xt7k0p0wqj5t https://exploreuk.uky.edu/dips/xt7k0p0wqj5t/data/mets.xml Lexington, Kentucky University of Kentucky 19680112 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, 1968-01-jan12. text Minutes of the University of Kentucky Board of Trustees, 1968-01-jan12. 1968 2011 true xt7k0p0wqj5t section xt7k0p0wqj5t

Minutes of the Meeting of the Board of Trustees of the University of Kentucky,
Friday, January 12, 1968

In accordance with action taken by the Board of Trustees at a meeting on
May 2, 1967, which established monthly meetings of the Board of Trustees during
the academic year, the Board met on Friday, January 12: 1968, at 2:00 o'clock in
the Board Room of the Administration Building on the campus with the following
members present: Governor Louie B. Nunn, Chairman, Dr. Ralph Angelucci, Vice
Chairman, Mr. Sam Ezelle, Secretary, Mr. William R. Black, Mrs. Rexford
Blazer, Mr. Smith Broadbent, Mr. Wendell P. Butler, former Governor A. B.
Chandler, Mr. Richard E. Cooper, Dr. Harry Denham, Mr. George W. Griffin,
Mr. Robert Hillenmeyer, Mr. J. Robert Miller, Mr. B. Hudson Milner, Dr.
N. N. Nicholas, and the two non-voting members, Professor Stephen Diachun and
Professor Paul Oberst. Representatives of the administration included President
John W. Oswald, Vice Presidents A. D. Albright, William R. Willard, Robert F.
Kerley, Glenwood L. Creech and Lewis W. Cochran. Representatives of the news
media were also present.

A. Meeting Called to Order

Governor Nunn, noting that all members of the Board as well as representa-
tives of the news media were present, called the meeting to order at 1:50 p.m. and
asked that Professor Stephen Diachun pronounce the invocation.

B. Oath of Office Administered to former Governor A. B. Chandler,
Mr. George W. Griffin and Dr. N. N. Nicholas

Governor Nunn presented commissions and administered the oath of office
to former Governor A. B. Chandler, Mr. George W. Griffin, and Dr. N. N.
Nicholas who were appointed to terms of office on the Board beginning January 1,
1968 and terminating on December 31, 1971. The new appointees replace Mr.
Henry Besuden, Mr. Charles Landrum, and Dr. R. W. Bushart, whose terms
ended on December 31, 1967. He introduced the new Commissioner of Agriculture, an
ex officio member of the Board, Mr. J. Robert Miller, and noted that Mr. Wendell
P. Butler would continue on the Board in an ex officio capacity as the newly elected
Superintendent of Public Instruction.

C. Meeting Declared Officially Open and Minutes Approved

The secretary called the roll and reported all members present. The
chairman declared the meeting officially open for the conduct of business at 2:00p.m.
and called for approval of the Minutes of the November 10, 1967 Called Meeting of
the Board of Trustees and the November 20, 1967 Special Meeting of the Executive

Committee of the Board of Trustees. Dr. Angelucci moved that the reading of the
Minutes be dispensed with and that the Minutes be approved as published. The
motion was seconded by Mr. Ezelle and all those present at the two meetings voted
unanimously in favor of the motion. The four new members and the Governor did
not participate in the vote.

D. President's Report to the Trustees

For the benefit of those attending their first meeting, President Oswald
explained that each month he prepared for presentation to the Board a brief report
of some of the events and accomplishments of the University of Kentucky community
which had occurred since the last rneeting. He emphasized that the report did not
embrace everything that went on but was merely representative of the many and
varied activities continually underway on the campus and activities of the University
throughout the state and nation. He then went over the items in the report outlining
the significant parts of each. In conclusion, he stated that the report, copies of
which were available to those present, were distributed to members of the faculty
and certain key alumni following each meeting.

Governor Nunn thanked the President for his comprehensive and interesting
report which was ordered accepted and filed.

E. Resolution on the Death of Aubrey J. Brown

President Oswald reported the death of Dr. Aubrey J. Brown, a non-voting
faculty member of the Board of Trustees from July 1, 1960 through June 30, 1963,
on January 8, 1968, and read the Resolution on his death, a copy of which appears
at the end of the Minutes.

On motion by Mr. Cooper, seconded by Mr. Black, and carried unanimously,
the Resolution on the death of Aubrey J. Brown was adopted, ordered spread upon
the Minutes of the meeting of the Board of Trustees of January 12, 1968, and copies
sent to Dr. Brown's family.

F. Recommendations of the President (PR 2)

President Oswald explained that PR 2, Recommendations of the President,
contained items requiring Board action which although important were of a routine
nature and were therefore combined into one report and mailed in advance of each
meeting. Through this means, members of the Board could familiarize themselves
with the matters requiring approval and, unless there were questions, could act
upon the report as a whole rather than consider each item separately. He then
indicated his willingness to answer any questions which might be raised.

Governor Chandler asked who approved investments such as those reported

in Item II of PR 2. Mr. Kerley replied that there was no investment committee
but, acting under authority granted by the Board of Trustees upon recommendation
of the Finance Committee, the Treasurer and/or Assistant Treasurer made short-
term investments, primarily in GMAC Notes, Certificates of Deposit, U. S.
Treasury Bills, and short-term bonds. He explained that on short-term investments,
in order to realize the greatest income possible, it was necessary to re-invest funds
immediately; thus, it was not possible to get prior approval from the Board of
Trustees. On long-term investments, the Board of Trustees has engaged the Chase
Manhattan Bank as investment counselor for purposes of general guidance. Governor
Chandler suggested that the present policy be reviewed and that consideration be
given to the appointment of several members of the Board of Trustees to serve as an
advisory committee on investments. He expressed the feeling that the investments of
the University should be scrutinized carefully by such a committee. Dr. Denham,
Chairman of the Finance Committee, expressed his confidence in the manner in
which Mr. Kerley was handling the investments of the University, noting that yields
of 5% and 6% have been received on short-term investments made under present
policies.

Having determined that there were no further questions, Governor Nunn
called for a motion on PR 2, Recommendations of the President. Dr. Angelucci
moved that PR 2 be approved as a whole and made an official part of the Minutes of
the meeting of January 12, 1968. His motion, seconded by Mr. Ezelle, carried with-
out dissent. (See PR 2 at the end of the Minutes. )

G. Supplemental Recommendations of the President (PR 3)

Dr. Oswald prefaced his presentation of PR 3, Supplemental Recommendations
of the President, by stating that the items in this report were similar to those in
PR 2, but were received in his office too late for inclusion in the report mailed out
prior to the meeting. Since the Board had not had an opportunity to examine the
recommendations contained in the PR 3, he discussed them briefly and recommended
approval of the report as a whole. Dr. Denham made the motion that PR 3, Supple-
mental Recommendations of the President, be approved as a whole and that the report
be made an official part of the Minutes of the January 12, 1968 meeting. His motion
was seconded by Mr. Griffin and passed unanimously. (See PR 3 at the end of the
Minutes. )

H. Special University of Kentucky--University of Louisville Committee
Report Approved

Dr. Ralph Angelucci, chairman of the special committee of the Board of
Trustees on UK-UL relationships, indicated that copies of the Report of the Com-
mittee to Investigate and Recomnmend Relationship of University of Louisville to
Kentucky's System of Public Higher Education were in the folders of each member
and that copies had also been made available to them immediately upon its release

on November 24, 1967. Because the relationship between the two institutions had
been the subject of prior study and discussion, he did not think it necessary to go
into details of the report at this time. He then made a motion that the Board of
Trustees approve in principle the recommendation of the special University of
Kentucky- -University of Louisville Committee, chaired by Mr. Lisle Baker, and
that the liaison committee of the University of Kentucky Board of Trustees join at
an early date with the corresponding committee of the University of Louisville
Board of Trustees to develop plans for implementation of the report's recommen-
dations. The motion was seconded and carried unanimously. (See Report of
Committee To Investigate and Recommend Relationship of University of Louisville
to Kentucky's System of Public Higher Education at the end of the Minutes.

I. 1967-68 Budget Revisions Approved (PR 5)

Dr. Oswald stated that the first action taken by the University when notified
by Governor Breathitt and the Department of Finance that the University of Kentucky
appropriation for 1967-68 would be reduced in the amount of $3. 6 million was to
freeze all positions, allow no recruitment for vacant positions, reduce all current
expenses by ten percent, freeze all purchases of equipment and defer action wherever
possible on rmaintenance, renovations, etc. The major responsibility for effecting
the $3. 6 million reduction in expenditure appropriations was in the hands of Dr. A. D.
Albright, principal budget officer of the University, who was asked to make the
presentation of th e revised budget for 1967-68.

Dr. Albright expressed appreciation for the cooperation he had received in
effecting the budget reduction from the deans, department chairmen, and other ad-
ministrative personnel of the University and particularly commended Dr. Don Clapp
who had done the actual budget revision. He said that the University had made the
reduction in the current budget essentially under the same conditions which Governor
Nunn outlined to the Legislature in his opening speech--it was only a postponement
of expenditures which must eve:itually be refunded.. The first consideration was that
no person on the University faculty or staff should suffer either in position or through
reduction. in income. It was, therefore, necessary to effect the reductions by an
examination of current expenses, equipment, capital improvements, hospital acti-
vation and such. For this current year the revision will permit the continuance of
personnel already employed at current salary levels, the maintenance of minimum
operational expense lev.els and will provide for the present student body. It will not
accommodate (1) added, needed personnel or replacements, (2) certain competitive
requirements with comparable institutions, (3) the catching up in equipment for
instructional research and operation, (4) the establishment of new and needed
programs for this institution to keep up with other institutions, and (5) the further
nourishment of newly established programs.

Dr. Albright called attention to the revised budget as set forth in PR 5 and
recommended that; the budget income and expenditure estimates be approved to
constitute the revised 1967-68 budget and that the President be authorized tcr lmake

the necessary changes in unit budgets and accounts of the University to implement
this revision. Mr. Ezelle so moved and his motion was seconded by Mr. Broadbent.

In the discussion which followed the motion, Governor Nunn expressed his
sympathy to Dr. Albright in his troubles and added that what he had said was not
necessarily what he approved. It was merely a statement of fact. It was his hope
that the University would do like other state agencies and would tighten its belt and
avoid as much postponement as possible. He pointed out that there are other areas
in which savings can frequently be made that would not deprive the people of the
Commonwealth of the services to which they are entitled. He closed his remarks by
asking Dr. Albright whether the reduction would have been as serious had it been
made at the beginning of the fiscal year rather than in November. Dr. Albright's
reply was that the reduction amounted to 16 percent rather than 8 percent because it
must be effected in only half a year. The question was called for and Mr. Ezelle's
motion, which had been seconded by Mr. Broadbent, was passed unanimously. (See
PR 5 at the end of the Minutes. )

J. President of Student Government Recognized

Governor Nunn recognized the presence of Mr. Steve Cook, Pres-ident of
Student Government, and welcomed him to the meeting as a representative of the
student body of the University. He expressed his pleasure that the students were
concerned with the transaction of affairs at the University and invited Mr. Cook o
comment on such matters as he felt were of concern to the students.

K. Proposed Reorganization of the Office of the Vice President for the
Medical Center (PR 6)

Dr. Oswald asked Dr. Willard to present the recommendations relative to
the reorganization of the Office of the Vice President for the Medical Center,
indicating his complete compliance with the proposed changes.

Dr. Willard said that the Medical Center's growth in the eleven years of its
existence has been tremendous. This rapid expansion resulted in an earlier action
separating the Dean of the College of Medicine from the Vice President for the
Medical Center. In order to better handle the continuing growth and expansion, it
now seems desirable to make other changes through the reassignment of responsi-
bilities for certain key administrative personnel of the Medical Center. PR 6
outlines the proposed reorganization and makes the following four recommendations:
(1) that Dr. Tom F. Whayne be assigned full time to the duties of Associate Dean,
College of Medicine and that he be relieved of all other administrative duties and
titles, (2) the Associate Dean of the College of Medicine for Clinical Affairs be made
responsible to the Dean of the College of Medicine rather than to the Vice President
for the Medical Center, (3) that Dr. Alvin L. Morris, Dean of the College of
Dentistry, be appointed Assistant Vice President for the Medical Center and a new

dean sought for the College of Dentistry, and (4) that the responsibility of the
Assistant Vice President for Policy and Program Planning be delineated as out-
lined in PR 6.

Mr. Black moved approval of PR 6 and the four recommendations which it
contained relative to the reorganization of the Office of the Vice President for the
Medical Center. The motion was seconded by Mrs. Blazer. Dr. Angelucci com-
mented briefly on the respect in which Dr. Morris is held by persons both inside
and outside the University and expressed the opinion that the Medical Center and
the institution would i strengthened by the contribution which he would make in his
new role. The chairman called for a vote on the motion and it was passed unani-
mous ly.

Dr. Morris was called into the meeting and introduced to the Governor and
the members of the Board who had not had the opportunity to meet him previously.
(See PR 6 at the end of the Minutes. )

L. Room and Board Rates for 1968-69 Approved (PR 7)

Mr. Kerley expressed the need to increase the present room and board
rates in order to meet the higher operating costs and financial demands of the
housing and dining system. The specific increases were set forth in PR 7 which
is included at the end of the Minutes. Governor Nunn indicated his concern that the
proposed increase in rates was presented without prior discussion and why action
was needed immediately. Mr. Kerley said that the proposed rates would have gone
to the Board of Trustees in December but this had not been possible since the
December meeting was adjourned for lack of a quorum. Action could not be delayed
longer since informational materials had to be printed and immediately distributed
to prospective students and it would be necessary for students to sign contracts for
room and board for the summer and fall semester before another meeting of the
Board would be held. Governor Nunn said he would go along with whatever needed
to be done but regretted the timing of the action.

Governor Chandler asked whether the University lost money on food
operations and Mr. Kerley answered that it did not but neither was the housing and
dining system operated to make a profit. The cost to the students is based on
actual costs and includes food, labor, debt service, other operating costs, and a
reserve for replacement of furniture and equipment and for maintenance of
structures. Overhead costs are not included.

Governor Nunn called for a motion. Mr. Broadbent moved, seconded by
Dr. Denham, that the proposed room and board rates be approved as submitted in
PR 7. Before the vote on the motion was taken, Dr. Angelucci suggested that in
the future matters such as this should be submitted for discussion prior to request-
ing Board approval. The vote was then called for and the motion carried without
dissent. (See PR 7 at the end of the Minutes.)

M. Organization of College of Engineering (PR 8)

Dr. Oswald read the recommendation contained in PR 8 relative to the
organization of the College of Engineering as proposed by Dean Robert M. Drake.
He indicated his full concurrence in the establishment of the three major program
areas of Undergraduate Programs, Graduate Programs, and Continuing Education
and Extension, and the appointment of Professor W. W. Walton as Assistant Dean
of Undergraduate Programs, Professor James E. Funk as Associate Dean of
Graduate Programs and Professor David K. Blythe as Associate Dean of Continuing
Education and Extension. He further pointed out that the organization called for the
Engineering Experiment Station to be redesignated the Office of Research and
Engineering Services and that Dean Drake be named its Director.

There being no questions or discussion, Mr. Black made a motion that the
organization of the College of Engineering be approved as presented in PR 8. His
motion was seconded by Dr. Angelucci and passed unanimously. (See PR 8 at the
end of the Minutes. )

N. Organization of the College of Education (PR 9)

Dr. George Denemark came to the University of Kentucky in July, 1967 as
Dean of the College of Education. Since that time he has studied the needs of the
College and now requests that the recommended organization set forth in PR 9 be
approved. The President said that the organization as proposed by Dr. Denemark
had the full endorsement of the administration. He added that Dr. Lyman V. Ginger,
former Dean of the College, wias already serving as Associate Dean for Teacher
Education and Certification and that upon approval by the Board a search would begin
immediately for an Associate Dean for Graduate Studies and Research.

There being no questions, Governor Chandler moved approval of the
organizational plan for the Colle-ge of Education recommended in PR 8. His motion
was seconded by Mr. Ezelle and carried unanimously. (See PR 9 at the end of the
Minutes. )

0. Resolution on Lexington Central Area Advisory Group (PR 10)

Mr. Kerley read the Resolution set forth in PR 10 and indicated that similar
resolutions had been adopted by other agencies in the community. Mr. Black moved
adoption of the Resolution and his motion was seconded by Dr. Denham. Mr. Milner
questioned why the Board of Trustees should be the initiating body. Mr. Kerley
replied that the University had been requested to participate in the program and that
the Resolution was merely a form which had been used by others. He felt, however,
that there would be no objection to a change in the wording of the Resolution.
Governor Chandler expressed the feeling that the University would be on 'dangerous
ground" in becoming involved in area planning and zoning matters and felt that the

Board of Trustees should not authorize participation in such things. Governor
Nunn agreed that the University should avoid involvement in matters of a political
nature but should be willing to cooperate in any areas that affect the University and
the community. Mr. Hillenmeyer endorsed the Resolution and felt that the Universi-
ty had an obligation to the community to cooperate with it through its participation in
such an advisory group as was proposed. Governor Chandler felt that the University
should wait until it was asked and it was explained that this had already been done.
Dr. Oswald suggested that the motion might be reworded to reflect interest and
willingness to participate in any advisory group which might be named. Mr. Black,
who had made the original motion for adoption of the Resolution, asked that his
motion be withdrawn. Dr. Denham, who seconded the motion, agreed. Mr. Black
then moved that the Resolution as stated below be adopted:

RESOLUTION

Resolved, that the Board of Trustees of the University of
Kentucky hereby informs the Fiscal Court of Fayette County
and the Lexington City Commission of its interest and will-
ingness to participate in any advisory group that might be
named by the City-County Planning Commission to advise
and consult with the Planning Commission regarding the co-
ordination of the preparation and implementation of planning
proposals for the central area of Lexington and Fayette County.

Mr. Griffin seconded the motion and the Resolution as amended was passed.
(See PR 10 at the end of the Minutes. )

P. Report on Selection of an Athletics Director and Appointment of
Governor Chandler to Board of Directors of the Athletics Association Announced

Dr. Oswald indicated that a search committee had been appointed at the last
meeting of the Board of Directors of the Athletics Association to screen candidates
for an Athletics Director to fill the vacancy created by the death of Mr. Bernie A.
Shively in early December. This committee has been requested to present its
report to the Board of Directors of the Athletics Association in time for them to
make their recommendation to the Board of Trustees in May.

Under the Articles of Incorporation of the University of Kentucky Athletics
Association, two members of the Board of Trustees are appointed by the President
to the Board of the Athletics Association. Dr. Oswald indicated that it was his
intention to appoint Governor Chandler to a place on the Athletics Association Board
of Directors to replace Mr. Charles Landrumn who was no longer eligible to serve as
a Trustee member. He also stated that the Articles of Incorporation would be
amended to include as an ex officio member of the Board the President of the K-Men's
Asiociation.

R. Committee Reports

Governor Nunn called for reports from the chairmen of the special com-
mittees of the Board of Trustees. Each chairman indicated that he had no report
to make at this time.

S. Meeting Adjourned

The chairman, having first determined that there was no further business
to come before the meeting, called for a motion for adjournment. On motion duly
made, seconded and carried, the meeting adjourned at 3:50 p.m.

Respectfully submitted,

Sam Ezelle, Secretary
Board of Trustees

Resolution on the Death ofAudreyJ. Brown, PR 2, PR 3, UK-UL Committee Report,
PR 5, PR 6, PR 7, PR 8, PR 9 and PR 10 and Statement of Dr. Oswald on Advisory
Committee to Select Athletics Director which follow are official parts of the Minutes
of the January 12, 1968 meeting of the Board of Trustees.

RESOLUTION ON THE DEATH

DR. AUBREY J. BROWN

The Board of Trustees of the University of Kentucky notes with sorrow the
death of a former member

DR. AUBREY J. BROWN

on January 8, 1968. Educator, economist and friend of agriculture, Dr. Brown
served the University of Kentucky in many capacities, always discharging his
responsibilities with a marked degree of excellence.

He was born in Missouri in July, 1913, and he received his bachelor of
science degree in civil engineering from the University of Illinois. In 1937 he was
awarded his master's degree and in 1946 his doctorate in agricultural economics.
It was in 1938 that he came to the Commonwealth to serve Kentuckians.

On numerous occasions his colleagues named him to positions of leader-
ship and he served with great distinction on the University' s Board of Trustees
representing the faculty. Additionally, he served this institution as a long-time
member of the Athletics Association, from 1951 to the time of his death; during
that same period he was president of the University's chapter of the American
Association of University Professors.

The scope of his influence, however, extended far beyond the campus as
a member of the Board of Directors of the Federal Reserve Bank of Cleveland,
as a member of the Steering Committee of National Marketing Workshops, as a
member of the Editorial Council, American Farm Economics Association, and in
many other capacities.

His scholarship and leadership earned for him still additional honors and
he was awarded membership in such societies as Sigma Xi, Gamma Sigma Delta
and Omicron Delta Kappa. Who's Who in America carried his biography.

As chairman of the Department of Agricultural Economics, he was a strong
influence on thousands of young men and women who came under his ever-thoughtful
direction. After their school days, they continued to seek him out for guidance
and worked with him in the fields of marketing, farm management and agricultural
policy.

Nor were Dr. Brown's abilities confined to these shores. He went abroad
to Spain and to Egypt to examine the markets for burley in those lands.

A few days more than two years ago, in December of 1965, his service
earned him the title of Kentucky Man of the Year in Agriculture, an honor bestowed
by Progressive Farrner magazine.

- 2-

The Board of Trustees, regretting the untimely passing and recalling the
many services to this University, to the Commonwealth and nation, directs that
copies of this resolution be spread upon the minutes of the Board meeting of
January 12, 1968, and be transmitted to the family of Dr. Brown.

Missing report(s)

Office of the President
January 12, 1968

Members, Board of Trustees:

RECOMMENDATIONS OF THE PRESIDENT

I. Financial. Report (See Attachment)

Recommendation: that the financial report covering the five months' period
ended November 30, 1967, be accepted and made a part of the January 12,
1968 meeting.

Background: The letter of transmittal from Mr. Robert F. Kerley is self-
explanatory and indicates that the University is operating on a sound financial
basis.

IL Changes in Investment Portfolio

Recommendation: that the report submitted by Mr. Clay Maupin, Assistant
Treasurer, relative to changes in investments be accepted as presented.

Background: On December 8, 1964, the Board of Trustees authorized the
Treasurer and/or Assistant Treasurer to purchase as well as selland transfer
stocks, bonds, and other securities and investments for and in the name of the
University of Kentucky and to make quarterly reports on both sales and
purchases. The following report is submitted in accordance with the aforesaid
directive.

Changes in the University of Kentucky Investment Portfolio
Fourth Quarter, 1967

Investment Matured

GMAC Note
Amount $1, 000, 000. 00
Cost $995, 937. 50
Dated October 31, 1967
Matured November 30, 1967
Rate 4. 875%
Yield 4. 90%
Term 30 days
Discount $4, 062. 50

-2-

Investment Matured

Re-Investment

Certificate of Deposit #3389
First Security National Bank & Trust Co.
Amount $500, 000. 00
Cost $500, 000. 00
Dated July 13, 1967
Matured October 13, 1967
Rate 5%
Yield 5%
Term 3 months
Interest $6, 250. 00

Investment Matured

Certificate of Deposit #3389
First Security National Bank & Trust Co.
Amount $500, 000. 00
Cost $500, 000. 00
Dated October 13, 1967
Maturing January 13, 1968
Rate 5%
Yield 5%
Term 3 months
Interest $6, 250. 00

Re -Investment

GMAC Note
Amount $1,000,000.00
Cost $992, 163. 19
Dated August 30, 1967
Matured October 30, 1967
Rate 4. 625%
Yield 4. 73%
Term 61 days
Discount $7, 836. 81

Investment Matured

GMAC Note
Amount $1, 000, 000. 00
Cost $995, 937. 50
Dated October 31, 1967
Matured November 30, 1967
Rate 4. 875%
Yield 4. 90%
Term 30 days
Discount $4,062.50

Re-Investment and New Investment

Federal Home Loan
Amount $60, 000. 00
Cost $59, 970. 00
Dated October 25, 1966
Matured October 26, 1967
Rate 6%
Yield 6. 05%
Term 1 year
Interest $3, 630. 00

Certificate of Deposit
Amount $122, 600. 00
Cost $122, 600. 00
Dated October 26, 1967
Maturing January 26, 1968
Rate 5%
Yield 5%
Term 90 days
Interest $1,532. 50

New Investments

GM.AC Note
Amount $100, 000. 00
Cost $99, 227. 08
Dated December 7, 1967
Maturing January 29, 1968
Rate 5.25%
Yield 5.29%
Term 53 days
Discount $772. 92

Banks for Cooperatives
Amount $500, 000. 00
Cost $500, 000. 00
Dated November 1, 1967
Maturing May 1, 1968
Rate 5. 65%
Yield 5.65%
Term 6 months
Interest $14, 125. 00

-3-

Investments Matured

GMAC Note
Amount $500, 000. 00
Cost $498, 072. 92
Dated September 19,
Matured October 19,
Rate 4. 625%
Yield 4. 64%
Term 30 days
Discount $1, 927.08

1967
1967

Certificate of Deposit #3516
Amount $500, 000. 00
Cost $500, 000. 00
Dated July 20, 1967
Matured October 20, 1967
Rate 4. 75%
Yield 4. 75%
Term 3 months
Interest $5, 937. 50

New Investment

GMAC Note
Amount $1, 000, 000. 00
Cost $974, 375. 00
Dated October 19, 1967
Maturing April 16, 1968
Rate 5. 125%
Yield 5. 26%
Term 180 days
Discount $25, 625. 00

Changes. in the University of Kentucky Research Foundation
Investment Portfolio- FourthQuarter, 1967

Investments Matured

Federal Home Loan Bank Bonds
Amount $60, 000. 00
Cost $59, 987. 67
Dated November 27, 1966
Matured November 27, 1967
Rate 6%
Yield 6. 05%
Term I year
Interest $3, 630. 00

Certificate of Deposit #3563
Amount $200, 000. 00
Cost $200, 00,, 00
Dated August 31, 1967
Matured November 30, 1967
Rate 5%
Yield 5%
Term 3 months
Interest $2, 500. 00

Investments Liquidated

U. S. Treasury Bills
Amount $202, 000. 00
Cost $199, 880. 95
Dated August 3, 1967
Maturity Date November 2, 1967
Rate 4. 15%
Yield 4. 26%
Term 91 days
Discount $2, 119.04

U. S. Treasury Bills
Amount $200, 000. 00
Cost $199, 296. 67
Dated October 3, 1967
Maturity Date November 2, 1967
Rate 4. 22%
Yield 4. 24%
Term 30 days
Discount $703. 33