MINUTES OF THE MEETING of the FINANCE COMMITTEE OF THE STATE BOARD OF AGRICULTURE' April 19, 1956 8007 The meeting of the Finance Committee was held at Kellogg Center starting with dinner at 6 p.m. The following members were present: Messrs. Akers, Baker, Brody, Rouse, Smith; President Hannah, Treasurer May and Secretary McDonel Absent; Mr. Mueller^ Dr. Taylor 1. On motion of Dr. Smith, seconded by Mr. Rouse, it was voted to approve the recommendations of • Finance Mr. Cress and Scudder, Stevens, and Clark for the purchase and sale of securities at market value j Committee and Mr. Philip J. May,. Treasurer, is hereby authorized to execute any and all certificates to effectuate and carry out the sale of said securities. ! Recommenda- j tions Pension and Retirement Fund Security Shares Approx. Price Principal Income Yield in order to improve individual values, recommend selling: i 1,000 ij.20 Pacific Gas & ^lectric Pittsburgh Plate Glass i$2.20 2.50 and purchasing: 200 200 600 Gas American Natural (Holding 600) Merck & Company (Holding 1,300) Tampa Electric 2. 20 80 00 i. Hold for future investment 53 90 62 28 28 Spartan Fund Recommend purchasing with cash of $3,000: $53,000 37,800 90,800 $2,200 1,050 3,250 hhO 160 1,600 12,1+00 5,600 Ii.li, 800 2 8 , 0 00 90,800 2.7 3.5 2.9 3.6 I4O National Steel I;. 00 75 3,000 160 5.3 Consolidated Investment Fund Recommend canceling the limit order to purchase 160 Ohio Oil at I4.O or better. For the March and April stock purchase programs totaling about $12,000, selling to the Pension and Retirement Fund for Cash: 12,000 U. S. Savings Bonds Series "G"* 2|-5-l/8 (of $21*,000) 98 11,760 300 ---including $6,000 recommended for March, make sale In &3,000 amount, Ef sufficient cash not available, 100 ho 100 50 and purchasing: C.I.T. Financial Corp. Deere & Company (Holding 160) Merck & Company (Holding 200) National Steel (Holding 50) 2 .65 1 .75 .80 .00 h he 30 28 75 1>,600 1,200 2,800 3,750 312,350 265 70 80 200 56X5 5.7 5.8 2.9 5.3 2. On motion of Mr. Akers, seconded by Mr. Baker, it was voted to approve the recommendation of Mr, May and Mr. Cress to authorize the investment of investment funds in a first mortgage bearing 5^-/0 interest on a to-be constructed building on Grand River Avenue in Detroit between Seven Mile and Eight Mile Roads to be occupied by a Howard Johnson Restaurant and in the amount of $85,000; all legal documents to be subject to the approval of the Board attorney, Mr. Carr* 3» On motion of Mr. Akers, seconded by Mr. Brody, it was voted to approve, subject to review by the Board attorney, Mr. Carr, the resolution submitted by Mr* Cress covering the term loan agreements and other necessary transactions completing the borrowing of the necessary funds for the addition to the football stadium now under construction. The resolution: in full will be included in the official minutes* The amount of this loan is $i"00,000 and the interest rate at 2-3/h% . See pages 361Q and,3611i for Resolution in full. Finance Com- mittee Recommenda- tions. FINANCE COMMITTEE MEETING, continued April 19, I95o U. On motion of Mr. Akersr seconded by Mr. Rouse, it was voted to approve and authorise payment to the Ann Arbor Trust Company of the following accounts: a* 176 Units Married Housing $1,700,000 3/8 of IS on #1,300,000 1/8 of 1% on $ 1.00,000 b. Music Building Addition 3/8 of 1% on $ [[00,000 500 65,375 Ql,500 $ ij.00,000 In addition to the above fee, there will be expenses of S9'i|2.25 for printing the bonds and §850 for legal fees. Ralph H* Yourg scholarship established 5. On motion of Mr. Rouse, seconded by Dr. Smith, it was voted to approve the terms of an option and lease as prepared by Mr, Carr for a 10-acre parcel of land from Mr. Frank Parr. : 6. On motion of Dr. 5mith, seconded hj Mr. Rouse, it was voted to approve the recommendation of the Michigan State University Development Fund, Mr. Keesler, and Assistant Dean Scott authorising the establishment of Ralph H. Young Scholarships. All funds are to be handled through the Comptroller's Office, and all scholarships are to be awarded through the Scholarship Office. 7* Mr. Varner reported in detail on the actions taken by the Michigan legislature of concern to this Board. , Approval of j ^salary adjust-! ments for I personnel on Board appts. 8. On motion of Mr. Erody, seconded by Dr. Smith, it was voted to approve the recommended changes in salaries for faculty and other personnel holding Board appointments as presented by the President. These adjustments are made possible by the action of the legislature providing a total of S5l9,u65 for salary and wage adjustments for the current fiscal year, and are to be effective as of February 1, 1956- This action does not cover the classified personnel who are to be covered in a separate recommendation to be presented to the Board. MINUTES OF THE MEETING of the SiATii BOARD CF AGRICULTURE April 20, 1956 Present: Messrs. Brody, Chairman: Akers, Baker, Rouse, Smith; Dr. Taylor, President Hannah, Treasurer May and Secretary McDonel \ Absent: Mr. Mueller The meeting was called to order at 10:00 a.m. The minutes of the March meeting were approved. i SPECIAL MISCELLANEOUS : 1. Approval of the Report of the Finance Committee on the preceding pages. I On motion of Mr. Brody^ seconded by Mr. Rouse, it was voted to approve the above mentioned Report •:of the Finance Committee. :2. The following staff promotions are recommended to be effective July 1, 1956: To Professor Agriculture: Gerald Quackenbush-Agricultural Economics Donald P. Watson - Horticulture To Professor Wilma Brewer - Foods and Nutrition Dena F. Cederquist-Foods and Nutrition .'Approval of staff promo- tions to be effective July 1, 1956 Basic College: Edward Carlin - Social Science Thomas H. Greer - Humanities Alfred Novak - Natural Science Orden C. Smucker - Social Science John Winburne - Communication Skills Business and Public Service: Walter Adams-Economics ---Ralph Turner-Police Administration Education: Lawrence Borosage-Vocational Education John A. Fuzak - Vocational Education William Hicks - Teacher Education ^-Acquires tenure with this promotion. Science and Arts: Robert Brown - History Richard Dorson - History Gciner L. Jones - Music Leonard Jungwirth - Art Leo Katz - Statistics Donald Montgomery - Physics and Astronomy R. Keith Stein - Music Romeo J. Tata - Music George B. Wilson - Botany and Plant Pathology Veterinary Medicine: Ralph D. Earner - Animal Pathology W. D. Collings - Physiology and Pharmacology "Walter Mack - Microbiology" and Public Health ;••.! m