<pre style="white-space: pre-wrap">xt72rb6vx820 https://exploreuk.uky.edu/dips/xt72rb6vx820/data/mets.xml Lexington, Kentucky University of Kentucky 1945102 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1945-10-aug2-ec. text Minutes of the University of Kentucky Board of Trustees, 1945-10-aug2-ec. 1945 2011 true xt72rb6vx820 section xt72rb6vx820 


    Minutes of the Meeting of the Executive Committee of the Board.
of Trustees, University of Kentucky, August 2, 1945.

     The Executive Committee of the Board of Trustees of the Univer-
sity of Kentucky met in the President's Office at 10:40 a.m.* Thurs-
day, August 2, 1945.  The following members were present:  Judge
Richard C. Stoll,  H. D. Palmore, J. Ca Everett, H. S. Cleveland
and R. P. Hobson.  President H. L. Donovan and Comptroller Frank D.
Peterson, Secretary of the Board, were present.


     At Approval of Minutes.

     The minutes of the Executive Committee of June 29 were approved
as published.


     B. Report of the Comptroller.

     The Comptroller submitted a final report for the fiscal year
ended June 30, 1945.  The statement of realized income was examined
in detaili  The report showed the budget estimate of combined in--
come to be over-realized for the fiscal year.   The expenditures for
colleges and departments for the year were within appropriations.

     The income for the Experiment Station and Extension Division
exceeded the budget estimates and the expenditures for these Divio
sions did-not exceed total appropriations, but adjustments in some
departmental appropriations are necessary.

     The statement of receipts and expenditures of Restricted Funds
was examined and explained.   The same was true concerning the state-
ment of receipts and expenditures of all Agency funds handled by the
Comptrollerls Office.

     After a brief discussion of the report, the Committee took the
following action:


              1. Upon motion duly made, seconded and carried,
                 the report of the Comptroller is received,
                 accepted and ordered filed.


     C. Plans for Completion of Animal Pathology Building and Re-
 modelln of Old Veterinary Building.

     President Donovan reported request of Dean Cooper for authority
to procure plans for completion of the wing of the Animal Pathology
Building and remodeling of the old Veterinary building for use as a
Meat Laboratory.   He read the following letter from Dean Cooper,
with recommendation that the request be granted.


2


                                       July 30, 1945

     President H. L. Donovan
     University of Kentucky

     Dear President Donovan:

     The Board of Trustees, upon your recommendation, has
     previously approved the remodeling of the old veterina-
     ry building for use as a meats laboratory.   Also upon
     your recommendation, the Board approved the completion of
     the wing of the animal pathology building as originally
     provided in the plans and the removal and reconstruction of
     the old hospital barn, which was a part of the original plan.

     It may be that there will be opportunity to undertake con-
     struction in the not-too-distant future and I therefore
     wish to request that authorization be procured for drawing
     plans for the wing of the animal pathology building and re-
     modeling the old veterinary building for use as a meats lab-
     oratory, construction tobi undertaken when it becomes feas-
     ible.  I regard it as especially important that the remodel-
     ing job be done in time for use by students who may enroll
     at the next calendar years

                                        Sincerely yours,

                                      (Signed) Thomas Coopr
                                               Dean and Director

     The Committee heard the letter read and took the following ac-
tion:

                           * * * * * * * * * *

              2. Upon motion duly made, secorded and carried,
                 Dean Cooper is authorized to procure plans
                 for the wing of the Animal Pathology Building
                 and remodeling the old Veterinary Building
                 for use as a Meat Laboratory.


     D. Budget Increasos.

     President Donovan submitted request fox increase of $600 in the
budget for the University Extension Department.    He explained that
the amount was necessary to provide additional secretarial service
while members of the Extension Department staff are assigned to do
work in connection with the campaign for the Frances Jewell MoVey
Jenorial Fund.
     The Committee hoard the request and took the following action:


3


              3. Upon motion duly made, seconded and carried,
                 the Comptroller is authorized to transfer
                 from the unappropriated surplus of the Gen-
                 eral Operating Budget of the University the
                 sun of $600 to tho University Extension Do-
                 partment4


     E. Gift from 'AMAS Radio Station.

     President Donovan reported that the WHAS Radio Stationt Louis-
ville, Ky., had presented to the University Radio Station one direc-
tional short-wave antenna.   He read the following letter and recon-
Mended that the gift be acceptedd


                                         July 18, 1945

     Drs. H. L. Donovan, President
     University of' Kentucky
     Lexington, Kentucky

     Dear Dr. Donovaan:

     .R-a&1o Station  L, Louisville, has presented us with a
     rather elaborate, very care-ul%11y engineered, directional
     shorn-wave antea=a for ouer use in picking up other .U
     ra.dio stations that we migzfht wish to rebroadcast.

     The  ntennat was btlt in athe WHAS shaps at East*ood and rap-
     resents nal o-rigial design, althouoh we woudE have to pay
     several hu.ndred dollars, at least, i'- we ware to buy soma-
     'things somewhat similar.

     I to'CUt you would want to take cccnizanca of' this gift
     in the  ,.-7.1 MrL. manner.

     TerY trtUly yours,


     DIr--et-1r off Fr~j~jc  .La,-Uoas


4


              4. Upon motion duly made, seconded and car-
                 ried, the gift to the University Radio
                 Sttation of one directional short-wave
                 antenna from Radio Station WHAS, Louis-
                 ville, Ky., is ordered accepted, and the
                 President is requested to write a letter
                 of appreciation to the donor.


     F. Budget Adjustment for the Yzar 1944-45.

     The Comptroller brought to the attention of the Executive Coo
mittee the fact that a few of the Department appropriations had been
exceeded during the fiscal year 1944-45.   He explained that each
overdraft was small and tentatively authorized, subject to the approv-
al of the Executive Committee.   He read the list and recommended in-
c reases for the following:

              Board of Tru'stees         .       * 20.00
              Dean of Women            '           25.00
              Service Lien' Survey            .    60.00
              YMCA & YWCA .                        10.00
              Anatomy & Physiology         ,    ,  90.00
              Military Science ........60.00
              Appropriation for Draperies and
                    Installation, Memorial Hall.. 1309.97


     The Cormmittee took the following action:


              5. Upon motion duly made, seconded and carried,
                 the Coriptroller is authorized to increase
                 the appropriation for each of the departments
                 listed above in the arount recommended.


5


     G. Sale of University Building Revenue Refunding Bonds.

     The Secretary reported that, pursuant to authorization of the
Board of Trustees under date of July 24, 1945, the following Notice
of Issuance of Bonds was inserted in the Lexington Leader in the City
of Lexington:


                  NOTICE OF ISSUANCE OF BONDS

     Public notice is hereby given that on July 24, 1945, the
   Board of Trustees of the University of Kentucky at Lexington,
   Kentucky- adopted a resolution authorizing and providing for
   the issuance and delivery of S507,000 principal amount of
   University Building Revenue Refunding Bonds, to be dated July
   1, 1945, to mature serially on July 1 of each of the years
   1947 to 1962, inclusivej but optional for redemption on any
   interest payment date prior to maturity   Iv is provided in
   and by said resolution that said bonds are to be issued and
   delivered for the purpose of refunding a like amount of the
   presently outstanding University Building Revenue Bonds dated
   January 1, i936, and interest accruals thereon, and that said
   University Building Revenue Refunding Bonds are to be so
   issued and delivered when the bonds and evidences of interest
   accrued thereon wre surrendered and canceled.  The Executive
   Committee of said Board of Trustees will meet at the Adminis-
   tration BuildinER in the City of Lexington, Kentucky, on the
   2nd day of August, 1945, at 10:30 a.m., and then and there
   further consider the matter of issuing said bonds and also
   receive and consider proposels for said bonds.   In order
   to determine the most advantageous proposal each bidder will
   be required to surrender for cancellation a like amount of
   the bonds and evidences of accrued interest thereon to be
   refunded simultaneously with the issuance and delivery of the
   University Building Revenue Refunding Bonds.

     The printed bonds and the legal opinion of Chapman. and
   Cutler, ChicVgo,, Illinois, will be furnished to the success-
   ful bidder without cost.

     Each bidder will be required to qualify by furnishing a
   certified check in the sum of $5,000.00 payable to the order
   of the Secretary of said Board of Trustees.  Such checks
   of any unsuccessful bidders will be returned after the opening
   and consideration of the bides but the check of the successful
   bidder will be retained until delivery of the bonds and the
   amount thereof shall constitute the agreed liquidated damages
   in the event the successful bidder fails or refuses to perform
   in accordance with the accepted bid.  In the event that prior
   to the delivery of said bonds the income therefrom to an
   individual becomes ta mble urder any federal income tax law
   the successful bidder will be relieved of the obligation to
   aucept delivery and the deposited check will be returned on
   request.
                                   Frank D. Peterson
                                   Secretary, Board of Trustees


6


     The Secretary further reported that, pursuant to Notice of Is-
suance of Bonds, he had received bid from J. J. Hilliard & Son and
Almstedt Brothers, Louisville, Ky., and after being instructed opened
the bid and read same to members of the Committee.


                       J. J. B. HILLIARD & SON
                       investment Securities
                           Louisville, Ky.

                           Aug. 2o 1945

     Members of the Executive Committee of the
     Board. of Trustees of the
     University of .Kentucky
     Lexington, Kys

     Gentlemen:

              Responsive to your notice of issuance of bonds dated
     July 25, 1945, copy of which is attached hereto and made a
     part hereof, we owvn and hereby agree to soil and deliver to
     you, $480,000 principaLl ariount ol' University of Kentudky
     Building Revenue 30 bonds maturing July 1, 1946 to July 1,
     1965 inclusive, at a price of $1,110.00 per $1000 bond
     and W20,O00 principal amount of the samc issue, which wore
     due July 1, 1945 at .$1000.00 per 41000 bond, all plus ac-
     crued interest from Jan. 1, 1945, to date of dclivery and,
     we agree to buy from you, $507,000 principal amount of
     1 3/4% Revenue Refunding Bonds and. to pay therefor a price
     of $1,000.00 per $1000 bond plus .accrued interest from
     July 1, 1945, to date of delivery, all in accordance with
     the terms and conditions of the Bond Resolution authorized
     and adopted by the Board of Trustees of the University of
     Kentucky at Lexington, Ky. under date of July 24, 1945.

              We further agree to pay the legal fees of Messrs.
     Chapman & Cutler, for the printing of the blank bond forms,
     the foe of the Louisville Trust Co. for putting this busi-
     ness on their books and also all other expenses incurred
     by us incidental to the issuance of the refunding bonds
     referred to herein.

               Our good ftith check for $5,000.00 is attached
     hereto and is to be held uncashod by you and. to be returned
     to us when delivery of the above bonds is made.

               This proposal is made with the expectation that
     the Refunding Bonds can and will be delivered to us on or
     before Sept. 1, 1945; otherwise, we reserve the right to
     withdraw from our commitment any time thereafter on 10 dayst
     written notice.


7


                               Respectfully submitted

                                  J.J.B.HILLIA-RD & SON
                                  ALMSTEDT BROS.

                                  J.J.B.HILLIARD & SON
                     By (Signed) Marion He Cardwell
                                  Member of Firm.

     It was then stated that no other bid had been received for the
obvious reason that all of the University of Kentucky Building Rev-
enue 3% bonds maturing July 1, 1945, to July 1, 1965, Inclusive,
were in the hands of JJB. Hillinard and Almstedt Brothers.   It was
reported that representatives of the bidding firms were present,
and, upon being invited, these came before the Executive Committee.
After a full discussion by the Committee, the following action was
taken.

                           * ** * ** ** *

            6. This being the time and place fixed in the Notice
               of Issuance of Bonds, as heretofore published by
               the Secretary of the Board of Trustees, and the
               proposals offered having been opened and duly
               considered, J. C. Everett introduced and caused
               to be read a resolution entitled "A RESOLUTION
               confirming the issuance and delivery of $507,000
               University Building Revenue Refunding Bonds"#
               and moved its adoption, which was seconded by
               H.S. Cleveland.


                       A RESOLUTION confirming the issuance
                     and delivery of $507,000 University
                     Building Revenue Refunding Bonds.
                            * * * * *

                    W7HEREAS notice of the issuance of $507,000
               University Building Revenue Refunding Bonds
               has heretofore been given in strict compliance
               with the provisions of the resolution heretofore
               adopted by the Board of Trustees on July 24,
               1945, authorizing the issuance of said bonds;
               and

                    WHEREAS the best proposal received for said
               bonds is from J.JB. Hilliard & Son and Almstedt
               Brothers;


8


     NOW, THEREFORE, Be It Resolved by the
Executive Cormittee of the Board of Trustees
of the University of Kentucky as follows:

     Section l,. That no one has appeared re-
spnr.sive to the published notice referred to
in the preamble hereof to offer objections to
the Isstlance and delivery of the proposed bonds.

     Section B. That upon being advised In
the premises, it is hereby determined that the
proposal of J. J. B. Hilliard & Son and Almstedt
Brothers fbr $507,000 University Building Rev-
enue Refunding Bonds as advertised is the
highest and best bid received, and that said
bonds be and the same are hereby awarded thereon
to said J. J, B. Hilliard & Son and Almstedt
Brothers.

     Section 3. That all resolutions or parts
of resolutions in conflict herewith be and the
same are hereby repealed.

     Passed and apizoved, August 2, 1945*


       After due discussion of said
and upon the roll being called, the
voted:

      Aye: Stoll, Hobson, Everett,
            Palmore.


resolution9
following


Cleyeland,


Nay: None.


       Whereupon, said Resolution was duly
adopted,


                                                             9


H. AdJournment.
                     * * * * * * * * *

         7. Upon motion duly madce, seconded and car-
            ried, the meeting Was adjourned at 1100
            p.mn.


                                 Frank D. Peterson
                                 Secretary, Board of
                                   Trusteas


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