xt7v154dp467 https://exploreuk.uky.edu/dips/xt7v154dp467/data/mets.xml Lexington, Kentucky University of Kentucky 19691518 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, 1969-15-nov18-ec. text Minutes of the University of Kentucky Board of Trustees, 1969-15-nov18-ec. 1969 2011 true xt7v154dp467 section xt7v154dp467 









      Minutes of the Meeting of the Executive Committee of the Board of Trustees
of the University of Kentucky, Tuesday, November 18, 1969


      The Executive Committee of the Board of Trustees met in accordance with
the request of the Board of Trustees on Tuesday, November 18, 1969 at 2:00
o'clock in the Board Room of the Administration Building on the University campus
with the following members present: Mrs. Lucile T. Blazer, Mr. Richard E.
Cooper, Dr. Harry Denham, and Mr. Robert H. Hillenmeyer. Absent was Mr.
Albert G. Clay. President Otis A. Singletary, Dr. Alvin L. Morris, Dr. Lewis
W. Cochran, Dr. Glenwood L. Creech, Mr. G. J. Ruschell, Dr. Donald B. Clapp,
and Mr. John C. Darsie were in attendance. Mr. C. W. Grafton and Miss Lillian
Fleischer, Bond Counsel, were in attendance as were members of the various news
media:.


      A. Meeting Opened

      Mr. Hillenmeyer, who presided in the absence of the Chairman, called the
meeting to order at 2:12 p. m. Following the invocation pronounced by Dr. Denham,
the Secretary reported a quorum present and the meeting was declared officially
open for the conduct of business at 2:14 p. m.


      B. Minutes Approved

      On motion by Mr. Cooper, seconded by Dr. Denham, and passed, the
reading of the Minutes of the October 21, 1969 meeting of the Board of Trustees
was dispensed with and the Minutes were approved as published.


       C. President's Report to the Trustees

       President Singletary said in the interest of conserving time, he would not
discuss the items in PR 1, the President's Report to the Trustees, but expressed
the hope that the members would read the report at their leisure. The report was
accepted with thanks by the Chairman and ordered filed,


       D. Recommendations of the President (PR 2)

       There were only two items in PR 2, Recommendations of the President,
one of which was a routine approval of members in the Graduate Faculty. The
other recommendation related to the appointment of Mr. Philip J. Brunskill,
Acting Director of Development, as Director of Development, effective immedi-
ately. President Singletary mentioned that Mr. Brunskill's appointment had the
full endorsement of members of the University of Kentucky Development Council




 










and of his immediate superior, Vice President Creech, as well as Dr. Singletary's
own approval.

       On motion by Mr. Cooper, seconded by Mrs. Blazer, and without dissent,
PR 2 was approved as a whole and ordered made an official part of the Minutes.
(See PR 2 at the end of the Minutes.)


       E. Temporary Financing for $4, 290, 000 of Revenue Bond
Anticipation Notes Authorized (PR 4)

       Mr. Ruschell called attention to the background statement in PR 4 which
explained the reason why temporary financing of $4, 290, 000 of Revenue Bond An-
ticipation (Second Renewal) Notes was needed and recommended that the Board
approve the method of providing funds until the Department of Health, Education
and Welfare could deliver funds to cover their bid on these notes in February 1970.
Dr. Denham moved approval of the recommendation in PR 4. His motion was
seconded by Mr. Cooper, and without dissent it was so ordered. (See PR 4 at the
end of the Minutes. )


       F. Bids on Revenue Bond Anticipation Notes

       Mr. G. J. Ruschell, Acting Vice President - Business Affairs andTreasur-
er, announced that the following bids had been received for the University's
$28, 800, 000 Revenue Bond Anticipation (Renewal) Notes, dated December 11, 1969,
maturing December 14, 1970:

       (a)  Chemical Bank
            $28, 800, 000 at par for 6. 50%

       (b)  Bankers Trust Company
            $10, 000, 000 - 6. 45% par plus premium $275. 00

       (c)  Second National Bank
            $200, 000 at par for 6. 40%
            $200, 000 at par for 6. 30%
            $100, 000 at par for 6. 25%o

       Mr. G. J. Ruschell, Acting Vice President - Business Affairs andTreasur-
er of the University, recommended that the bids on the $28, 800, 000 in Bond
Anticipation Notes from the following firms be accepted and that Chemical Bank,
New York, New York, be designated as Paying Agent:

       $18, 300, 000 to Chemical Bank at par for 6. 50%

       $10, 000, 000 to Bankers Trust Company at par for 6. 45% plus
         premium $275. 00




 







3



       $200, 000 to Second National Bank at par for 6. 40%
       $200, 000 to Second National Bank at par for 6. 30%
       $100, 000 to Second National Bank at par for 6. 25%

       Upon motion of Dr. Denham, seconded by Mrs. Blazer, the Executive
Committee unanimously voted to accept Mr. Ruschell's recommendation as to the
award of bids, the notes to be issued in such denominations (each a multiple of
$5, 000) as the purchasers may request.


       G. Budget Revisions for 1969-70 Approved (PR 6)

       President Singletary indicated that the budget revisions in PR 6 were
routine and recommended approval.  On motion by Dr. Denham, seconded by Mr.
Cooper, and passed, the budget revisions recommended in PR 6 were authorized
and approved. (See PR 6 at the end of the Minutes.)


       H. Memorandum of Understanding and Deed of Conveyance
Approved (PR 7)

       Mr. Ruschell explained that the recommendation to execute a Memorandum
of Understanding and a Deed of Conveyance pursuant thereto between the University
of Kentucky and the Department of Highways for certain property on the University's
South Farm at the intersection of Higbee Mill and Nicholasville Roads to permit the
widening of the intersection had the approval of all concerned.

       On motion by Mr. Cooper, seconded by Dr. Denham, and passed unanimous-
ly, the recommendation in PR 7 was approved. (See PR 7 at the end of the Minutes.)


       I. Meeting Adjourned

       The Chairman, having first determined that there was no further business to
come before the meeting, called for a motion for adjournment. Adjournment was
moved by Mr. Cooper and seconded by Mrs. Blazer. Without objection the meeting
was adjourned at 2: 30 p. m., Eastern Standard Time.

                                               Respectfully submitted,




                                               Lucile T. Blazer, secretary

(PR 2, PR 4, PR 6 and PR 7 which follow are official parts of the Minutes of the
November 18, 1969 meeting of the Executive Committee of the Board of Trustees. )




 



Missing report(s)




 






                                                          Office of the President
                                                          November 18, 1969


                                                          PR           2

    Members, Executive Committee, Board of Trustees:

                   RECOMMENDATIONS OF THE PRESIDENT

    I. Graduate Faculty Appointments

        Recommendation: that approval be given to the following persons for member-
        ship in the Graduate Faculty.

        Background: The persons whose names appear below have been appointed by the
        Board of Trustees and are now eligible for membership in the Graduate Faculty.

             Betty Jean Brannan - Professor of Home Economics
             James G. Coke - Professor of Planning
             Harold H. Traurig - Associate Professor of Anatomy


   II. Appointment of Director of Development

       Recommendation: that Mr. Philip J. Brunskill, presently acting director of
       development, be appointed director of development, effective immediately.

       Background: Since the resignation of Mr. Leonard L. Wilson as director of
       development on April 30, 1969, Mr. Brunskill has served very ably as acting
       director.

       His experience in the Office of Development also includes three years as
       associate director, in which capacity he was responsible for promotion of
       corporate and foundation gifts, for special publications utilized in the develop-
       ment program, and the special gifts program.

       Before joining the University's development staff in 1966, Mr. Brunskill was
       employed successively as an advertising specialist of United Air Lines, as
       assistant to the vice president and treasurer of Wittenberg University in Ohio,
       and as alumni field secretary for the University of Michigan. He holds the
       bachelor s degree in business administration from Michigan, and has com-
       pleted graduate studies there and at Wittenberg.

       Members of the University Development Council, at their meeting on campus
       last month, endorsed Mr. Brunskill for the position of director of development
       and recommended that he be appointed to that post by the Board of Trustees.

Action: Approved'     X     Disapproved            Other

Date:  November 18, 1969




 








                                                         Office of the President
                                                         November 18, 1969





    Members, Executive Committee. Board of Trustees:

        AUTHORIZATION FOR TEMPORARY FINANCING OF $4, 290, 000 OF
             REVENUE BOND ANTICIPATION (2nd RENEWAL) NOTES


    Recommendation: that the Board authorize a temporary advance of
    $1, 290, 000 from University funds for redeeming a portion of the
    $33, 200, 000 in Bond Anticipation Notes which mature in December,
    1969 and that the Board appropriate $22, 500 for payment of interest
    on a $3,000, 000 advance of funds in the Series "C" Bonds. Further,
    that the Vice President for Business Affairs be authorized to execute
    an agreement for the temporary loan of $3, 000, 000.

    Background: The $33, 200, 000 in Bond Anticipation Notes matures
    December, 1969 and must be redeemed. For redemption, the Board
    has accepted bids on $4, 290, 000 from the United States Department
    of Health, Education and Welfare and has advertised for bids on
    $28, 800, 000 in new Bond Anticipation Notes. The need for this
    action arises from the fact that the United States Department of
    Health, Education and Welfare cannot deliver funds until approximately
    February 1, 1970. That Department has agreed to advance $3, 000, 000
    at a 3% interest rate. The $1, 290, 000 advance from University funds
    is the difference between the $4, 290, 000 Bond Issue and the $3, 000, 000
    advance.

    The interest will be an offset. The accrued interest on the $4, 290, 000
    would have been paid from University funds during this period if the
    sale had been made as anticipated.













Action: Approved     X      Disapproved             Other



Date:   November 18 , 1969




 















Members, Executive Committee, Board of Trustees:


                      1969-70 Budget Revisions



Office of the President
November 18, 1969



WKR          ,c



Recommendation- that the following
rized and approved.



revisions in the 1969-70 budget be autho-



App roved
Budget



Revised
Budget



Change



A. Restricted Funds
        1. Income estimates



$ 3,370,268



$ 3,401,768



2. Expenditures
      General Expenses

      Agriculture
      Agricultural Eco-
         nomics
       Agricultural Engi-
         neering



3. Comments - The increase in General
   Haggin Fund. Additional income has
   other proposed expenditures.



Expense is to come from the
been received to support the



B. Auxilia
        1.



ry Funds
Income estimates
    Community College
       Bookstores



$   651, 281



$   748, 618



2. Expenditures
       Community College
          Bookstores



651, 281



748, 618



97, 337



3. Comments - The additional expenditures will be funded from income
   carried forward from the prior year.



$  31, 500



40, 000



   100

 -0-



52, 500



4, 100

15, 000



1 2, 500



4, 000

1 5, 000
31, 500



$ 97, 337




 










Page 2



C. General Funds
        1. Income estimates
                Fund Balances



$ 4,285,000



$ 4,412,000



Student Fees
Miscellaneous



        Federal Appropriation
        Agricultural Cooper-
          ative Extension

2. Expenditures
        University Hospital
          Equipment and
            Renovation

        Pharmacy
          Continuing Education

        Agricultural Coopera-
          tive Extension
            Appalachian Com-
              munity Impact
              Project



127, 994



3, 071, 890





  250, 000


    -0-






    -0-



137, 994



3, 119, 492





  377, 000


  10, 000






  47, 602



10, 000



47, 602





127, OOQ


10, 000






47, 602
184, 602



3, Comments - Additional federal funds have been received in support
    of the Appalachian Community Impact Project. Additional student
    fee income is anticipated in support of the Continuing Education pro-
    gram in the College of Pharmacy. It is proposed that general fund
    balances be appropriated in support of the equipment and renovation
    needs of the University Hospital.



Action: Approved       X



Disapproved



Date:   November 18    , 1969



$ 127, 000



Other




 










Office of the President
November 18, 1969



Members, Executive Committee, Board of Trustees:



      AUTHORIZATION TO EXECUTE DEED OF CONVEYANCE TO
                      HIGHWAY DEPARTMENT



Recommendation: that the Executive Committee of the Board of Trustees
authorize the Acting Vice President-Business Affairs and Treasurer to exe-
cute a Memorandum of Understanding to the Department of Highways and a
Deed of Conveyance pursuant thereto.


Background: The Department of Highways has requested permanent and tem-
porary easements over the University's South Farm property in the vicinity
of the intersection of Higbee Mill and Nicholasville Roads. Plans call for the
widening of the intersection so as to provide adequate turn lanes.

The Memorandum of Understanding requires the Department of Highways to re-
place, in kind, all existing woven wire and wooden fences with new materials.

This project has been reviewed and approved by Charles E. Barnhart, Dean
of the College of Agriculture.



Action: Approved    X      Disapproved



Othe r



Date: November 18 , 1969



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