MINUTES OF THE BOARD OF TRUSTEES



     Mr. Tames R. Bush, attorney for Carey-Reed Company, appeared before the Cormaittee

 and stated that if the University were to pay cash for its assesmnent Carey-Reed Company

 would accept ninety eight Der cent. (98%) of the face of the tax in full settlement

 thereof.  Mr. Bush also suggested that if the University made arrangements to pay

 cash in all probability he could have the cost of improvement assessed separately

 against the University and bonds issued only against the University for the amount of

 its tax and that these bonds could be purchased by Carey-Reed Company and turned over

 to the University or anybody that the University might designate to be used as collat-

 eral on a loan if the University needed the collateral to use on such a loan or -if it

 desired to borrow money for the purpose of paying cash for such street improvement.

     Thereupon the President of this University was authorized to borrow the amount -of

the street improvement tax for ten years, one tenth (1/10) of which sum should'be repaid

each year, interest on it all to be paid annually or semiannually, as the President may

determine upon, and to use said bonds if the arrangement could be made as collateral on

said loan, the said loan to be repaid one tenth (1/10) each year out of the General

Fund of the University, and the note or notes shall be signed by C. B. Nichols, Chairman

of the Executive Committee, and 1W. T. Lafferty, Business Agent of the University, and

the corporate seal of the University shall be affixed to the same. Upon the roll being

called the votes were as follows: Mr. Ilichols,"Aye".; Mr. Davies, "Aye"; Mr. Terrell,

"Aye"; Mr. Stoll not voting or taking any part in this matter at all.

    Upon motion, the meeting then adjourned.,



1otion was made, seconded, anl carriedn that the xainutes be adopted as read.



December 10, 1912'