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.
09/29/1881
