Minutes of a Regular Meeting, September 14 ... - Digital Collections

3.23GSeptember 14, 19494. That during all times in which the University has to itscredit unexpended rent by reason of the University having paid rent inadvance, the lessor will keep the house insured against fire, tornado,windstorm, lightning, explosion, smoke and'riot in a sum satisfactory tothe University, such insurance policies to carry a loss payable-clause infavor of the University.President Cross recommended execution of such a lease.Moved by Regent Benedum, and voted, that the President of the Regentsbe authorized to sign the lease on behalf of the Regents.'-Reported that the lease on the Bymaster Tract (Women's Dormitoryand Pre-fab area) held by the Gulf Oil Corporation expired on September 12,1949. The Gulf Oil Corporation has inquired if the University desires to renewthe lease for a five-year-period at a bonus of $10 per acre and rentalof $1.00 per acre for each of the last four years of the term of the lease.There are approximately 52 acres and the total payment would be about $728.President Cross recommended that lease not be renewed.On motion by Regent Morgan the recommendation was approved.-President Cross reported when construction of the new track andathletic field east of the Stadium was started, the sum of $45,000 fromathletic funds was set aside for this purpose. After construction wasstarted, however, it was found that the original cost estimate was inadequate.• Some of the reasons are:(1) The salvaged rock foundation from the old track proved to beso mixed with fine cinders and dirt that it could not be used under the newtrack without ruining the drainage system, so new rock had to be purchased.(2) The design of some of the field runways and jumping pits waschanged, adding to the expense.(3) An extended period of wet weather necessitated the removaland relaying of underground drainage pipe.(4) The original plan to use some of the University's heavyequipment on the job had to be abandoned because the equipment was neededfor other urgent work on the campus, and it Was'necessary to hire heavyequipment at double the cost of using our oft' equipment.Mr. Walter W. Kraft, Director of the Physical Plant, has estimatedthat $21,553.90 is necessary to complete the work.-In order to avoid further depleting the small cash reserve of theAthletic Department, President Cross recommended that the Board of Regentsauthorize the expenditure of approximately $22,000 from Section 13 and NewCollege Funds, which have been allotted to the University for capital improvements,to complete the work on the athletic field and track.Recommendation approved on motion by Regent Shepler.