Mr. Porter closed his report with the statement that he felt the referendum
clearly indicated the strong feelings of the students against moving the stadium
to the Coldstream site and expressed the hope that the interests of the students
would be given serious consideration in reaching a final decision.
Governor Breathitt, recalling his student days at the University, indi-
cated that he was most impressed with the large vote cast in the referendum and
felt that it showed a real concern on the part of the students and a deep interest
in the athletic program. He commended Student Congress for its leadership in
conducting the poll, which shows quite clearly student preference. He also
commended the University administration for allocating additional seats at the
basketball games in the student section, since the students are and should be the
main concern of the University.
Mr. Smith thanked Mr. Porter for his excellent report and made a
motion that the Board of Trustees express its appreciation to the students for
the very fine manner in which they expressed their opinion on the problem that
is of interest not only to them but to the state as a whole. His motion was
seconded and, without discussion, it was so ordered.
A brief discussion followed the passage of Mr. Smith's motion in which
the Board members expressed their confidence in young people in general and
in the students of the University of Kentucky in particular.
J. Investment Counsel Authorized (FCR 1)
Mr. Smith reminded the Board that a recommendation to engage the
Chase Manhattan Bank of New York as investment counsel to the Trustees and
the University administration, which had been presented at the September
meeting, had been referred to the Finance Committee for study and report back
to the Board. This has been done and the Finance Committee unanimously
recommends that the President be authorized to engage the Chase Manhattan
Bank, New York, as investment counsel to the Trustees and the University ad-
ministration for all investments of the University of Kentucky and its affiliated,
non-profit corporations, and that the President be authorized to appropriate the
funds necessary for payment of such counsel from the general funds of the Uni-
ve rs ity.
He pointed out that one of the principal purposes of an investment
counsel is to place the University in a much stronger position for the receipt
of substantial contributions or gifts. The Chase Manhattan Bank is probably
the outstanding financial institution in the country in its studies and surveys of
college and university investments. Their proposed employment would not only
mean that the bank would be custodian of the securities, but would also furnish
to the University the results of their studies and surveys and would provide the
University with information relative to sources from which large contributions