09/29/1881

UCCSN Board of Regents' Meeting Minutes
September 29-30, 1881
 







09-29-1881

Volume OA - Pages 149-154



                           Elko

                    September 29, 1881



The Board of Regents of the State University met at the Dormitory

on this date at the call of the President of the Board.  Present:

T. W. Stone, President, J. S. Mayhugh and S. H. Day.



The Board was called to order by the President and the minutes

of previous meetings not heretofore considered were read and

approved to wit. May 2, June 1 and 18.



This meeting having been called for the purpose of considering

the advisability of changing the investment of a portion of the

funds belonging to the State University, Mr. Day offered the

following, which was adopted by motion of Mr. Mayhugh.



    In order to carry out the provisions of an Act of the Legis-

    lature entitled, "An Act Authorizing a State Loan", approved

    February 28, 1881, and the Constitution of the State of

    Nevada, and by authority of Section 3736 of Compiled Laws,

    the State Treasurer is hereby directed to make the following

    sales and investments of the several funds under the control

    of this Board, viz:



    1.  To sell in open market limited State 4% Bonds to the

        amount of $34,000 face value, said Bonds now being in

        the University Fund, 90,000 Acre Tract, Security Account.

        From the proceeds of said sale, he will place the princi-

        pal sum $34,000 to the credit of said Fund and place the

        premium derived therefrom to the credit of the Interest

        Account, 90,000 Acre Grant.



    2.  From moneys in the Interest Account, 90,000 Acre Grant,

        he will purchase from Bonds now in the University Fund,

        90,000 Acre Tract, Security Account, United States 4%

        Bonds to the amount of $9,000 face value, at par.



    3.  From moneys in the University Fund, 90,000 Acre Tract,

        he will purchase forty-nine (49) Nevada State Bonds

        4% issue of 1881 of $1000 each par value, at par.



    4.  He will sell in open market United States 4% Bonds to the

        amount of $7000 face value from Bonds now in the State

        University Fund, Security Account, and from the proceeds

        of said sale, he will place the principal sum of $7000

        to the credit of said State University Fund and place

        the premium derived therefrom to the credit of the

        Contingent University Fund.



    5.  From moneys in the Contingent University Fund, he will

        purchase from Bonds now in the State University Fund,

        Security Account, United States 4% Bonds to the amount

        of $6000 face value, at par.



    6.  From moneys in the State University Fund, he will pur-

        chase fifteen (15) Nevada State 4% Bonds, issue of 1881,

        of $1000 face value, at par.



The following filed orders to the State Controller and Treasurer

were adopted:



    Hon. J. F. Hallock                    September 30, 1881

    State Controller of Nevada



    Sir:



    You are hereby directed to draw your warrants on the State

    University Fund and the University Fund, 90,000 Acre Tract,

    in favor of L. L. Crockett, State Treasurer, for any amount

    or amounts, not to exceed the sum of Sixty-Four Thousand

    ($64,000) Dollars in the aggregate, that he may invest of

    the money belonging to said Funds in four percent Bonds of

    the State of Nevada, as provided in an Act entitled, "An

    Act Authorizing a State Loan", approved February 28, 1881.



    You will also draw your warrants in favor of said L. L.

    Crockett, State Treasurer, upon the Contingent University

    Fund and the Interest Account, 90,000 Acre Grant, in pay-

    ment for United States 4% Bonds purchases from the State

    University Fund, Security Account, and the University Fund,

    90,000 Acre Tract, Security Account.



                                T. W. Stone

                                John W. Mayhugh

                                Sylvester H. Day

                                Board of Regents



The following Exhibits of the Finances of the State University

made by the State Controller were ordered filed as a part of the

minutes of the proceedings of the Board at this date.



                                    September 24, 1881



    To the Hon. Board of Regents

        of the State University



    Gentlemen:



    According to the books of this department, there should be

    on hand in the State Treasury, cash and U. S. 4% Bonds to

    the credit of the Funds herein named as follows:



                                    Cash            Bonds



    State University Fund         $2752.15        $15,000.00

    Contingent University Fund     4956.04

    University Fund 90,000

        Acre Tract                 7479.12         47,000.00

    Interest Account 90,000

        Acre Grant                 9611.08



                        Respectfully Yours,



                        J. F. Hallock

                        State Controller



    by William B. Daugherty

       Deputy



                 University Fund, 90,000 Acre Tract



    Debits



        U. S. 4% Bonds to be sold            $ 34,000.00

        U. S. 4% Bonds to be sold               9,000.00

        Cash to aid purchase                    6,000.00

        Balance                              $ 54,479.12



        Total                                $103,479.12



    Credits



        U. S. 4% Bonds on hand               $117,000.00

        Cash                                    7,479.12

        Nevada bonds to be bought              49,000.00

        Total                                $103,479.12



        Balance after these actions is as follows:

            U. S. 4% Bonds                      4,000.00

            Nevada 4% Bonds                    49,000.00

            Cash                                1,479.12

            Balance                          $ 54,479.12



                 Interest Account, 90,000 Acre Tract



    Debits



        U. S. 4% Bonds to be bought          $  9,000.00

        Balance cash                            6,051.08

        Total                                $ 15,051.08



    Credits



        Cash on hand                         $  9,611.08

        Premium from sales (Bonds sold

            at $34,000)                         5,440.00

        Total                                $ 15,051.08



        Balance after these transactions is as follows:

            U. S. 4% Bonds                   $  9,000.00

            Cash                                6,051.08

            Balance                          $ 15,051.08



                        State University Fund



    Debits



        U. S. 4% Bonds to be sold            $ 13,000.00

        Cash to aid purchase                    2,000.00

        Balance                              $ 20,752.15

        Total                                $ 35,752.15



    Credits



        U. S. 4% Bonds on hand               $ 18,000.00

        Cash                                    2,752.15

        Nevada Bonds (to be bought)            15,000.00

        Total                                $ 35,752.15



        Balance after these transactions is as follows:

            U. S. 4% Bonds                   $  5,000.00

            Nevada 4% Bonds                    15,000.00

            Cash                                  752.15

            Balance                          $ 20,752.15



                     Contingent University Fund



    Debits



        U. S. 4% Bonds to be bought          $  6,000.00

        Balance cash                               76.04

        Total                                $  6,076.04



    Credits



        Cash on hand                         $  4,956.04

        Premium from sales ($7000 Bonds)        1,120.00

        Total                                $  6,076.04



        Balance after these transactions:

            U. S. 4% Bonds                   $  6,000.00

            Cash                                   76.04

            Balance                          $  6,076.04



The following bills were allowed:



    S. H. Day           Traveling expenses                $ 90

    Charles Gardner     Janitor for September               15

                                                          ----

                                           Total          $105



The subject of appointing a Principal was deferred to October

29, 1881.  Mr. Day presented the application of Professor W. C.

Dovey for the appointment, but all matters relating to the

Principalship was carried over to October 29.