11-06-1919
Volume OE - Pages 233-234

                         Reno, Nevada
                       November 6, 1919

The Board of Regents met at 3 o'clock on the afternoon of Novem-
ber 6th in the President's Office.  There were present Judge
Cheney, Mrs. Hood and Mr. Pratt; also President Clark.

The meeting was called to order by Judge Cheney who moved that
the minutes of the informal meeting of October 31st be approved
as read; also it was resolved that all and singular of the acts
taken at said informal meeting are hereby ratified, authorized
and approved.  Vote:

    Judge Cheney         Aye
    Mrs. Hood            Aye
    Mr. Pratt            Aye

Moved by Regent Pratt that the following resolution respecting
the David B. Russell bequest be adopted.  Vote:

    Judge Cheney         Aye
    Mrs. Hood            Aye
    Mr. Pratt            Aye

    WHEREAS, it appears, among other things, by the report of
    President Clark to the Board of Regents, under date of
    October 17, 1919, that he holds as Trustee of the David
    B. Russell bequest, $19,450.69 as the principal of said
    bequest, the net income of which has been, and will be,
    (subject to the prior payment of $100 per year to the St.
    Mary's parochial school at Reno, Nevada) paid to and be for
    the use and benefit of the Nevada State University, as the
    Board of Regents may direct; and

    WHEREAS, it likewise further appears that at the date of
    said report there had been paid to the University as the
    income of said David B. Russell bequest the sum of $6151.99
    which said amount has been kept in an account known as the
    David B. Russell Loan Fund; and

    WHEREAS, it appears that at the date of said report there
    had been loaned to students out of said fund, for which
    notes have been taken, the sum of $3264.57, and the balance
    of said income being invested or deposited to the credit of
    said fund; and

    WHEREAS, it appears to the Board of Regents that the total
    amount of advisable and unpaid student loans at any time
    will not exceed $5000;

    IT IS, THEREFORE, RESOLVED, that beginning January first,
    1920, all moneys and property in said David B. Russell Stu-
    dent Loan Fund, except said promissory notes, be transferred
    and kept in a fund to be known as the David B. Russell Income
    Fund, and that all income derived from said David B. Russell
    bequest hereafter paid to the University be paid into and
    kept as a part of said income fund; that the Comptroller,
    with the approval of the President, is authorized to transfer
    from said income fund to said student loan fund such amounts
    as may be, in the judgment of the President, required from
    time to time for said student loan purposes until the full
    amount in said fund, including the unpaid loans, amounts to
    $5000.  That the President and Comptroller are authorized
    and directed to keep so much of said income fund as is not
    reasonably necessary for the said student loan fund, or
    otherwise appropriated by this Board, invested in safe in-
    terest-bearing securities, the interest of which is to be
    paid into said income fund, with power to reinvest and sell
    such securities as in their judgment is for the best in-
    terests of the University.

    IT IS FURTHER RESOLVED, that the Comptroller is authorized
    to make such entries, open and close such accounts as may
    be necessary properly to make the transfers and keep the
    accounts as in this resolution indicated.

Upon motion it was ordered that the supplementary contract,
dated October 27, 1919, to the contract of October 10, 1919, in
reference to the construction of the Education building, which
has been approved by the contractor and architect, be approved
and signed by the Board of Regents and attached to the original
contract.  Vote:

    Judge Cheney         Aye
    Mrs. Hood            Aye
    Mr. Pratt            Aye


Adjourned.