . . . . . . .

     7-ith respect to check No. 1207889, dated July 9  1930, to
the order of the Treasurer, Miqsissi8pi 'Txperiment Station, repre-
senting first quarterly payment fiscal ,1yer 1931 under the acts
of Parch 2, 1887, 24 9tat. 440, -arch 18, 1906, 34 Stat. 63, for


general exnenses, of f ice of the experiment stations, and the act
of February 24, 1925, 43 stats 970, for a more complete endowment
of agricultural experiment stations, you are advised that the
acts under which these funds are aopropriated reouire payment to
be -made "to the Tre'asurer or other officer duly anpointed by the
governing boards of such agricultural experiment stations to re-
ceive the same. "  Since the Congress has authorized the payment
of these funds only to an officer of the Agricultural experiment
station duly appointed by the governing board of such station
such payments ma.y not be made to any other nerson, and the pro-
visions of the Federal statutes in this respect are in no way af-
fected by any act of the legislature of the State attempting to
provide for such payments to an officer of the State other than
an officer of the experiment station duly appointed by the gov-
erning aboard of such station to receive the same.

     The check in cuestion will be held in this office pending
further advice from you.

                            Respectfully,


                              (Signed) J. R. McCaTl
                                        Comptroller General
                                        of the United Sta.tes.


     The President and Business Agent axe authorized to act in
accordance with the above stated opinions.    They are directed
to take up questions arising on other funds and the methods of
deposit- and withdrawal with the proper state officials.

     7. State Geological Survey.   The President was directed to
get an opinion of the Attorney General on the ouestion of funds
from which cost of removal of State Geological Survey shall be
pai d..

     The Business Agent presented a statement of further expense
of remove   which StatementvAs aooroved, and the Business Agent
was ordered to submnit it to the State Auditor for payment,   Copy
of the statement follows:

     Expense since June 23, 1932:

                  Travel Expense              15.80
                  Labor                       89.80
                                             105.60


9.


10.


     8. Loan Authorized.   The President and Business Agent were
authorized to borrow for the purpose of paying salaries, bills
approved and due and current operating expense, a sum not to ex-
ceed ,$100,000.00.  It was suggested that copies of opinions of
the Attorney General relative to University finance be filed with
the bank or persons making such loan,

     9. Payment of Salaries.  It was. ordered that a Payment not
to exceed $100.0O on each salary be made as of July 31, 1932, and
a like payment as of August 31, 1932, to each instructor and em-
ployee who is usually Paid on a ten months' basis and whose salary
was not paid in full for the last four months of the year 1931-
1932.

     10. Construction During Sum-mer. President MCVey reported
Chat it is necessary to make certain changes in the Old Chapel
in the Administration Building, now occupied by the Bureau of
Mineral and Topographical Survey, the estimated cost being $499.80.
He was authorized to have the Superintendent of Buildings and
Grounds proceed with the work.

     Reconstruction of roads on the campus and the removal of
the radio station from the Art Center to the Service Building were
left to the discretion of President McVey.

     11. Book Stacks.  An appropriation of $15,000.00 was made
at the last session of the Legislature for the purpose of put-
ting additior.al book stacks in the Library building. President
McVey was authorized to proceed with purchase and installment of
stacks.

     12. SPrinkler Contract.   The G. C. Wilcoxen Company present-
ed a bill for balance due on Sprinkler Contract, amounting to
$2,094.00.   Payment was authorized where contract has been com-
piled with and upon aDoroval of the work by the Actuarial Bureau.

     13.  Police Arrangements,    President 11cVey presented a
copy of Lexington City Ordinance relative to appointment of special
policemen,   He was authorized to confer with the City Manager
and make request for appointment of such oolicemen as *May be need-
ed on University campus.   Such Tolicemen shall be prohibited car-
rying firearms or other weapons.    They shall be provided with
uniforms, and the University shall provide for payment of their
bonds.


11.


     14.  United States Tax on Checks and Utilities.  President
HAcVey reported that he had communicated with the United States
Treasury Department relative to the revenue act of 1932. COpy
of answer  to his letter followe!


                     TREASURY DEPARTMENT
                         Washingt on

                                               July 19, 1932


    lT:ST:EAR


    University of Kentucky,

          Lexington, Kentucky.


     Gentlemen:

          Reference is made to your letter of June 22, 1932,
     in which you request this office to furnish you with a
     ruling to the effect that the university is exempt from
     paying the taxes imposed on its use of electrical energy
     and telephone and telegraph facilities, inasmuch as it is
     entirely maintained by taxes.

          You are advised that payments from the funds of a
    State 'or political subdivision thereof thereof for electri-
    cal enebrgy, telephone and telegraph facilities used In the
    exercise of an essential Governmental function. arc not
    taxable.

          If the electrical energy, telephone and telegraph
    facilities furnished to the University of Kentucky, a
    State institution maintained by State funds, are paid for
    from State funds, no' tax attaches under sections 616 and
    701 of the Revenue Act of 1932.

          Telephone, telegraph, cable or radio messages, con-
    versations and dispatches or electric bills, which are
    not paid from such funds are not exempt from tax, even
    though paid by the university officials and even though
    they relate to University business.

                                 Respectfully,


   R. M. Eptes,
Deoputy nommissioner.


12.


     The Business Agent was directed to follow up this corres-
pondence on ouestion of tax on checks and to send copies of Uni-
versity drafts or checks, if necessary, to the deputy commission-
er.

     15. Secretpry of Board's Salary.   The salary of the Secre-
tary of the Board of Trustees was fixed at ?b140.00 per year, be-
ginning with July 1932.

     16. Lease Renewed. The lease of the Home Management House
at 182 Bonnie Brae Avenue with the Henry Clay Wire Insurance
Company was renewed at a reduction in rent from $75.00 to $65.00
permonth, according to report made by Dean Thomas P. Cooper.

     l7? Sale of State Wanrrants. The Buqiness Agent reported
that all State Warrants had been sold on recommendation of the
Comnmittee appointed for that purpose, and that the proceeds of
sale had been credited to the proper funds.   The following sales
were approved:

E-9182   1833.33 Pub.Ser.- sold at 781,net 1439.17, nt. 8.66.
E-10086  4543.34 Rob, - sold at 78k, net 3566.52, int.5.104
I-2650   lqOOO.00 Ext.Div.-sold at 79-3/4,net 7975.00,int.333.30
E-305    10,000.00 Agr.Eng Bldg,-sold at 79-3/4,net 7975.00,int.
               481.90
E-3383   4795.71 Sp.Ag.Ap.-sold at 79-3/4,net 3824.58,int.141.86
E-9854   1833.37 Pub.Ser..-sold at 79-3/4,net 1464.14,int. 2.03
E-10075  3287.66 W.Ky. - sold at 79-3/4, net 2623. 73, int. 182.


     The following agreement of sale with the security Trust Com-
pany was apnroved:

          The undersigned, Security Trust Company, has this
     day purchased from University of Kentucky for the total
     sum of i ghty Thousand Five Hundred Sixty-two and 72/100
     Dollars ( $80,562.72), being at the rate of seventy-five
     per cent. of the face value plus full amount of interest
     accrued thereon to date, Warrants drawn by the Auditor of
     Public Accounts of the State of Kentucky on the Treasurer
     of the State of Kentucky as listed below, namely:


13.


Date    Number Payee


7/13/31 E 305
7/13/31 E 303
7/30/31 E 639
7/30/31 E 638
7/30/31 E 643
9/l/31  E 1361
9/1/31  E 1358
9/1/31  E 1262
9/30/31 E 1976
10/6/31 E 2084
10/29/31E 2653
11/28/31E 3378
11/28/31E 3381
1/18/32 E 5064
1/22/32 E 5154
6/23/32 E 9833


John
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                Face   Accrued   Purpose
                       Interest

SkainTreas. $ 8772.63 $422.83 Ag.Eng.Bldg.
              10000.00 481.94 do
              10000.00 458.33 Summer School
              1381.00   63. 30 Ag. Eng. Bldg.
              4333.30 198.60 S-ol.Agr.Ap-
              4519.15  187.65 Capper-Ketch. Ap.
              5868. 63  243. 70 Eng. Bldg.
              4199.05  174.36 Sp. Agr.Appro.
              4751.93  178.20 do
              9394.87  344.48 Agr.Eng.Bldg.
              4736.03 158-52 SpeAgr.Appro.
              4133.31  121.69 Capper-Ketch.Ap.
              4582.87 134.94 Agr. Eng. Bldg.
              5879.65  1 32.30 Voc. Ed. Stat e
              13215.44 290.00 extension
              6852.49    6.65 Voc.Ed.State
            $102620 35$35937. 46


     In consideration of the sale to-wit of said Warrants at
said price, the undersigned hereby grantw to the University
of Kentucky an option good for ninety (90) days from this
date to repurchase said Warrants, or any of them, at the
rate a.t which they were sold to the undersigned, namely:
Seventy-five per cent. (75%o) of the face value thereof,
plus accrued interest thereon to the date of the exercise
of said ootion.   This option shall be void and of no ef-
fect as to all Warrants nor repurchased by said University
of Kentucky within the Deriod of nirE ty (90) days from this
date.

     Witness the hand of Security Trust Company by C. N.
Manning, its President, on this 30th day of June, 1932,
in duplicate.

                             SECURITY TRUST COMPANY


By C, N. Manning
       President


14.


     Later the warrants in this agreement were resold at fol-
lowing prices:  Nos. E 305 -- 639    2653 at 79 cents less
1/4-c brokerage: Nos. 2303    638 -- 643 -- 1361 -- 1358 -
1362 - 1976 -- 2084 -- 3378 -- 3381 -- 5064 -- 5754 -- 9833 --
at 78-3/4 cents less 1/4 c brokerage.   The resale as shown by
appended statement was approved:
                          STATEMENT

          SALE OF KENTUCKY STATE WARRANTS FOR ACCOUNT OF
          UNIVERSITY OF KENTUCKY UNDER REPURCHASE AGREE-
          MENT WITH THIE SECURITY TRUST COMPANTY

          Proceeds      $79) 111.69 e4 78-1/2   $62,102.67
                         23,508.66 @   78-3/4    18,513.07
                                                 $80, 615. 74


          Repurchase agreement $102,620.35
                        @ 75                    $76,965.26
                                                 3 39650. 48

          Less overpayment of interest for
          7 days on Warrant No. E 5154 for
          $13,215.44 account of difference
          in date of Warrant and date of
          stamp for interest bearing                12.84
          Check to University of Kentucky        63 X637.64


     18. Patterson Hall Bills. The Business Agent was requested
to check up the balances advanced from College funds in payment
of Patterson Hall Expense as shown by records in the Business Of
fice, and to make report at next meeting of the Executive Commit-
tee,

     19. Change of Employment.   It avoearing from report of the
President that Mrs. Lydia Brown, who has been employed at Patter-
son Hall since September, 1917, has reached the age of seventy
years, President McVey was authorized 'to assign to her new duties
as in such cases provided.   She has been in the Universityts em-
ploy for fifteen years and her salary is now $900.00 per year.
Her salary for change of employment is hereby fixed at (!;315.00
per year.

      20, J. S. McHargue Appointed to Sign Alcohol Withdrawal
Rerts.    Dr. J. S. MoHargue, head of the Chemistry Department,
Kentucky Agricultural Experiment Station, is hereby designated
as the official for that institution to sign permits, submitted
by the Bureau of Industrial Alcohol, United States Treasury De-
partment.


15.


     21. Appointments.

     Temporary appointment of C. D. Kenna.rd as instructor in the
foundry, at a salary of $125, beginning September 1, 1932. Place
was made vacant by the death of E. B. Crowder.

     Appointment of Miss Hildegarde Schlemmer as kindergarten
teacher in the Training School for one year, at a salary of
Mo8o, effective September 1, 1932,was aporoved.

     Appointment of Miss Sue Layton as library assistant in the
Department of Art for one year, at a salary of $400, effective
September 1, 1932, was aporoved.

     Appointment of Edward S. Amis, T-fie D. Hughes, Thomas
Moore and Philip alements as graduate assistants in Chemistry
for one year, at salaries of '1500 each, effective September 1,
1932, was approved.

     On motion the meeting adjourned.

                                      D. H. Peak
                                      Secretary of the Board of
                                           Trustees


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