MINUTES  OF  THE MEETING 
t he 
FINANCE  COMMITTEE  OF THE 
STATE  BOARD  OF  AGRICULTURE 

of 

May  2h>  1956 

; The  meeting  of  t he  Finance  Committee  was  h e ld  at  Kellogg  Center  s t a r t i ng  w i th  d i n n er  at  6  p.m* 
The  f o l l o w i ng  members  were  p r e s e n t: 

M e s s r s.  Akers*  Baker>  Brody^  Mueller,  Smith;  P r e s i d e nt  Hannah,  T r e a s u r er  May  and  S e c r e t a ry  McDonel 

A b s e n t:  Mr.  Rouse,  Dr.  Taylor 

Com-  Ji# 

e Report ; 

On motion of Mr. Mueller, seconded by Mr. Brody, it was voted to approve the following investment 
actions as recommended by Mr. Cress and Scudder, Stevens and Clark: 

Amount 

Security 

Pension and Retirement Fund: 

With the proceeds from Maturity of: 

m 

U.S. Savings Bonds Series "F" 
6-1-56 
U.S. Savings Bonds Series "G" 
2|s, 6-1-56 

Approx. 
Price 

Principal 

Income 

Yield 

11 

100 

300 
I31B 

accr. 

$7 
$7 

2.5% 

Plus 1,600 Rights and available each originally earmarked for Ford stock purchase: 

Recommend Subscribing to: 

l60 Shs National Fuel Gass 

(Holding 1,600) 

•»u 

17.75 

$2,8U0 

f?l60 

5.0$ 

and Purchasing': 

2lj.O Shs. National Fuel Gas 

500 Shs. American Airlines 
(Holding 1,500) 
82 Shs. Monsanto Chemical 

(Holding 918) 

20 

§h, 800 

$2bO 

5.o% 

11 

f 1 * 

2k 

hk 

12,000 

$500 

3,608 
$23 ,224.8 

82 
$982 

k.2% 

2.3 

Rackhum Fund: 

With proceeds from Maturity of: 

13000  U.S. Savings Bonds Series "G" 

2|s, 5-1-56 

§21,700 U.S. Savings Bonds Series "G" 

2fs, 6-1-56 

Recommend Purchasing: 

S25,000 U.S. Treasury 2|s, 11-15-61 

(Holding $2,000) 

Jenison Fund: 

With proceeds from Maturity of: 

100 

3,000 

75 

2.5% 

100 

21,700 

Sk2 

2.5 

97 

2l|,250 

625 

3.16$ 

15,900 U. S. Savings Bonds Series »G" 

100 

,900 

11*7 

2.5,¾ 

Recommend Purchasing: 

•16,000 U.S. Treasury 2|s, 11-15-61 

97 

5,820 

i5o 

3.16% 

Also with 300 Rights and available cash, recommend subscribing to: 

30 Shs National £uel Gas 

(Holding 300) 

II 

Consolidated investment Fund 

17.75 

532.50 

30 

5.0$ 

Recommend selling to the Pension & Retirement Fund for cash: 

$7,000  U.S.  Savings  Bonds  S e r i es  "G" 

2 | s,  5-1-58 

(of$12,000) 

97.90 

S6,853 

175 

2.1 

i 

i 

i 

;Finance  Com-
jmittee  Report 

Finance  Committee Meeting, continued 

Consolidated  Investment  Fund,  e o n t. 

P l us  Proceeds  from  M a t u r i t i e s: 

^200  U.  S.  Savings  Bonds  S e r i es  "G" 

100 

200 

&L00  U.S.  Savings  Bonds  S e r i es  "G" 

2 | s,  6-1-56 

Recommend  p u r c h a s i n g: 

100 

100 
$77153 

5 

182 

2.5% 

2.Q# 

Up  to  160  Shs  United  Air  Lines 

$1.50 

ItO 

6,Uoo 

2ii0. 

3.856 

P l us  s u b s c r i b i ng  w i th  cash  p l us  300  R i g h ts 

t o: 

30  Shs  N a t i o n al  Fuel  Gas 

(Holding  300) 

$1 

S p a r t an  Fund: 

Recommend  p u r c h a s i ng  w i th  a v a i l a b le  cash: 

1 7 . 75 

> 32.50 
$ 6 , 9 3 2 . 50 

30 
^270 

5 ,0 

k0 

United  A i r c r a ft 

S3 

71 

$2,81|0 

| 1 20 

k.2% 

2.  On  motion  of  Mr*  Baker,  seconded  by  Dr.  Smith, 

it  was  voted  to  approve  t he  f o l l o w i ng  p r o j e c ts 

and  fund  t r a n s f e rs 

to  be  p a id  f or  w i th  y e ar  end  b a l a n c e s: 

1. 
2. 
3. 
k. 
5. 
6. 
7. 
8. 
9. 
10. 
11. 
12. 
13. 
iU. 

15. 
16. 
•17. 
18. 
19. 
20. 

Alterations  in Quonsets  for Police Administration and Public Safety 
Two. way radio in Buildings and-Utilities  Xrucks. GgOCD).. 
Compressed gas storage for Chemistry 
Improve lighting in Agricultural Hall, Room 1*09 
improve lighting Veterinary Hospital and Anatomy 
Renovate Music Practice  Building 
Alterations Electrical Engineering for Electric  Computer 
Dunbar Station — w a t er  system and bath house 
Convert Buildings and  Utilities Shop Elevator to Alternating  current 
Transformers for  Agricultural Building to replace  overloaded units 
Department  of Chemistry-nuclear magnetic resonance  spectrometer 
Department of Physics;;— Cryostat,,liquid  helium machine 
Purchase of equipment  for film production laboratory, Audio  Visual Aids 
Agricultural dictionary—completion  (balance of this direct  cost to be 
taken care of through Agricultural Experiment  Station) 
Site work around  old library 
Giltner Hall parking area 
Landon-Mayo parking  area 
West  Circle Drive-Beal Street entrance  alterations 
Exit  Kalamazoo and Harrison parking lot 
Lighting  on campus: 
Mason-Abbot area 
Mayo-Williams area 
Farm Lane area 

Shaw Lane area 

^3*300 
1,080 
8,750 
3*500 
810 

$16,600 
li*650 
3,100 
2,300 
5*UU0 
5*li50 
10,100 
23,500 
5*000 
5*000 
25*000 
25*000 
25,000 

10,000 
25*3^0 
2,500 
U*9Q0 
ii,800 
750 

21. 
22. 
23. 
2U. 
25. 

Library to river 
Name signs for buildings 
Red  Cedar Dam repairs 
Walk repairs and additions throughout  campus 
20 tennis courts south of stadium 
Transfer to Land Purchase Account  (this includes $133*000 to 
cover land purchase authorized by the Board through the April Board meeting) 215,000 

17*Ux0 
k,800 
6,800 
16,625 
l> 0,000 

3.  The Board next  considered  the long time need for additional lands for future development. 

On motion of Mr. Akers, seconded by Dr. Smith, it was voted to authorize the eventual acquisition 
of all of the land between Hagadorn Road on the east and Pine Tree Road  on the west and north of 
Sand Hill Road.  This in effect extends the eventual southern boundary  of University property 
from Cavanaugh Road to Sand Hill Road.  It is understood  that this land will be acquired over a 
period of years as it becomes available. 

1|.  Vice President Hamilton reported  on the recent Gull Lake Conference  of a group of University 

administrators and staff. 

After considerable discussion  on many  subjects, it was tentatively  decided to hold a three-day 
conference  of  this Board at txhe Kellogg Biological Station some time  during  the coming fall. 

5.  3¾ was agreed that effective with the next budget year Mr. Lee  Carr will be shown on our 

Approval ac 
quisition of 
additional 
land 

| Report of C^ull 
iLake Conf. 

Lee  Carr to be 
Legal Adviser 
To StateBd. 

records as Legal Adviser  to the State Board of Agriculture  and University Attorney at an annual  and Univ. 
compensation of $10,000 per year. 

Attorney 

Adjourned^