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[6] > Image [6] of Minutes of the University of Kentucky Board of Trustees, 1966-12-dec13.

Part of Minutes of the University of Kentucky Board of Trustees

6 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