A meeting in January 1442 between Leonello and the commune, resulted in the agreement for the need for a university, saying it would be "a distinguished center of learning would bring renown to the city, local men would more easily obtain degrees, and an influx of students would bolster the city’s economy." In order to raise funds, the commune placed a sales tax on meats and through the money raised was able to pay a large portion of the faculty for the university; Leonello contributed financially in order to keep the university afloat. 18 October 1442 was the official date for the opening of the university. Guarino Guarini of Verona became a humanist professor at the university, and gave the inaugural oration praising humanistic and university subjects. By the end of Leonello's reign in 1450, surviving records state that within the faculty of law there were twelve professors and 13 in the faculty of arts. The university had become successful in what Leonello and the commune of Ferrara had hoped for.