5



and Professor Oberst represent the Board of Trustees on a committee to be
charged with the codification of the Governing Regulations with instructions
to study the possibility of including a policy relating to the establishment of a
Trustees Retirement System for Class II employees of the University. The
committee was also given authorization to separate Board policies from ad-
ministrative policies and to include the latter in a new Administrative Manual.


       K  Report on 1965-66 Budget Preparation (PR 10)

       President Oswald called attention to PR lO, Report on Preparation of
1965-66 Budget, copies of which were available to all those present. As indi-
cated earlier in the meeting, the budget will be presented to the Board of
Trustees for approval at the May 4 meeting with the schedule of preparation
calling for the mailing out of the budget document a week to ten days in ad-
vance of the meeting so that the Board might have an opportunity to examine
it in detail.

       Mr. Kingsbury moved that the report be received and filed. His motion
was seconded by Mr. Ezelle and, without objection, it was so ordered. (See
PR 10 at end of Minutes.)



       L. Report on Housing by Finance Committee

       Mr SSmith having first determined that neither the Real Estate Com-
mittee nor the Faculty Relations had reports to present, indicated that he would
like to make the following report on behalf of the Finance Committee relative to
the housing situation at the University:

    Dr. Oswald, Mr. Kerley and his staff, and Mr. Johnson have been giving
    a lot oi time and study to the most expeditious and feasible plan for
    meeting the critical emergency in housing. Mr. Kerley ha0 reported
    that a number of contractors and security dealer- have started a series of
    discussions to see to what extent private capital can expedite the housing
    requirements and their proposals will be compared with the methods
    followed in the past in the use of HHFA funds. It seems there is reason-
    able probability that a different type of procedure may expedite housing
    needs.

    The University is behind in this area and if past procedures are followed,
    will continue to be behind for the foreseeable future. Other state universi-
    ties have taken approaches through more or less private financing under a
    hybrid program whereby the housing so contracted is located in line with
    the overall university development program and, when the housing facilities
    pay off, the university acquires title to the housing projects. There are