xt7b2r3nwb57 https://exploreuk.uky.edu/dips/xt7b2r3nwb57/data/mets.xml Lexington, Kentucky University of Kentucky 19501117 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, 1950-11-nov17-ec. text Minutes of the University of Kentucky Board of Trustees, 1950-11-nov17-ec. 1950 2011 true xt7b2r3nwb57 section xt7b2r3nwb57
Minutes of the Meeting of the Executive Committee of the Board
of Trustees of the University of Kentucky, November 17, 1950.
The Executive Committee of the University of Kentucky met in the
President's Office at 10:30 a.m., Friday, November 17, 1950. The fol-
lowing members were present: Guy A. Huguelet, Chairman; H. D. Palmore,
J. C. Everett and R. P. Hobson. Absent: Harper Gatton. President
H. L. Donovan and Secretary Frank D. Peterson met with the Committee.
A. Minutes Approved.
Upon motion duly made, seconded and carried, the minutes of the
Executive Committee of October 25, 1950, were approved as published.
B. Report of the Comptroller.
The Comptroller made the usual monthly report, with balance sheet
of University funds as of October 1, 1950, together with operating
statements of fund and budget operations for the period of three months
ended on that date.
The report was examined, and upon motion duly made, seconded and
carried, ordered received and filed.
C. Budget Changes.
President Donovan submitted a list of budget changes, aggregating
a net increase of $45,142.81. He explained that most of these changes
represented debits and credits of funds, that $45,000 of the net increase
represented an appropriation from the State Agricultural and Industrial
Development Board, and,for budgetary purposes, the authorization of
the Committee is necessary.
He also stated that the Libraries had been called upon to do pho-
tographic work for other libraries, for which the University had re-
ceived $186.17, and that he recommended that this amount be reappro-
priated to the Libraries.
The members heard the recommendation of the President, and upon
motion duly made, seconded and carried, approved the budget changes as
recommended, and directed that the supporting data be filed.
D. Fiscal Agent Employed.
Comptroller Peterson reported that, with the approval of the Board
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of Trustees, an irrevocable offer to purchase small dormitory and lot
at 476 Rose Street had been issued to Beta Psi House Corporation, of
Alpha Delta Pi Sorority. The house is completed, and the Beta Psi
House Corporation has accepted the offer to purchase and has request-
ed payment. They desire the transaction closed as soon as possible.
The House Corporation was supposed to have given the University
a 45 to 60-day notice before they desired transfer of the house. They
failed to give such notice. The first date upon which the University
could authorize a bond issue would appear to be December 12, that
being the regular quarterly meeting date of the Board of Trustees.
The Comptroller stated that he was in receipt of a proposition
from The Bankers Bond Company, of Louisville, and Security and Bond
Company, of Lexington, for the preparation and issue of the revenue
bonds. He read the following communication:
THE BANKERS BOND CO.
Louisville, Ky.
To the Board of Trustees or
Its Executive Committee
University of Kentucky
Lexington, Kentucky
Att: Mr. F. D. Peterson, Comptroller
Gentlemen:
We understand that the University has agreed to purchase
for $76,000 a building suitable for dormitory purposes and
known and identified as No. 476 Rose Street, Lexington, Ken-
tucky. This building is to be conveyed to the University
at that price by Beta Psi House Corporation of Alpha Delta Pi
Sorority and will be leased back by the University to the
same party for the housing of members of the Sorority but with
unqualified ownership remaining in the University, and with
provision in the lease for the housing of students who are not
members of the Sorority in the event the Sorority should fail
to make the required rental payments. This purchase you de-
sire to finance through the issuance of $76,000 of Dormitory
Revenue Bonds of the University under the provisions of
Chapter 58 of the Kentucky Revised Statutes and in a manner
identical with the proceedings incident to the issuance of
$74,500 of "University of Kentucky Dormitory Revenue Bonds
(456 Rose Street)" which we recently handled for you.
We are advised that you desire that the bonds be dated
December 1, 1950, that they be in the denomination of $1,000
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each, and that they mature serially $2,000 on December 1 in
each of the years 1951 through 1964 and $3,000 on December 1
in each of the years 1965 through 1980. We are further ad-
vised that the bonds should be callable for redemption at 103
on and after December 1, 1953; at 102 on and after December 1,
1958; at 101 on and after Decernberl,1962; and at par on and
after December 1, 1966, any redemption to be on an interest
payment date (June 1 or December 1) and in inverse numerical
order after 30 days notice to be given by publication in a
newspaper of general circulation throughout Kentucky.
In order to assist you in this financing we offer you
the following proposals which we understand will be submitted
to your Executive Committee on November 17 for acceptance or
rejection:
1. We will employ Messrs. Wyatt, Grafton & Grafton,
Municipal Bond Attorneys of Louisville, Kentucky, and will
cause them to prepare, subject to the approval of the Attorney
General of Kentucky as your official legal advisor, all such
bond resolutions, notices of sale, resolutions of acceptance,
and other instruments and documents as are necessary or desir-
able in order to authorize $76,000 of "University of Kentucky
Dormitory Revenue Bonds (476 Rose Street)" conforming to the
above specifications. We will pay the expense of publishing
the "Notice of Sale" in THE BOND BUYER, New York City, and in
the COURIER-JOURNAL, Louisville, Kentucky, and will cause such
notice to be published in time to permit competitive bids for
these bonds to be considered and acted upon by the full Board
of Trustees at its meeting scheduled for 10 A.M. CST on De-
cember 12, 1950. We understand that officials of the Universi-
ty will submit all necessary details to the State Property and
Buildings Commission and procure its approval of the bond is-
sue, as required by law.
2. We guarantee that if the sale of the bonds is held on
December 12, 1950, we will appear and make you a bid of not
less than 102% of the amount of the bond issue, stipulating
not to exceed 2-3/4% interest for all bonds maturing on and
prior to December 1, 1960, as shown in the above maturity
schedule, and not to exceed 3% for all bond maturities on and
after December 1, 1961. The sale of the bonds will be so ad-
vertised that bidders will have the right to name one or two
interest coupon rates of their own choosing, providing each is
a multiple of one-fourth of 1%, and none may exceed the respect-
ive maximum rates which we have guaranteed in this paragraph.
3. We will pay all expenses incident to the issuance,
sale and delivery of the bonds, including the fees of our Mun-
icipal Bond Attorneys, the reasonable cost of obtaining a sat-
isfactory opinion or abstract showing that the property is ac-
quired by the University in fee simple, free of all liens and
encumbrances, the cost of printing the bonds, the cost of ad-
vertising the sale, etc.
4. As compensation to us for our services and expenses
and for the risk which we assume in guarantying to bid for
the bonds, we are to be paid a fee equal to 2% of the face
amount of the bonds sold and delivered. This sum is to be
paid to us when you receive payment for the bonds and if the
bonds are sold to us we are to be permitted to take credit
for this compensation when we make payment.
If the Executive Committee desires to accept these pro-
posals, we suggest that this letter be spread upon the min-
utes of the meeting and that the Chairman of the Executive
Committee be authorized by resolution to endorse the ac-
ceptance as shown below. As soon as we have been furnished
with a copy of this letter so endorsed our employment and
guarantee will become binding and effective and we will im-
mediately cause the necessary instruments to be prepared and
submitted.
Yours very truly,
THE BANKERS BOND COMPANY
SECURITY AND BOND COMPANY
(Signed) By Wood Hannah
Authorized Representa-
tive
Accepted for the Board of Trustees of
The University of Kentucky pursuant to
a Resolution adopted by its Executive
Committee on November 17, 1950.
Chairman, Executive Committee
It was explained to the Committee that it would take time to get
the revenue bond resolution prepared, approved by the Attorney General
and the University Attorney, and notice of sale of bonds published at
least ten days in advance of the meeting of December 12, and recommend-
ed that the proposition offered by The Bankers Bond Company of Louis-
ville, Ky., and the Security and Bond Company of Lexington, Ky., be
accepted.
After some discussion concerning changes in market conditions,
upon motion duly made, seconded and carried, the proposition submitted
by The Bankers Bond Company, Louisville, Ky., and Security and Bond
Company, of Lexington, Ky., was accepted, and the Chairman of the
Executive Committee was authorized to execute the necessary contract.
E. Resolution of Intent to Issue Revenue Bonds and Authorization
of Notice Soliciti-ig Competitive Bids for Sale of Revenue Bonds.
Comptroller Peterson outlined to members of the Executive Committee
the terms and conditions under which the bonds might be issued, and up-
on motion duly made, seconded and carried, the following resolution was
adopted:
A RESOLUTION OF THE EXECUTIVE COMMITTEE OF THE
BOARD OF TRUSTEES OF THE UNIVERSITY OF KENTUCKY
DETERMINING THAT CERTAIN REVENUE BONDS SHALL BE
ISSUED FOR THE ACQUISITION OF A BUILDING SUITABLE
FOR DORMITORY PURPOSES AND AUTHORIZING THE PUBLI-
CATION OF NOTICES SOLICITING COMPETITIVE BIDS FOR
SAID BONDS, THE SAME TO BE ACTED UPON BY THE
BOARD OF TRUSTEES AT ITS MEETING ON DECEMBER 12,
1950.
WHEREAS, the University of Kentucky, acting through its
Board of Trustees or the Executive Committee thereof, has here-
tofore agreed to purchase from Beta Psi House Corporation of
Alpha Delta Pi Sorority ai new building presently about to be
completed, situated at 476 Rose Street in Lexington, Kentucky,
at a price of $76,000; and
WHEREAS, it is desirable that the Board of Trustees finance
said purchase transaction through the issuance of $76,ooo of
"University of Kentucky Dormitory Revenue Bonds (476 Rose Street)";
NOW, THEREFORE, THE EXECUTIVE COMMITTEE OF THE BOARD OF TRUS-
TEES RESOLVES AND ORDERS AS FOLLOWS:
1. It is hereby determined that there shall be issued
$76,000 principal amount of bonds as indicated in the preamble
of this resolution, with details as follows:
Date of Bonds:
December 1, 1950
Statutory authority pursuant to which issued:
Chapter 58, Kentucky Revised Statutes
Denominations:
$1,000 each
Maturities of principal:
Two bonds on December 1 in each of the years
1951 to 1964, inclusive; three bonds on De-
cember 1 in each of the years 1965 to 1980,
inclusive
Place of payment of principal and interest:
Security Trust Company, Lexington, Kentucky
Redemption provisions:
Callable at 103 on December 1, 1953 or any June
1 or December 1 thereafter to and including June
1, 1958;
Callable at 102 on December 1, 1958 or on any
June 1 or December 1 thereafter to and including
June 1, 1962;
Callable at 101 on December 1, 1962 or on any
June 1 or December 1 thereafter to and including
June 1, 1966;
Callable at par on any interest payment date on
or after December 1, 1966.
Redemption to be as a whole or from time to time
in part in inverse numerical order upon thirty
days prior published notice to be given by pub-
lication in a newspaper of general circulation
throughout Kentucky
Security:
A pledge of and a lien upon a sufficient portion
of the rentals obtained by the University from
the renting or leasing of the dormitory facili-
ties provided by the property to be purchased
Terms of Sale:
All bids to be for cash and to be for the entire
bond issue
Minimum bid:
102% of principal plus accrued interest to date
of delivery, bidders to name one or two interest
coupon rates of their own choosing, each a mul-
tiple of one-fourth of 1% and not to exceed
2-3/4% per annum for bonds maturing on and prior
to December 1, 1960, and not to exceed 3% per
annum for bonds maturing thereafter, each bid
to be accompanied by a certified or bank cash-
Ler's check payable to the University in the
sum of $1,500.00
Legal opinion:
Wyatt, Grafton & Grafton, Louisville, Kentucky;
to be furnished to purchaser without expense *to
purchaser
7
Publication of notice:
At the earliest possible date by one insertion
in the BOND BUYER, New York City, and one in-
sertion in the COURIER-JOURNAL, Louisville,
Kentucky
Receiving of bids:
To be received in the office of the Comptroller
of the University until 10 A.M. Central Standard
Time, December 12, 1950, and at that time re-
ferred to the Board of Trustees for considera-
tion
Approvals to be obtained:
Written approval of the Attorney General of Ken-
tucky as to the bond authorizing resolution
which will be prepared by the above named munici-
pal bond attorneys;
Written approval of the State Property and Build-
ings Commission, as required by law
2. This Resolution shall be in full force and effect from and
after its adoption.
Adopted by the Executive Committee of the Board of Trustees
of the University of Kentucky at a meeting held on November 17,
1950.
Chairman
F. Report on the Estate of Annie Dillard.
The Comptroller reported that he was in receipt of communication
from the Executor of the estate of Miss Annie Dillard. He stated
that there had been no changes in the appraised value of the estate,
other than a communication from E. S. Graham, of the Graham Land Of-
fice, Graham, Texas, giving his opinion of the value of 316.5 acres
of land in Young County, Texas, which is a part of the estate of Miss
Dillard.
The letter from Mr. Graham was read to the Committee, and after
some discussion, on motion duly made, seconded and carried, was ordered
received and filed.
G. Dawson Springs State Park.
President Donovan recalled enactment of H.R. 3480 by Congress,
which authorized the use of Dawson Springs Park for University of Ken-
tucky purposes.
He advised the Committee that he had a copy of an opinion from
Assistant Attorney General Squire N. Williams, Jr., to Hon. Henry
Ward, Commissioner of Conservation, Frankfort, Ky., in which the At-
torney General's Office held that the title to the property is and
has been in the Commonwealth of Kentucky since the original deed is-
sued in 1935, and that the only purpose of H.R. 3480 was to extend
the use of the property from State Park purposes to include Universi-
ty of Kentucky purposes. The opinion further cited that a copy of
H.R. 3480 had been filed in the Hopkins County Court Clerk's Office
at Madisonville, Ky., and that a notation on the margin of the page
of the Deed Book where the deed is recorded was made, referring to
H.R. 3480 and to the fact that such bill is filed in the office of the
Hopkins County Court Clerk.
The Attorney General's Office advised that it would prepare an or-
der transferring the use of Dawson Springs State Park from the Depart-
ment of Conservation, Division of Parks, to the University of Kentucky,
which order would be acted upon by the State Property and Building
Commission on November 15, 1950.
The members of the Committee received the additional information
concerning transfer of the Dawson Springs State Park to the University
of Kentucky, and without formal action, decided to hold the matter in
abeyance for further study by the full Board which meets on December
12.
H. Report on James K. Patterson Trust Fund.
President Donovan stated that he was in receipt of a statement of
accounts from the Security Trust Company, executor of the James K.
Patterson will. He read to members of the Committee the report list-
ing receipts and disbursements, and list of investments.
There was some discussion concerning the market value of invest-
ments and as to whether or not the accounts had ever been audited,
after which a motion was made, seconded and carried that the statement
submitted by the Executor be received and filed.
I. Remodeling of Agricultural Engineering Building.
President Donovan stated that he was in receipt of a recommendation
from Dean Cooper for remodeling the Agricultural Engineering Building,
and that, since the work would involve ar- expenditure of $80,000 to
$90,000, he had requested further information from the Comptroller's
Office. He stated that it appeared necessary to issue invitations
for competitive bidding for the remodeling work involved, and upon sug-
gestion of the Comptroller that an architect be employed to prepare
the necessary plans and specifications suitable for State advertising,
recommended that the firm of Frankel and Curtis be employed to do this
work, since this firm prepared the original plans and specifications
for the Agricultural Engineering building.
9
After some discussion, upon motion duly made, seconded and car-
ried, Dean Thomas Cooper and Mr. Peterson were authorized to employ
the firm of Frankel and Curtis to prepare plans and specifications
necessary.
J. Investment of Simon N. Jones Fund.
President Donovan reported that, at the time the University of
Kentucky took over the Louisville College of Pharmacy, it received,among
the assets, the Simon N. Jones Fund. It was established by the Nation-
al Association of Retail Druggists, with headquarters in Chicago, and
the income from the investment of the principal is to be used as a schol-
arship fund.
The President reported that there is a sum of $3,000.00 now un-
invested and recommended that this money be authorized invested. Upon
motion duly made, seconded and carried, the Comptroller was authorized
to purchase Government Bonds and deposit same In the University lock
box.
K. Investment of the Harry E. Bullock, Jr., Memorial Fund.
President Donovan stated that, under the terms of the will of Har-
ry E. Bullock, deceased, a sum of money was authorized paid to the Uni-
versity of Kentucky as a memorial to his son, Harry E. Bullock, Jr.
The provision of Mr. Bullock's will, referring to this memorial fund,
is as follows:
"To establish a memorial award for the highest scholastic
standing in the College of Engineering, Division of Aeronau-
tics, University of Kentucky, when and if such a division
is established. This award is to be in memory of my son,
Harry E. Bullock, Jr. who gave his life in the service of
his country on March 5, 1942. Such award in amount I
leave in the hands of my executor and trustees, but should
not be less than the sum of $50.00 per annum."
The Fayette Circuit Court has directed that the sum of $1,500.00
be paid to the University, which sum has been received. This sum is
supposed to be invested in such a manner as to produce approximately
$50.00 annually.
Upon motion duly made, seconded and carried, the Comptroller was
authorized to invest the funds in some building and loan association.
L. Gift.
From Mr. R. T. Taylor, Bagdad, Ky. -- Collec-
tion of Books.
President Donovan reported he had been informed by Doctor Thomp-
son, Director of Libraries, that, through the good offices of Dean Stahr,
the University had been offered a handsome collection of 169 books by
Mr. R. T. Taylor of Bagdad, Ky. He recommended acceptance of the gift,
and upon motion duly made, seconded and carried, the gift was ordered
accepted, and the President was requested to thank Mr. R. T. Taylor of
Bagdad, Ky., for this valuable addition to the University Libraries.
M. Appointments and Other Staff Changes.
President Donovan submitted staff appointments, reappointments,
salary adjustments, leaves of absence, resignations, promotions and oth-
er staff changes requested by deans and heads of departments.
College of Arts and Sciences
Appointments
Preston McGrain, Assistant State Geologist, Kentucky Geological
Survey, Department of Geology, effective December 1, 1950 through June,
1951.
Joseph B. Cathey, Jr., Assistant Geologist in the Department of
Geology - Kentucky Geological Survey, for the period December 4, 1950,
through June, 1951.
Leneth Derral Brown, Engineer-Draftsman in the Department of Geol-
ogy, Kentucky Geological Survey, for five months, effective February 1,
1951.
Bernard D. Kern, Assistant Professor of Physics, effective for
eight months, beginning November 1, 1950.
Joyce Hukill, instructor in Physical Education, effective November
1, 1950 through June, 1951.
Mrs. Maud Jay Martin, Secretary, Department of Physical Education,
effective November 1, 1950 through June,1951.
Leave of Absence
W. C. Eaton, Professor of History, granted leave of absence for
the months of July and August, 1951, in order that he may teach at Co-
lumbia University.
Resignations
William G. Smith, Draftsman-Geologist, effective October 31, 1950.
Mr. Smith has been employed by the Kentucky Geological Survey.
Marjorie Geary, Secretary, Department of Physical Education, ef-
fective October 31, 1950.
Mrs. Revel E. Shaw, Assistant Professor, Department of Physical
Education, effective October 31, 1950.
Robert E. Puryear, Assistant Geologist, Kentucky Geological Sur-
vey, effective October 31, 1950.
College of Agriculture and Home Economics
Appointments
Mrs. Sarah Norris, Assistant in Home Economics, effective October
16, 1950. Mr-. Norris was formerly employed in the Public Service
Laboratories on an hourly basis.
Thelma Comley, Junior Seed Analyst, effective October 6, 1950.
Miss Comley has been employed previously in the same department, Ento-
mology and Botany, on a temporary basis by the hour.
Mrs. Wilma Hess Flora, Clerk in Agricultural Extension, Campbell
County, effective October 18, 1950, to June 30, 1951.
James Sizemore, Watchman and Laborer, Robinson Substation, effec-
tive November 1, 1950.
Mary Virginia Brooks, Clerk-Typist, Creamery License Section,
effective November 1, 1950. Miss Brooks has been working full time
on an hourly basis for two and a half months.
Dorothy Jean Brock, Clerk in Agricultural Extension, Laurel County,
effective November 1, 1950 to June 30, 1951.
Chester A. Capps, tractor operator and laborer, Western Kentucky
Substation, effective November 1, 1950. Mr. Capps has been employed
temporarily.
Ruth Hilliard, Clerk, 4-H Club Department, Agricultural Extension,
effective November 6, 1950.
Kenneth D. Ball, reappointed Field Assistant, Department of Agron-
omy, effective November 16, 1950.
Kathryn H. Irvin, Home Demonstration Agent, Bath County, effective
November 1, 1950.
Patricia S. DeCoursey, Home Demonstration Agent, Knott County,
effective November 1, 1950.
Resignations
Kenneth D. Ball, Field Assistant, Department of Agronomy, effec-
tive October 15, 1950, to enter the Merchant Marine Service.
Miss Carrie South, Assistant Home Demonstration Agent in Train-
ing, Christian County, effective October 23, 1950.
Mrs. Bertha S. McCane, Clerk in Agricultural Extension, Campbell
County, effective October 14, 1950.
Paul A. Thornton, Assistant Horticulturist, Western Kentucky Sub-
station, effective October 19, 1950. Mr. Thornton has been called to
active duty with the Navy.
Roscoe Isaacs, Jr., Assistant County Agent, Monticello, Ky., ef-
fective November 29, 1950.
John R. Clifford, Assistant County Agent, Bowling Green, Ky., ef-
fective November 30, 1950.
Mrs. Jean A. Baugh, Associate Home Demonstration Agent, Lexington,
Ky., effective December 15, 1950.
Mrs. Lorene Blankenship, Home Demonstration Agent, Hardin County,
effective November 30, 1950.
Mae Morgan, Clerk in Agricultural Extension, Laurel County, ef-
fective October 31, 1950.
Mrs. Faye Morton Farmer, Clerk-Stenographer, Agricultural Informa-
tion Office, effective November 30, 1950.
College of Education
Appointment
Mrs. Carolyn Joyce Smith, Secretary, Foundations of Education,
effective October 30, 1950.
Resignations
Mrs. Mary Catherine Humphress, Secretary, Foundations of Educa-
tion, effective November 7, 1950.
13
Mrs. Nancy Lowe Sims, Critic Teacher, University School, effec-
tive August 31, 1950.
Dean of Women's Department
Death
Mrs. Will Hughes, Housemother, Alpha Xi. Delta sorority, October
90, 1950.
University Personnel Office
Appointment
Helen Jane Scott, Clerk, effective October 16, 1950.
Resignations
Mary Helen Martin, Clerk, effective October 14, 1950.
Dorothy Ann Farmer Deaner, Clerk, effective October 20, 1950.
University Press
Appointment
Maxine Anne Paxson, Secretary, effective October 16, 1950.
Resignation
Mrs. Dorothy Martin, Secretary, part-time, effective October 31,
1950. Mrs. Martin is transferring to University Extension as full-
time secretary.
University Station Post Office
Appointments
Barbara Young, Clerk, effective October 23, 1950.
Wildie Curtis, Mail Carrier, effective November 6, 1950.
Resignation
Greely Bradshaw, Mail. Carrier, to transfer to Central Heating
Plant, effective October 31, 1950.
Maintenance and Operations
Resignation
Mrs. Betty Atwell Brown, Secretary-Clerk, effective October 31,
1950.
On motion duly made, seconded and carried, on President Donovan's
recommendation, the above appointments, reappointments, salary adjust-
ments, leaves of absence, resignations, promotions and other staff
changes were concurred in and record ordered made in the minutes.
N. Adjournment.
Upon motion duly made, seconded and carried, the meeting of the
Executive Committee was adjourned at 12:30 p.m., and luncheon was
served to the members in the President's Office.
Frank D. Peterson, Secretary
Board of Trustees and Executive
Committee