2100! 

Minutes of the 
Special Meeting of the State Board of Agriculture 

March 7, 1945 

Present: 

Mr. Berkey?  Chairman; Messrs. Armstrong, Brody; Miss Jones; President Hannah, Trea 
surer Wilkins and Secretary McBonel 

•I Absent:  Mr. Akers, Mr. McPherson: Dr. Elliott 

I The Board convened for dinner in the President's dining room at the Union at 6:00 p.m. and the 
I meeting was called to order in the Board Room at 8:15 p.m. 

: The meeting was called for the specific purpose of considering the possibility of refinancing the 

\  and the first callable date is April 1, 1945. 

Refinancing  ? outstanding bond issues on the Auditorium and Gymnasium-Fieldhouse,  The existing bonds bear  3% 
outstanding 
bond issues  ; 
on Auditorium;  The offer of Braun, Bosworth & Company and.Stranahan, Harris & Company, represented by Mr. A. P.. 
and Pyrnnasi- I Li ska and Mr, Andrew Starrett, was presented in writing and read by the President to the Board. 
ma-Field- 
house. 

j Mr; Liska made a brief statement, 
! 
I Mr. Earl Cress of the &nn Arbor Trust Company then appeared before the Board and presented a pro-
: posed schedule for refinancing including an offer by the First of Michigan Corporation.  After some 
\  discussion Mr. Cress was excused* 

j The proposals were not easily comparable inasmuch as the Braun, Bosworth & Company proposal in-
\  eluded the provision that all maturities prior to April 1, 1952 were non-callable and those beyond 
\  that date were callable April 1, 1946 at a premium of 101.  The schedule of charges differed for 
\  the two offers but when reducing both proposals to a net basis* the First of Michigan Corporation 
I proposal represented a net; interest rate of 1,20.  The Braun, Bosworth & Company proposal repre-
I sented a net interest rate of 1.2241. 

! On motion of Mr. Berkey, seconded by Miss Jones, it was voted to proceed vdth the refinancing and 
! to proceed-with the calling of the existing bond issues on April 1, 1945»  The President, Secre-
; tary and Comptroller are authorized to take such preliminary steps as are necessary to consummate 
I the desires of the Board with the understanding that the proper resolutions in final form, after 
•j approval" by the l college' attorney, "Byron E„: Ballard,- will be- acted upon :by the regular-meeting of 
I the Board on March 155 1945«  'The offer of the First of Michigan Corporation was accepted* 
i 

j Mr. McPherson is in Butterworth Hospital, Grand Rapids, Michigan, and Mr. Akers is in Florida. 
I The President reported that word had been received from each of them endorsing the proposed re-
J! financing. 

The meeting adjourned at 10:00 p*m. 

Secretary