3544] MINUTES OF THE MEETING of the FINANCE COMMITTEE OF THE STATE BOARD OF AGRICULTURE November 18, 1955 The meeting of the Finance Committee was held at Kellogg Center starting at 6 p.m. with dinner* The following members were present: Messrs. Akers, Brody, Mueller, Rouse, Smith; Miss Jones; President Hannah, Treasurer May and Secretary McDonel Absent: Dr* Taylor 1.. Recommendation fromScudder, Stevens and Clark that the following investments be made; finance \ Committee j Recommendatioj ns Pension and Retirement Fund Purchase: 250 Rights and 80 shares Commonwealth Edison © approximately 500 shares American Airlines @ approximately 100 shares American Can © approximately 1200 shares Merck & Company isi approximately l600 shares National Fuel Gas @ approximately iiOO shares Pacific Gas and Electric @ approximately §3,000 12,000 li,500 30,000 32,000 20,l,i00 T o t al $ 101,900 Consolidated Investment Fund Transfer to Pension and Retirement Fund: U. S. Savings Bonds Series G Purchase: 80 shares First National City Bank @ approximately 200 shares Merck & Company @ approximately 3OO shares National Fuel Gas @ approximately 16,276 5,01L0 5,000 6,000 Total $ 16,QUO Jenison Fund Transfer to Pension and Retirement Fund: U. S. Savings Bonds S e r i es G. P u r c h a s e: 300 shares American Airlines @ approximately 20 shares of American Natural Gas @ approximately 100 shares Kroger © approximately 300 shares Merck & Company ©approximately 300 shares National Fuel Gas @ approximately 50 shares Standard Oil of Indiana @ approximately 100 shares Union Electric Missouri © approximately 32,000 7,200 1,200 U,200 7,500 6,500 2,500 3,000 'crest Akers Fund Purchase: T o t al $ 31-600_ 1 Right and subscribing with lit7 Rights plus cash to 21 shares Rochester Gas and Electric 885 shares National Bank of Detroit IDD0 Fotal 8i;0 62 902 Spartan Fund Purchase: 50 shares American Natural Gas @ approximately $60 15 shares American Telephone & Telegraph ® approximately $182 60 shares Consolidated Edison of New York © approximately 50 50 shares First National City Bank © approximately $63 50 shares Shell Oil © approximately $62 Total 3,000 2,730 3,000 3,150 3,100 $ lij.,980 On motion of Mr* Akers, seconded by Mr, Mueller, it was voted to approve this recommendation, and the Comptroller was authorized to make the necessary transfers and purchases* November 18, ±955 mm FINANCE COMMITTEE MINUTES, continued: 2. Secretary"McDoriel.and Lee Carr reported completion of an option to purchase the Clever farm as previously authorized to be paid for $5>0,000 January 6 and $50,000 per year until paid without interest, to be charged to Auxiliary Enterprises revenue* Finance Committee recommenda tions On motion of Mr. Brody, seconded by Mr. Rouse, it was voted to approve the above item* 3» The President reported on negotiations with Morley Brothers and the John Deere Company with reference to the land that they own adjacent to the Clever farm. On motion of Mr. Mueller, seconded by Mr.Brody, it was voted to authorize the President and officers to complete negotiations as outlined, including the possibility of exchanging a site for a railroad siding with Morley Brothers and the Grand Trunk Railroad on the east side of Harrison Road. i\ f\ /\ *\ f\ S\ / \ V\ >* /\ vC* /% A A A A /I A A A A MIMJTES OF HiE MEETING of the STATE BOARD OF AGRICULTURE November 19, 1955 Present: Mr. Brody, Chairman; Messrs. Mueller, Rouse, Smith: Miss Jonesj President Hannah, Treasurer May and Secretary McDonel Absent: Mr. Akers, Dr. Taylor The meeting was called to order at 9:30 a.m. The minutes of the October meeting were approved. SPECIAL MISCELLANEOUS 1, Approval of the Report of the Finance Committee on the preceding pages. On motion of Mr. Mueller, seconded by Dr. Smith, it was voted to approve the recommendations of the Finance Committee. j Approval j of Finance j Committee | Report cir. TV courses. j Contract for I alt. Hospital ilet to Corr | $10,000 app. 2. Dean Muelder and Dean Osgood appeared before the Board to discuss our application for membership j f°r partici- in the Midwestern Universities Research Association. This involves an appropriation of $10,000. ! pation in On motion of Mr. Mueller, seconded by Miss J o n e s, p a r t i c i p a t i on in MJRA. This a c t i on a u t h o r i z ed t he $10,000 payment at t h is it was voted to e n t h u s i a s t i c a l ly endorse f u ll t i m e. | MJRA j I ¢30 0li9 I approp. to 3. m accordance with previous action of the Board, plans have been made to offer some experimental \ offer closed courses on the campus using closed circuit television, beginning with the winter term. An appropriation of $30,Olj.9 is required to be spent as follows: Purchase and installation of television equipment Local installation, maintenance, and operations cost Equipment and part-time help, Chemistry Department $ 2ii,839.10 2,589-00 2,600.00 On motion of Dr. Smith, seconded by Mr. Rouse, it was voted to approve the above item. ii. Bids were taken covering the construction of the addition and alterations to the Olin Memorial Health Center on November 15 * as follows: Francis J* Corr, Inc. The Christman Company Spence Brothers Geo. W. Lathrop & Sons, Inc. Seth E. Gem & Associates $1,318,900 1,351,000 l,38ii,000 1,U7,777 l,ii?6,000 It is recommended that the Board approve awarding the contract to the 1 ow bidder subject to the approval of the Federal Housing and Home Financing Agency. On motion .of Mr. Brody, seconded by Mr* Mueller, it .was voted to approve the above recommendation. 5. Ray GIffels, of Giffels.and Vallet, architects and engineers of Detroit, appeared before the Board with tentative sketches and designs for the first units of the buildings for the College of Engineering south campus development. jPreparation j of plans and ispec. author ized for jEngr. bldg. On motion of'Mr. Mueller, seconded by Mr. Rouse, it was voted to approve the tentative plans and sketches as presented and to authorize the preparation of plans and specifications. 6e The special session of the legislature approved the establishment of a Highway Safety Center and appropriated $177*000 to carry forward its work from January 1, 1956 through June 30, 1956. It is recommended that the Board authorize the establishment of this Center and the employment of the Director and necessary personnel, all to be kept within the funds appropriated. Highway Safety: Center estab. at MSU j On motion of Miss Jones, seconded by Mr. Mueller, it was voted to approve the above recommendation fro | establish a Highway Safety Center at MSU and to authorize the employment of a Director and other necessary personnel.