MINUTES OF THE MEETING OF THE FINANCE COMMITTEE February 19, 1959 The Finance Committee convened at Kellogg Center at 7:00 a.m. for breakfast. Folio-wing breakfast, the meeting took place. Messrs. Brody, Harlan, Rouse, Smith, Stevens, Dr. Bartlett; President Hannah, Treasurer May and Secretary McDonel Absent: Mr. Vanderploeg Investment recommenda- tions 1. Recommendation from Scudder, Stevens & Clark and Mr. Cress that the Board authorize the pur- chase for the Consolidated Investment Fund of' $3>000 U. S. Treasury 3~5/8s, due May 15, 1961. These bonds are available at 992 to yield 3»83$* On motion of Mr. Brody, seconded by Dr. Smith, it was voted to approve the above recommendation. 2. Mr. May distributed the semi-annual report of Scudder, Stevens & Clark. It is recommended that the Board settle their fee for the 1959 calendar year at this meeting. On motion of Dr. Smith, seconded by Mr. Harlan, it .was voted to approve payment of the fee of $9,996 to Scudder, Stevens and Clark for the calendar year 1959• 3. One of the assets of the Owen estate was a frame residence in Detroit which Mr. Owen had been unable to sell. The house is located in one of the poorer districts in Detroit, and the property is being abused by its neighbors. It is recommended that the Board authorize the sale of this property to Mr. Roosevelt Kennedy at a purchase price of $6,000 with a down payment of $100, interest at 6$ on the unpaid balance, and monthly payments of $55 per month, with all insurance, taxes, and property maintenance taken care of by the purchaser. On motion of Mr. Stevens, seconded by Mr. Brody, it was voted to approve the above recommendation. h* Communication from Mr. May, as follows: At the October 195$ meeting I presented a revised plan for the financing of the 800-unit married student apartment project. This revised plan was intended to facilitate the public sale of bonds for half of the project cost. I requested authority to sign the amended loan agreement, and the Board approved such request• Although we had assurances that the loan agreement would be approved, it has taken over three months to actually get an amended loan agreement; and I am now advised that the authority granted at the October Board meeting will not be sufficient to enable me to sign the amend- ment dated February 1, 1959 • For the record, the loan agreement now covers only the $3,750,000 bond issue which the govern- ment agrees to purchase. Terms of the bond are as follows: a. Bonds will be dated July 1, 1957• b. Principal Amount: $3,750,000 c. Denomination: $1,000 d. Type: Negotiable, serial, coupon bond, payable tobearer. e. Interest Rate: 2-7/®$ per annum, payable semi-annually on January 1 and July 1 in each year. f. Bond Retirement Schedule: Maturities as of July 1, in years and principal payments Approval amended loan agreement and resolu- tion re: financing of 800-unit married stud- ent project. Ysar(s) 1960-61 1962-63 196^-66 I967-69 1970-71 1972-73 197^-76 g- h. as follows: Principal Payment $55,000 60,000 65,000 70,000 75,000 80,000 85,000 Year (s) 1977-78 1979 1980-81 1982-83 1984 1985-86 1987 Principal Payment $90,000 95,000 100,000 105,000 110,000 115,000 120,000 Year (s) 1988-89 1990 1991 1992-93 199^ 1995 1996 1997 Principal Payment $125,000 130,000 135,000 140,000 145,000 150,000 155,000 160,000 Bond Numbers: Securitv: A £ 1 to 3750, inclusive roecial obligation of , in order Ttorrox-rer ss of maturity. 'cured "bv a first. 1 y 1 p>r) or* p/nd Til P>I pg net revenues derived from the operation of the Project apartment buildings identified as buildings numbered 1523 to 1525, both inclusive, 1550, 1551* 15^5, 157^, both inclusive, l6l2 to 1632, both inclusive, said buildings being designed to contain 192 one-bedroom units and 208 two-bedroom units (hereinafter called the "Pledged Apartment Facilities"). Place and Medium of Payment: Payable as to both principal and interest at the principal office of the Trustee to be designated in the Indenture securing the Bonds, or, at the option of the holder, at a bank or trust company, in the Borough of Manhattan, City and State of Hew York,, in any coin or currency which, on the respective dates of payment of such principal and interest, is legal tender for the payment of debts due the U.S.A. Registerability: Registerable, at the option of the holder, as to principal only. 1 & I I I 1 1 Finance Committee Meeting Minutes, continued km Communication from Mr. May, continued: February 19, 1959 4099 k. Redemption Features: Bonds numbered 1 through ^95 inclusive, maturing July 1, i960, through July 1, 1967, inclusive, to "be non-callable. Bonds numbered ^96 through 3000 inclusive, maturing July 1, 1968, through Julyl, 1992, inclusive, to "be callable at the option of the Borrower, prior to ;bhe stated maturities thereof, in whole or in part and in inverse numerical order on any interest payment date after July 1, 19^7^ upon at least 30 days* prior notice, at the principal amount thereof, plus accrued interest to the date of redemption and a premium for each Bond as follows: if redeemed January 1, 1968, through July 1, 1972, inclusive |f if redeemed January 1, 1973, through July 1, 1977; inclusive 2% if redeemed January 1, 1978, through July 1, 1982, inclusive lf$ if redeemed January 1, 1983, through January 1, 1987; inclusive 1$ if redeemed after July 1, 1987. I Approval I amended loan agreement and resolution re: financing of ;800-unit I married stu- dent project Bonds numbered 3001 through 3750 inclusive, maturing July 1, 1993j? through July 1, 1997, inclusive, to be callable at the option of the Borrower in whole or in part and in inverse numerical order on any interest payment date during the entire life of the loan, upon at lease 30 days' prior notice at par plus accrued interest to the date of redemption. Priority as to call shall extend to Bonds numbered 3°01 through 3750 inclusive, over Bonds numbered A96 through 3000 inclusive • In order that I may sign this amended loan agreement, it is necessary, for the Board to approve the following resolution: Resolution Approving and Providing for the Execution of a Superseding Loan Agreement, and Numbered Contract No. H(4O2)-l47 t>y and between the State Board of Agriculture, acting for Michigan State University of Agriculture and Applied Science and the United States of America* BE IT RESOLVED BY The State Board of Agriculture, a constitutional corporation of the State of Michigan, as follows: SECTION 1. The pending Superseding Loan Agreement and numbered Contract No. relating to the erection on the campus of Michigan State University, an educational institu- tion of higher learning located in East Lansing, Michigan, of 72 apartment buildings to accomodate approximately 800 married student families, together with appurtenant facilities, by and between the State Board of Agriculture and the United States of America, is hereby in all respects approved. SECTION 2. The Treasurer, Philip J. May is hereby authorized and directed to execute the said Superseding Loan Agreement in three counterparts on behalf of The State Board of Agri- culture and the Secretary is hereby authorized and directed to impress and attest the official seal of The State Board of Agriculture on each such counterpart, and to forward two such counterparts to the Housing and Home Finance Agency, together with such other documents relative to the approval and execution of such counterparts and to this Resolution as may be required by the Government. On motion of Mr. Brody, seconded by Mr. Harlan, it was voted to approve the above resolution. 5. Communication from Mr. May, as follows: At my request the Board has previously designated Bond Counsel, etc., for the 800-unit married student housing project. However, in order to avoid any further delay, I think we should ask that the Board take new action specifically related to the bonds covered by the superseding loan agreement dated February 1, 1959* I would therefore recommend that the Board approve the following designations: a. Miller, Canfield, Paddock & Stone as Bond Counsel. b. Ann Arbor Trust Company, Ann Arbor, Michigan, as Trustee. c. New York Trust Company, New York City, New York, as Alternate Paying Agent d. East Lansing State Bank as Depository. On motion of Dr. Smith, seconded by Mr. Brody, it was^oted to approve the above recommendation. 6. On January 21, Mrs. Matilda Wilson transferred an additional 2200shares of Clark Equipment Company stock to the State Board of Agriculture in accordance with the contract in which she agreed to make payments at certain stated times covering the $2,000,000 cost of the construc- tion of the first unit at Michigan State University-Oakland. This stock was sold by Mr. May • at a price of 60 7/8 per share. It is necessary for the Board to authorize the usual resolution authorizing the sale of this stock and authorizing Mr. May to sign the stock certificates. On motion of Mr. Stevens, seconded by Mr. Brody, it was voted to authorize the appropriate resolutions covering the sale and transfer of this stock and to instruct the Secretary to write Mrs. Wilson expressing the continuing gratitude of the Board for this stock and for the complete cooperation that she is giving Michigan State University in the development of Michigan State University-Oakland. In connection with 800 unit married stu- dent proj ect- Miller, Can- fie^d, Paddock! & Stone desig-j nated Bond Counsel A.A.Trust Co., Trustee NY Trust Co. Alt.Paying Agt E»L.State Bank Depository Transfer of 2200 shares Clark Equip- ment Co. Stock by Mrs .Matilda Wilson Approval sale Gerbert Prod, Co• stock Approval sale of rights from Cons. Edison Co. of K.Y. Approp. for )ffice Paul Miller-$2500 $1000 for scholarship office : $6990 for cost of survey of higher e&uc. ! in Mich. : Finance Committee Meeting Minutes, continued February 19, 1959 7* Mr. May requests that the Board approve the sale of two shares of Gerber Products Company stock. This stock was a gift from Mrs. Gaylord Nelson to the Friends of the Library. On motion of Mr. Stevens, seconded by Mr. Brody, it was voted to approve the above recommendation. Mr. May reported that he has acted on the recommendation of Scudder, Stevens & Clark and has sold the following rights from the Consolidated Edison Company of New York: Consolidated Fund Jenison Fund Albert H. Case & Sarah A. Case Spartan Fund 110 200 200 60 i Since the rights expired on February 13, it was necessary for Mr. May to act without waiting for formal Board action. However, this action should be ratified by the Finance Committee. On motion of Mr. Harlan, seconded by Dr. Smith, it was voted to approve the sale of rights from Consolidated Edison Company. 9. It is recommended that the Board authorize appropriations for: a. $2500 for the operating expenses of the Office of Paul Miller, Vice President for Off-Campus Education. b. $1000 to cover the cost of operating the Scholarship Office for the balance of the school year. c. $6990 to pay the Michigan State University share for the cost of the survey of higher education in Michigan recently approved by the Council of Governing Boards and Presidents of all publicly supported colleges and universities in Michigan. On motion of Dr. Smith, seconded by Mr. Brody, it was voted to approve Item 9 above. Resolution re: issuance and sale MSU-0 Student Center Sinking Fund IBonds 10. It is necessary for the Board to approve a resolution covering the loan agreement for the Student Center at Michigan State University-Oakland now under contract. On motion of Mr. Stevens, seconded by Dr. Smith, it was voted to approve the following resolution: RESOLUTION OF THE STATE BOARD OF AGRICULTURE RELATIVE TO THE ISSUANCE AND SALE OF MICHIGAN STATE UNIVERSITY OF AGRICULTURE AND APPLIED SCIENCE- OAKLAND STUDENT CENTER SINKING FUND BONDS WHEREAS, The State Board of Agriculture, in the exercise of its constitutional duties, has determined that it is necessary and expedient to construct on the campus of Michigan State University of Agriculture and Applied Science-Oakland, located in Oakland County, Michigan, a Student Center Building, which building when completed and placed in operation, m il provide students attending Michigan State University of Agriculture and Applied Science-Oakland, a cafe- teria, a lounge area, a social gathering and headquarters for student activities; and 1 WHEREAS, The State Board of Agriculture deems it necessary and expedient to borrow the sum of Seven Hundred Thousand Dollars ($700,000.00) through the issuance and sale of Michigan State University of Agriculture and Applied Science-Oakland Student Center Sinking Fund (Bond(s) in the aggregate principal amount of Seven Hundred Thousand Dollars ($700,000.00) for the purpose of pro- viding funds to pay costs incidental to the construction, furnishing and equipping of the Student Center Building, including, but not limited to, Architects1 fees, costs of bringing utility ser- vices to said Student Center Building, costs of a veil for water and necessary sewage facilities, site costs and costs of insurance during construction, financing costs and other unforeseen contingencies; and WHEREAS, Ann Arbor Trust Company, of Ann Arbor, Michigan, has submitted for the con- sideration of this Board a form of Trust Agreement pursuant to wMch Michigan State University of Agriculture and Applied Science-Oakland Student Center Sinking Fund (Bond(s) of the face value of Seven Hundred Thousand Dollars ($700,000.00) may be issued and sold. MOW, THEREFORE, BE IT RESOLVED BY THE STATE BOARD OF AGRICULTURE that it borrow the sum of Seven Hundred Thousand Dollars ($700,000.00), through the issuance and sale of Michigan State University of Agriculture and Applied Science-Oakland Student Center Sinking Fund Bond(s) under the terms and conditions more specifically set forth in the Official Statement of this Board and the Trust Agreement relating to the issuance and sale of said bond(s); and said Official Statement and Trust Agreement are incorporated in this resolution by reference with the same force and effect as if fully set forth herein. BE IT FURTHER RESOLVED that should all Student Center Sinking Fund Bonds be sold to a single purchaser, the Board shall, upon the request of the purchaser, issue one bond having a face value of Seven Hundred Thousand Dollars ($700,000.00); said bond to be issued subject to and in accordance witfc the terms and conditions set forth in the Trust Agreement. BE IT FURTHER RESOLVED that the Trust Agreement between this Board and Ann Arbor Trust Company, to be dated as of February 1, 1959 j which conforms to the terms and conditions set forth in the Official Statement of this Board and pursuant to which said Student Center Sinking Fund Bond(s) may be issued and sold, be and the same is hereby approved as to content and form. BE IT FURTHER RESOLVED that this Board issue Michigan State University of Agriculture and Applied Science-Oakland Student Center Sinking Fund Bond(s) of the face value of Seven Hundred Thousand Dollars ($700,000.00) pursuant to the terms and conditions set forth in the Official fek- Finance Committee Meeting Minutes, continued 10. Resolution Student Center, M.SJJ.-O, continued: February 19, 1959 4101 ; J ;| Statement adopted by this Board and the Trust Agreement above referred to and to sell the same I to provide funds to pay costs incidental to the .construction, furnishing and equipping-of: the. | Student Center Building, including, but not limited to, Architects1 fees, costs of bringing utility services to said Student Center Building, well for water, necessary sewage facilities, ; cost of site work, insurance during construction, financing and other unforeseen contingencies. BE IT FURTHER RESOLVED that John A. Hannah, President of Michigan State University of Agriculture and Applied Science, or Philip J* May, its vice President -aacUTre&suser, be and they are hereby authorized, empowered and directed, in the name of The State Board of Agricul- ture and as its corporate act and deed, to execute and sign the Student Center Sinking Fund Bond(s) herein provided for. To facilitate the signing of the bond(s), said John A. Hannah is authorized to sign said bond(s) as J. A. Hannah, and if the bond(s) shall be signed by Philip J. May, he is authorized to sign the same P. J. May. The coupons appertaining to the Student Center Sinking Fund Bond(s) shall be authenticated by the facsimile signature of Karl H* McDonel, Secretary of the University, •. \ i BE IT FURTHER RESOLVED that any two of the following officers of Michigan State University of Agriculture and Applied Science, to-wit: John A. Hannah, President, Philip J. May, Vice President aad—T-reasu-per, and Karl EL McDonel, Secretary, be and they are hereby empowered and directed, for and in the name of The State Board of Agriculture and as its corporate act and deed, to execute the Trust Agreement hereinbefore referred to, to covenant and agree to allocate moneys from the sources more specifically described in the Trust Agreement in amounts sufficient to meet the payments to the Bond and Interest Sinking Fund Account provided for in said. Trust Agreement and Official Statement, and to perform all acts and deeds and execute all instruments and documents necessary, expedient and proper in connection with the borrowing of said sum of Seven Hundred Thousand Dollars ($700,000.00), the issuance of the Student Center Sinking Fund Bond(s), and the sale of the same. BE IT FLIRTHER RESOLVED that any two of said officers be and they are hereby authorized, empowered and directed, for and in the name of The State Board of Agriculture and as its corporate act and deed, to make, consent to, and agree to any changes in the terras and conditions of said Trust Agreement whfch they may deem necessary, expedient and piqpper, prior to or at the j time of the execution of said Trust Agreement, but no such amendment shall change the provisions therein for the amount to be borrowed, the interest to be paid thereon, the payments required to be made to the Trustee, or the security pledged. Provided, however, nothing herein contained shall be construed as limiting the right of such officers to alter or change the date of issue of said bond(s), the dates for payment of interest, or the dates fixed for payments to the Trustee provided for in said Trust Agreement. BE IT FURTHER RESOLVED that said officers, either in said Trust Agreement or by the issuance of said Student Center Sinking Fund Bond(s), shall not pledge the credit of or create any liability on the part of the State of Michigan, The State Board of Agriculture, or any member or officer of this Board or any of their successors, other than to pledge and allocate moneys from the sources set forth in the Trust Agreement in amounts sufficient to meet the payments to be made to the Bond and Interest Sinking Fund as required under the terms of the Trust Agreement. | BE IT FURTHER RESOLVED that the offer of The Detroit Bank and Trust Company, of Detroit, Michigan, to purchase the bond(s) authorized hereunder at their face value and accrued interest be accepted and at such time as the bond(s) and Trust Agreement have been executed and the Trustee shall have authenticated the bond(s), Ann Arbor Trust Company shall deliver the same to The Detroit Bank and Trust Company and accept payment therefor for and on behalf of this Board. 11. The Treasurer of the State Board of Agriculture announced that it was necessary to pass a resolution authorizing the borrowing of Three Million Seven Hundred Fifty Thousand Dollars ($3^750,000.00) to pay costs incidental to the construction of the seventy-two (72) apartment buildings presently being constructed on the campus of Michigan State University of Agri- culture and Applied Science at East Lansing, Michigan. On motion of Mr* Brody, seconded by Dr. Smith, it was voted to approve the; following resolution: i j RESOLUTION OF THE STATE BOABD OF AGRICULTURE AUTHORIZING THE BORROWING OF $3,750,000.00 THROUGH THE ISSUANCE AND SALE OF MICHIGAN STATE UNIVERSITY OF AGRICULTURE AND APPLIED SCIENCE, STUDENT FAMILY APARTMENT REVENUE BONDS OF 1957- WHEREAS, The State Board of Agriculture, (hereinafter sometimes called "Borrower"), in the exercise of its constitutional duties, has determined that it is necessary and expedient to construct, on land owned by it in East Lansing, Michigan, seventy-wo (72) apartment buildings, in which will be located three hundred ninety-six (396) one bedroom apartment units and four hundred, four (kok) two bedroom apartment units, to provide housing facilities for eight hundred (800) married students attending Michigan State University of Agriculture and Applied Science, (hereinafter sometimes called "University") and their families, and WHEREAS, the seventy-two (72) apartment buildings, designated as "Apartment Buildings Nps. 1429 through 1^36, 1440 through 1^52, 1523 through 1525, 1535 through 1551, 15^5 through 1574, and l6l2 through 1632" (each of said seventy-two buildings being designated by one of the numbers above set forth) are presently under construction in accordance with construction contracts heretofore entered into by this Board; and Resolution borrowing $3,750,000 married apt revenue bonds Resolution re: borrowing $3,750,000 married apt revenue bonds Finance Committee Meeting Minutes, continued February 19, 1959 11. Resolution borrowing $3,750-,000 married apartment revenue bonds, continued: WHEREAS, it is anticipated that the Development Cost of the Project, which shall include cost of construction work at the Project site, costs of necessary architectural and engineering services, costs of providing necessary fixed equipment, legal, administrative and clerical costs, necessary travel expenses, Governmental audits and inspection costs, in- terest during construction, and other necessary miscellaneous expenses incidental thereto will approximate Six Million Seven Hundred Thousand Dollars ($6,700,000.00) and that the costs incidental to furnishing and providing necessary movable equipment for the Project will approximate Eight Hundred Thousand Dollars ($800,000.00); and WHEREAS, this Board has provided funds necessary to commence construction of the Project and has available and has appropriated funds, which, when taken together with the funds to be borrowed as herein authorized, will provide sufficient funds to pay the Development Cost of the Project and the costs of furnishings and movable fixtures necessary to place the seventy- two apartment buildings in operation; *, and WHEREAS, this Board deems it necessary and expedient to borrow, through the issuance, and sale of Michigan State University of Agriculture and Applied Science, Student Family Apartment Revenue Bonds of 1957, the sum of Three Million Seven Hundred Fifty Thousand Dollars ($3>75O, 000.00), which funds will be used with other available funds to pay Development Cost of the Project; and WHEREAS, this Board has entered into a Superseding Loan Agreement, dated as of February 1, 1959, with the United States of America, (herein sometimes called "Government") through the Hous: ing and Home Finance Administrator, under the terms of which the Government will loan to this Board the sum of Three Million Seven Hundred Fifty Thousand Dollars ($3^750,000^00), through the purchase of the Bonds issued by this Board, providing the bonds, when issued, comply with the provisions and requirements set forth in the Superseding Loan Agreement, and providing and on condition the same cannot be sold to the public under the terms set forth in the agree- ment with the Governmentj and WHEREAS, there has been submitted for the consideration of this Board a proposed. Trust Indenture between The State Board of Agriculture, of the State of Michigan, as Borrower, and Ann Arbor Trust Company, of Ann Arbor, Michigan, as Trustee, (which Trust Indenture appears to meet the requirements of the Government, as set forth in the agreement with the Government), under the terms of -which this Board may borrow the sum of Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000.00) through the issuance and sale of Michigan State University of Agriculture and Applied Science, Student Family Apartment Revenue Bonds of 1957* NOW, THEREFORE, BE IT RESOLVED BY THE STATE BOARD OF AGRICULTURE that in order to provide for the completion of the said Project it borrow for such purposes the sum of Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000.00) under the terms and conditions hereinafter set forth, to-wit: The said sum of Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000,00) is to be borrowed through the issuance and sale of Michigan State University of Agriculture and Applied Science, Student Family Apartment Revenue Bonds of 1957; aH to.be paid solely from the net revenues derived from the operation of those apartment buildings being constructed as part of the Project and designated as TTApartment Buildings Nos. 1523 through 1525 > 1550 and 1551 j> I565 through 157^ and l6l2 through 1632". The bonds to be issued hereunder shall be in the aggregate principal amount of Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000.00), all to be equally and ratably secured, as hereinafter set forth, shall be in coupon form (except as hereinafter provided), shall be dated July 1, 1957.? shall be in the denomination of One Thousand Dollars ($1,000.00) each, (except as hereinafter provided), and shall be issued in one series, designated as "Michigan State University of Agriculture and Applied Science, Student Family Apartment Revenue Bonds of 1957* The bonds shall be in the aggregate principal amount of Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000.00), shall, if in coupon form, be numbered 1 to 3750, both inclusive, shall bear interest at the rate of two and seven-eighths per cent (2-7/8$) per annum, payable semi-annually on January 1 and July 1 in each year, beginning with January 1, 1958, &ncL shall mature and become payable on July 1 in each of the years and in amounts as follows: Year(s) I960 - 1961 1962 - 1963 196k - 1966 I967 - 1969 1970 - 1971 1972 - 1973 197!^ - 1976 1977 - 1978 1979 1980 - 1981 1982 - I983 Principal Payment $ 55,000-00 60,000.00 65,000.00 70,000.00 75,000*00 80,000.00 85,000.00 90,000.00 95,000.00 100,000.00 105,000.00 s) 1986 1989 1993 Year( 1984 1985 - 1987 1988 - 1990 1991 1992 - 199V 1995 1996 1997 Principal Payment $ 110,000.00 115,000.00 120,000.00 125,000.00 130,000.00 135,000.00 140,000.00 145,000.00 150,000.00 155,000.00 160,000.00 I Provided, however, in the event the Government is awarded all or part of the honds, the Borrower, at the option of the purchaser(s), shall issue a single "bond with the face value in the amount of the purchase in lieu of individual coupon "bonds. Such single "bond(s) shall "be Finance CoTnmittee Meeting Minutes,, continued 11 • Resolution borrowing $3,750,000 married apartment revenue bonds, continued: February 19, 1959 non-negotiable, registered as to principal and interest, and shall be payable in thirty-eight (38) principal installments in amounts equivalent to the maturities of Serial Bonds if issued in coupon form. Such single bond shall be payable as provided in the form of such single bond set forth in Article I of the Trust Indenture. The Borrower hereby covenants that upon request of the holder of a single bond and upon surrender of such single bond, it shall issue, at its own expense and within ninety (90) days from 1iie date of such request, negotiable bearer coupon bonds in denominations of One Thou- sand Dollars ($1,000.00) in aggregate amount equal to the amount of the single bond still outstanding, and with maturities corresponding to the unpaid principal installments of such single bond. The printing of text of such single bond shall be of type composition on paper of sufficient weight and strength to prevent deterioration throughout the life of the loan. The single bond shall conform in size to standard practice and shall contain the terms and conditions as set forth in the form of single bond set forth in the Trust Indenture, in- cluding the approved maturity schedule for payment of principal, and with sufficient space attached thereto for recording of transfer endorsements, payments of interest and principal at maturity, and principal installments on which payments have been made prior to due date. Resolution re: borrowing $3,750,000 married apt. revenue bonds Interest on the bonds shall be payable semi-annually on the first day of January 1958, the first day of July , 1958, and on the first day of January and July in each year thereafter until maturity, and both principal and interest on the bonds shall be payable at the office of the Trustee, in Ann Arbor, Michigan, or at the option of the holder thereof, at New York Trust Company, in the City and State of New York, - or at the places designated in a single bond, in such coin or currency of the United States of America as may be, on the respective dates of payment thereof, legal tender for the payment of debts due the United States of America. Said bonds shall be subject to redemption, which includes the right to prepay corres- ponding principal installments of a single bond, upon the following terms and conditions: Bonds numberes 1 to 495, inclusive, maturing July 1, i960, through July 1, 1967, inclusive, shall be non-callable. Bonds numbered 496 through 3000, inclusive, maturing July 1, 1968, through July 1, 1992, inclusive, shall be callable, at the option of the Borrower, prior to the stated maturities thereof, in whole or in part, and in inverse numerical order, on any interest payment date after July 1, 1967, upon at least thirty (30) days* prior notice, at the principal amount thereof, plus accrued interest to the date of redemption and a premium for each bond as follows: if redeemed January 1, 1968, through July 1, 1972, inclusive, if redeemed January 1, 1973, through July 1, 1977, inclusive, if redeemed January 1, 1978, through July 1, 1982, inclusive, if redeemed January 1, 1983, through July 1, 1987, inclusive, 1 $ if redeemed after July 1, 1987. Bonds numbered 3001 through 3750, inclusive, maturing July 1, 1993, through July 1, 1997, inclusive, shall be callable at the option of the Borrower, in whole or in part, and in inverse numerical order, on any interest payment date during the entire life of the loan, upon at least thirty (30) days' prior notice, at par, plus accrued interest to the date of redemption. Priority as to call shall extend to bonds numbered 3001 through 3750, inclusive, over bonds numbered ^96 through 3000, inclusive. BE IT FURTHER RESOLVED that the Trust Indenture in the foim attached hereto between this Board and Ann Arbor Trust Company, to be dated as of July 1, 1957* which conforms to the terms and conditions set forth in- the Superseding Loan Agreement by and between this Board and the Government, and pursuant to which said Michigan State University of Agriculture and Applied Science, Student Family Apartment Revenue Bonds of 1957 z&ay be issued and sold, be and the same is hereby approved as to substance and form, and that it be incorporated in the minutes of this meeting. Be it further resolved that John A. Hannah, President of Michigan State University of Agriculture and Applied Science, or Philip J. May, its Vice President, and Karl H. McDonel, its Secretary, be and they are hereby authorized, empowered and directed, in the name of and under the corporate seal of The State Board of Agriculture and as its corporate "act and deed, to execute and enter into the Trust Indenture between this Board and Ann Arbor Trust Company governing the- issuance of said Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) of Michigan State University of Agriculture and Applied Science, Student Fsmily Apartment Revenue Bonds of 1957* and the expending of funds incidental to the Cost of Development of the Project. BE IT FURTHER RESOLVED that John A. Hannah, President of Michigan State University of Agriculture and Applied Science, and Karl H. McDonel, its Secretary, be and they are hereby authorized, empowered and directed, in the name of and under the corporate seal of The State Board of Agriculture and as its corporate act and deed, to execute, sign and countersign the Michigan State University of Agriculture and Applied Science, Student Family Apartment Revenue Bonds of 1957 hereinbefore provided for, in the manner prescribed in the aforemen- tioned Trust Indenture, and to facilitate the same, are authorized to sign J* A. Hannah and K. H* McDonel, respectively; and the coupons appertaining thereto shall be executed by the facsimile signature of L H. McDonel, Secretary; and said officers are hereby authorized to pledge and assign the net revenues, as defined in the Trust Indenture, to be derived from the operation of the Project, and which is allocated and to be used for the purpose of securing and paying all payments of principal, interest and reserves provided for in said Trust Indenture, and to perfoim all acts and deeds and execute all instruments and documents necessary, expedient and proper in connection with the borrowing of said Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000*00), the issuance and sale of the Michigan State University of Agriculture and Applied Science, Student Family Finance Committee Meeting Minutes, continued February 13, 1959 Resolution borrowing $3>750,000 married apartment revenue bonds, continued: Apartment Revenue Bonds of 1957, said project. the pledging and assigning of the net revenues from Resolution re: i. 11. "borrowing $3,750,000 ;| married apt* I revenue bonds ; BE IT FURTHER RESOLVED that said officers be and they are hereby authorized, empowered and directed, for and in the name of The State Board of Agriculture and as its corporate act and deed, to make, consent to and agree to any changes in the terms and conditions pf said Trust Indenture which they may deem necessary, expedient and proper, prior, to or at the time of the execution of said Trust Indenture, but no such amendment shall change the provisions therein for the amount to be borrowed, the interest to be - paid thereon, the payments required to be made to the Trustee, or the security pledged. Provided, however, nothing herein contained shall be construed as limiting the right of said officers to alter or change the date of issue of said bonds, the date for payment of interest, or the dates fixed for payments to the Trustee provided for in said Trust Indenture. BE IT FURTHER RESOLVED that said officers, either in said Trust Indenture or by the issuance of said Michigan State University of Agriculture and Applied Science, Student Fajnily Apartment Revenue Bonds of 1957, shall not pledge the credit of or create any liability on the part of the State of Michigan, The State Board of Agriculture, or any member or officer of this Board or any of their successors, other than to pledge the net revenues of the Project, as herein contemplated. BE IT FURTHER RESOLVED that Philip J. May, Treasurer of The State Board of Agricul- ture, is hereby authorized, empowered and directed, upon execution of said bonds, as herein directed, and certification by the Trustee, as provided in the Trust Indenture, to deliver the bonds to the respective purchasers, upon receipt of the agreed purchase price, in accordance with the resolution of this Board authorizing the sale of the bonds. BE IT FURTHER RESOLVED that said officers are hereby authorized, empowered and directed to establish and maintain throughout the life of the loan such parietal rules and charges for rent and other service charges at the Project as may be necessary to assure maximum occupancy thereof and to provide the debt service on the loan, including the required reserves therefor. BE IT FURTHER RESOLVED that should it develop that John A Hannah, President of Michigan State University of Agriculture and Applied Science, or Karl H. McDonel, its Secretary, through illness, absence or otherwise, be unable to perform the acts he is herein authorized, empowered and directed to perform , then, in that case, Philip J. May Vice President of Michigan State University: of Agriculture and Applied Science, is hereby authorized, empowered and directed to perform any and all acts and deeds herein author- ized and directed to be performed by said John A. Hannah or Karl H. McDonel; and in the event said Philip J. May shall sign the bonds in the absence of said John A. Hannah or Karl H. McDonel, as herein authorized, he is authorized to sign the same as P. J. May; and any action so taken by said Philip J* May shall be as binding on The State Board of Agriculture as if perfoimed by said John A. Hannah or Karl H. McDonel. BE IT FURTHER RESOLVED that should be develop that Philip J. May, Vice President of Michigan State University of Agriculture and Applied Science and Treasurer of The State Board of Agriculture, through illness, absence or otherwise, be unable to perform the acts he is herein authorized, empowered and directed to perform, then, in that case, Karl H. McDonel, Secretary of Michigan State University of Agriculture and Applied Science, is here- by authorized, empowered and directed to perform any and all acts and deeds herein authorized and directed to be performed by said Philip J. May; and any action so taken by said Karl H. McDonel shall be as binding on The State Board of Agriculture as if performed by said Philip J. May. "Resolution re: -financing that portion of -Married Hous- -Ing project to -be financed by a federal loan 12. Mr. May advised that it would be necessary for the Board to approve a formal resolution covering the permanent financing of that portion of the Married Housing project which is to be financed by a federal loan. This resolution contains the same conditions and terms as outlined in the Loan Agreement previously approved by the Board. Ommotion of Mr. Harlan, seconded by Mr. Stevens, it was voted to approve the following resolution: WHEREAS, The State Board of Agriculture, of the State of Michigan, in the exercise of its constitutional duties, has determined that it is necessary and expedient to construct, on land owned by it in East Lansing, Michigan, seventy-two apartment buildings, in which will be located three hundred ninety-six one bedroom apartment units and four hundred four.two bedroom apartment units, to provide housing facilities for eight hundred married students attending Michigan State University of Agriculture and Applied Science and their families; and WHEREAS, the seventy-two apartment buildings, designated as "Apartment Buildings Nos. 1^29 through Ik36, ikkO through 1^52, 1523 through 1525, 1535 through 1551,1565, through 157^, and l6l2 through 1632" (each of said seventy-two buildings being designated by one of the numbers above set forth) are presently under construction in accordance with construction contracts heretofore entered into by this Board; and WHEREAS, it is anticipated that the Development Cost of the Project, which shall include cost of construction work at the Project site, costs of necessary architectural and engineering services, costs of providing necessary fixed equipment, legal, administrative and clerical costs, necessary travel expenses, Governmental audits and inspection costs, interest during construction, and other necessary miscellaneous expenses incidental thereto will approximate Six Million Seven Hundred Thousand Dollars, and that the costs incidental to funaishing and providing necessary movable equipment for the Project will approximate Eight Hundred Thousand Dollars; and I 1 1 Finance Committee Meeting Minutes, continued 12. Resolution of the Board authorizing temporary "bank loan, continued: February 19 , 1959 4105 WHEREAS, this Board contemplates the financing of the construction of the seventy-two apartment "buildings, in part/ through the issuance and sale of Michigan State University of Agriculture and Applied Science/ Student Family Apartment Revenue Bonds of 1351, of the face value of Three Million Seven Hundred Fifty Thousand Dollars, which the Board covenants and agrees to sell; and Approval resolution authorizing temporary bank loan WHEREAS, this Board has entered into a Superseding Loan Agreement; covering Project No. Mich. 20-CH-25(D) with the United States of America, hereinafter sometimes called "Government" which Superseding Loan Agreement was negotiated through the Housing and Home Finance Agency and bears date as of February 1, 1959 under the terms of which this Board is to issue Michigan State University of Agriculture and Applied Science, Student Family Apartment Revenue Bonds of 1957 of the face value of Three Million Seven Hundred Fifty Thousand Dollars, which the Government is obligated to purchase; and WHEREAS, this Board desires to borrow from National Bank of Detroit the sum of Three Million Seven Hundred Fifty Thousand Dollars, to be used for the purpose of paying the Development Cost of the Project pending the working out of the details relative to the issuance and sale of said Student Family Apartment Revenue Bonds of 1957 in accordance with the require- ments set forth in the Superseding Loan Agreement with the Government. NOW, THEREFORE, BE IT RESOLVED that this Board borrow from the National Bank of Detroit, Detroit, Michigan, the sum of Three Million Seven Hundred Fifty Thousand Dollars on a temporary basis and imder terms satisfactory to the Bank, to provide funds to pay costs of construction of the seventy-two'apartment buildings constituting the Project above referred to; said loan to bear interest at the rate of three per cent per annum, and to be repaid from the proceeds of the sale of Student Family Apartment Revenue Bonds of 1957 to be issued pursuant to the ternis of the Superseding Loan Agreement between this Board and the United States of America, dated as of February 1, 1959* BE IT FURTHER RESOLVED that any two of the following officers of this Board, wo-wit: John A. Hannah, President, Philip J. May, Vice President and Treasurer, and Karl H. McDonel, Secretary, be and they are hereby authorized and empowered to sign the note evidencing the loan from the Bank and to execute any and all instruments and perform all acts and deeds necessary to secure the loan from the Bank, to pledge the obligation of the United States Government to purchase Michigan State University of Agriculture and Applied Science, Student Family Apartment Revenue Bonds of 1957 of the face value of Three Million Seven Hundred Fifty Thousand Dollars, when issued, to pledge the net revenue derived from the operation of the thirty-six apartment buildings designated as Kos* 1523 through 1525; 1550 and 1551; 15&5 through 157^ and l6l2 through 1632, when placed in operation, to secure the repayment of the Bank loan, and to perform such other acts and deeds relative to securing said Bank loan as they shall deem necessary and expedient. Adjourned. MINUTES OF THE MEETING of the STATE BOARD OF AGRICULTURE February 19, 1959 Present: Dr. Smith, Chairman; Messrs. Brody, Harlan, Rouse, Stevens; Dr. Bartlett, President Hannah, Treasurer May and Secretary McDonel Absent: Mr. Vanderploeg The meeting was called to order at 10:15 a.m. The minutes of the previous meeting were approved. SPECIAL MISCELLANEOUS 1. Approval of the Finance Committee Items on the preceding pages. On motion of Mr. Brody, seconded by Mr. Harlan, it was voted to approve the Finance Committee Items on the preceding pages. ; Approval finance com- mittee items D. B. Varner 2. Recommendation that D. B. Varner be given the title of Chancellor of Michigan State University- n3ine 1958, because of illness. 2. Cancellation of the appointment of Joseph R. Fiszman as Assistant Instructor in Political Science. 3. Approval of sale of 5 cavalry buildings to the highest bidders, as follows: 1 The 1 Building No. 1 - Central Wrecking Co. Building No. 2 - Philip Byington Building No. 3 - Philip Byington Building No. k - Charles Riley Building No. 5 - Philip Byington following bids were received: Building No. 1 - Central Wrecking Co. Building No. 2 - Philip Byington Building No. 3 - Philip Byington Central Wrecking Co. Central Wrecking Co. Building No. k~- Charles Riley KLeth Eldred Philip Byington Clyde T. Phillips Bennie Taylor Central Wrecking Co. Building No. 5 - Philip Byington Harold Dingman Leonard Chiesa Central Wrecking Co. Removal of building for salvage value $ 7-50 77.50 205-00 101.50 Salvage Salvage Salvage t.50 77.50 205.00 200.00 126.50 100.00 27.50 Salvage 101.50 100.00 75.00 Salvage 4108 HEW BUSINESS Resignations and Terminations February 19, 1959 m Resignations 1. Kermit V. Washburn, County Agricultural Agent, Van Buren County, March 31, 1959 because of illness. 2. Jane E. H. Hoerath, lj~H Club Agent, Oakland County, January 23, 1959- Mr. Hoerath is moving to Denver, Colorado. 3. Rudolf A. Fetting, Assistant (Res.) in Agricultural Chemistry, January 31, 1959• k. Dale E. Butz, Associate Professor (Ext.) of Agricultural Economics, June 30, 1959 to accept a position as director of Marketing Research at Illinois Farm Supply. 5- Frederick G. Teubner, Assistant Professor of Horticulture, April 30, 1959 to accept a position at the University of Nebraska. 6. Robert E. Dennis, Instructor in Short Courses, August 31, 1959 to accept a position at Murray State College, Murray, Kentucky. 7. Lyle Maxwell,'Associate Professor and Head of Business Education and Office Administration - and Teacher Education July 31, 1959 to accept a position as head of the Department of Business at Northern Illinois University , DeKalb. 8. Doris Anita Berry, Instructor in Business Education and Office Administration, August 31, 1959. (Not reappointed in accordance with tenure regulations) 9. Charles Soltis, Assistant Professor of Personnel and Production Administration, August 31* 1959. (Not reappointed in accordance with tenure regulations) 10. A. F. Jandali, Assistant Professor of Political Science, February 7, 1959 to return to Syria. 11. Donald H. McWade, Instructor (Res.) in Veterinary Pathology, March 17, 1959 to accept a position with a commercial company. 12. Jean Charles Evans, Agricultural Reports Editor, Information Services, January 31> 1959 to complete requirements for his Ph.D. 13. Everett Grandelius, Assistant Football Coach, Intercollegiate Athletics, February 28, 1959 to accept the head coaching position at the University of Colorado. 14. Carl W. Nystrom, Assistant Football Coach, Intercollegiate Athletics, February 28, 1959 to accept a position at the University of Colorado. 15. John N* Polonchek, Assistant Football Coach, Intercollegiate Athletics, February 28, 1959 to accept a position at the University of Colorado. 16. Stephen James, Consultant, Highway Traffic Safety Center, December 31, 1958. 17- Lewis E. Swanson, Instructor in Agricultural Engineering, March 6, 1959* Mr. Swanson has been assigned to the Colombia Project. This project has now been completed. Leaves Leaves—Sabbatical 1. Mary B. Van Allsburg, Home Economics Agent, Chippewa County, with full pay June 24, 1959 to December 15, 1959 to study for his M.S. at M.S.U. 2. Paul H. Barrett, Associate Professor of Natural Science, with full pay from April 1, 1959 to July 31, 1959 to study at the U. of M. and Harvard College. 3. Carl H. Gross, Professor of Foundations of Education, with full pay from September 1, 1959 to December 31, 1959 to write a book. Leaves—Health 1. Kermit V. Washbum, County Agricultural Agent, Van Buren County, with full pay from January 1, 1959 to March 31, 1959. 2. Ruth Kettunen, Instructor in Home Management and Child Development, with full pay from January 13, 1959 to March 31, 1959- Leaves—Military 1. Jack A. Buck, Labor I, Grounds Maintenance without pay from January 5, 1959 to June 30, 1959. Leaves-—Other ;1. Margaret C. Browne, Acting Assistant Supervisor, East District, without .salary from February 1, 1959 to June 30, 1959 to study for her Ph.D. at the University of Wisconsin. 2. Duane I. Nelson, Extension Specialist, Information Services, without pay from February 15, 1959 to April 20, 1959 to continue with ICA. ;3- B. F. Cargill, Assistant Professor (Ext.) of Agricultural Engineering, -without pay from March 1, 1959 to August 31, 1959 to complete his Ph.D. at the University of Missouri. i 1 1 February 19, 1959 4109 MEW BUSPESS, continued- Leaves—Other, continued k. Donald H. Hughes, Associate Professor of'.Teacher. Education,-without pay from July 1, 1959 to August 15, 1959 to teach at Portland State College. Leaves 5. Abraham Rattner, Professor of Art, without pay from April 1, 1959 to August 31, 1959- This is a continuation of his present leave. 6. Joseph Lehner, Professor of Mathematics, without pay from September 1, 1959 to August 31, i960 to write a book. 7. Stanley C. Ratner, Assistant Professor of Psychology, without pay, from September 1, 1959 to August 31, i960 to accept an NSF fellowship at Cambridge and Oxford, Appointments Appointments 1. John Ronald Brake, Assistant Professor of Agricultural Economics, at a salary of $7500 per year on a 12-month basis effective July 1, 1959 • 2. Carleton Cecil Dennis, Assistant Professor (Res.Ext.) of Agricultural Economics at a salary of $8000 per year on a 12-month basis effective June 15, .1959 • 3. Pericles Markakis, Assistant Professor (Res.) of Horticulture at a salary of $7000 per year on a 12-month basis effective May 1, 1959- k. Abba .P. Lerner, Professor of Economics, at a salary of $1^000 per year on a 10-month basis effective September 1, 1959* 5* Burleigh B. Gardner, Lecturer in Personnel and Production Administration, at a salary of $200 for the period February 17, 1959 to February l8, 1959. 6. Harry J. Friedman, Assistant Professor of Political Science, at a salary of $6400 per year from January 1, 1959 to March 31, 1959- 7. G. Dennis Brown, Lecturer in Social Work, without pay from January 1, 1959 to August 31 j 1959* 8. Edward Austin Andreasen, Assistant Professor of Speech, at a salary of $6300 per year effec- tive September 1, 1959? lQmonth basis. 9* Nathaniel Sisson Eek, Assistant Professor of Speech, at a salary of $6000 per year effective September 1, .1959r> 10-month basis. 10. Frank Carraci Eutledge, Instructor in Speech, at a salary of $5000 per year on a 10-month basis effective September 1, 1959. 11. Rex L. Wood, Instructor in Administrative and Educaiional Services at a salary of $6700 per year on a 12-month basis effective February 1, 1959 to June 30; 19^0. \ j 12. John C. Eidson, Assistant Instructor in the Computer Laboratory at a salary of $230 per month •! .j from March 15, 1959 to August 31, 1959* 13. Dorothy E. A. Eamsland, Assistant Instructor in Home Management and Child Development at a salary of $360 for the period April 3, 1959 to June 17, 1959* I I 14. S. Arthur Reed, Instructor in Zoology, at a salary of $^800 per year effective September 1, 1959 to August 31, i960, 10-month basis. 15. Jack Francis Murray, Assistant Instructor in Art, at a salary of $1600 for the period April 1, 1959 to June 30, 1959. 16• D. Gordon Rohman, Instructor in English, at a salary of $5900 per year on a 10-month basis, effective September 1, 1959. 17. Urban T. Holmes, Distinguished Visiting Professor of Foreign Languages, at a salary of $*t000 for the period September 1, 1959 to December 31, 1959. 18• Gonzalo Puga, Assistant Instructor in Foreign Languages, at a salary of $500 for the period January 1, 1§59 to March 31, 1959. 19• Margot S. Evans, Assistant Instructor in Foreign Languages, at a salary of $800 for the period January 1, 1959 to March 31, 1959. 20. Mary Lou Harkness, Assistant Instructor in Statistics, at a salary of $400 per month from January 1, 1959 to March 31, 1959. 21. Barbara Anderson, Assistant (Res.) in Psychology, at a salary of $i*00 per month from February 1, 1959 to March 31, 1959. 22. Robert A. Farmer, Administrative Assistant, Highvay Traffic Safety Center, at a salary of $5600 per year on a 12-month basis effective March 1, 1959• 23. Edward C. Dale, Psychiatrist, Health Service, at a salary of $500 per month from March 1, 1959 to June 30/ 1959- 2k. Edward C. Dale, Psychiatrist, Health Service, at a salary of $16,000 per year on a 12-month basis effective July 1, 1959. I I I I I MEW BUSINESS, continued .Appointments Appointments, continued February 19, 1959 25• Verona W. Rumpf, Typist, Vietnam Project, at a salary of $3000 per year from January 13, 1959 to May 15, 1959- 26. Abba P. Lerner, Visiting Professor of Economics, at a salary of $1800 for the Summer School period June 26, 1959 to July 30, 1959* 27. Approval of the following appointments in Administrative and Educational Services for the Summer School periods indicated and at the salaries indicated: Visiting Professors Fred P. Barnes, $100 July 10, 1959 Marion Cranmore, $500 July 6, 1959 to July 17, 1959 Ray Ebaugh, $1*00 July 6, 1959 to July 17, 1959 Stuart Dean, $250 July 6, 1959 to July 17, 1959 C. Darl Long, $500 August 3, 1959 to August 1^, 1959 Archibald B. Shaw, $500 July 6, 1959 to Jily 17/ 1959 Caroline W. Thrun, $500 from June 2k, 1959 to July 30, 1959 Wilbur A. Yauch, $500 from July 6, 1959 to July 17, 1959 Visiting Teacher Hazel M. Browi, $500 August 3, 1959 to August Ik, 1959 Visiting Instructor Margaret Efraemson, $400 July 6, 1959 to July 17, 1959 r 28. Thomas R. McDonnell, Professor of Foundations of Education, at a salary of $575 from August 11, 1959 to August 15, 1959* 29. Harold Taylor, Professor of Foundations of Education, at a salary of $^25 for the summer school period August k, 1959 to August 8, 1959. 30 • Ercel Eppright, Consultant in Teacher Education, at a salary of $250 for the Summer School period August 3, 1959 to August 7, 1959- 31. Maydean Nash, Instructor in Teacher Education, at a salary of $900 for the Summer School period June 26, 1959 to July 30, 1959* 32. Robert A. Ellis, Assistant Professor of Sociology and Anthropology, at a salary of $1200 for the Summer School period June 24, 1959 to July 30, 1959- Transfers !• Donald Eppelheimer, from Associate Agricultural Agent, Odessa Township to Extension Director, Berrien County at a salary of $9200 per year on a 12-month basis effective April 1, 1959* 2. Fred Jay Peabody, from County Extension Agricultural Agent, Ionia County to Extension Director, Ionia County, at a salary of $71W per year on a 12-month basis effective March 1, 1959- Transfer - D.Eppelheimer Fred Peat>ody Archibald Earl 3- Archibald R. Earl, from County Extension Agricultural Agent, Van Buren County, to Extension Director, Van Buren County, at a salary of $7100 per year on a 12-month basis-effective March 1, 195,9- M. E. Hermance **•• Marian E. Hermance, County Home Economics Extension Agent, Monroe County to Program Specialist Home Economics, Upper Peninsula, at a salary of $6800 per year on a 12-month basis effective March 1, 1959- Abram Snyder 5* Abram P. Snyder, County Extension Director, Ionia County, to Coordinator Continuing Education, at a salary of $8500 per year on a 12-month basis effective March 1, 1959. Salary inc .for Salary Changes M.J. Gordon 1. Increase in salary for Manuel J. Gordon, Assistant Professor (Res.) of Dairy, to $7900 per year S.S. turner 2. S. Sidney Ulmer, Assistant Professor of Political Science, to $6000 per year effective February effective February 1, 1959. 1; 1959- James Skipper 3* James E. Skipper, Assistant Librarian, to $9000 per year effective February 1, 1959. 1 Change in appt. of Lyssa Harper T. Harry McKinney to be also Asst. Prof. Acct. & Finan Adm. Ch. status Claude A. 11 Bitner Miscellaneous !• Change the appointment of Lyssa Harper, Lecturer in Communication Skills, from $1^00 per term for the fall and winter terms of-1958-59 to a salary of $2800 for the period from October 1, 195& to March 31, 1959• This will permit Mrs. Harper to be included under Social Security. 2. Recommendation that T. Harry McKinney, Assistant to the Dean of University Services, be given the additional title of Assistant Professor of Accounting and Financial Administration, effective February 1, 1959. 3. Change in status of Claude A. Bitner from part-time to full-time Instructor in Economics and a salary increase to $3000 for the period from January 1 to June 30, 1959, paid three-fourths from Economics account 11-3711 and one-fourth from Agricultural Economics account 71-6700. February 19/ 1959 4111 MEW BUSINESS, continued Miscellaneous, continued k. Payment of the salary of Robert J. Wolf son, Assistant Professor of Economics and Continuing Education from Ford Foundation funds for a faculty research fellowship from July 1, 1959 to June 30, I960, 5. Change in salary for .two months for Simon Perry, Assistant Instructor In Political Science, from $266.66 per month to $399.67 per month, effective from February 1 to March 31, 1959• His salary is to revert to the former rate on April 1, 1959• 6. Reappointment of Lauren Edgar Crane as Associate Professor in the office of the Dean of Communication Arts at a salary of $8500 per year on a 12-month basis effective September 1, 1959; subject to tenure moles. If Mr. Crane does not complete his doctorate, his title is to be Assistant Professor. He has been employed during 1958-59 as Assistant Professor (Research) of General Communication Arts at a salary of $7700 per year on a 10-month basis. 7. Change in status of Thelma Dunn, Lecturer in Home Management and Child Development, from three- fourths time to full time with a salary increase of $1*$ per month, effective from April 1, to June 30, 1959- 8. Appointment of Professor L. L. Quill, Head of the Chemistry Department, as Director of the Division of Mathematical and Physical Science, effective February 19, 1959• 9. Change in the effective date of the resignation of Branford P. Millar as Professor of English from January 31, 1959 to February 28, 1959- 10. Continuation of the payment of the salary of Ruben V, Austin 75$ from the Brazil Project and 25$ from Business and Public Service effective January 1, 1959• 11. Reinstatement of staff members vho have been assigned to the Colombia Project, as follows: a. Leonard R. Kyle as Associate Professor (Extension) of Agricultural Economics, at a salary of $10,3000 per year on a 12-month basis, effective April 1, 1959• b. H. William Nevland as Associate Professor of Animal Husbandry at a salary of $9000 per year on a 12-month basis, effective April 1, 1959, paid 50$ Experiment Station and 50$ University General. ;Salary R.J. iWolfson to be :pald from Ford ^Foundation Salary Simon Perry ch. for 2 months Reappt. L.E. Crane - Comm Arts Ch. status Thelma Dunn |L.L. Quill |Dir. Div.Math l& Phys. S c i. Millar resign. I to be Feb. 28 i • • • • • •• I R. Austin sal, to be paid iBrazil Proj. I Reinstatement several staff members from jColombia Pro 3« c. KLrkpatrick Lavton as Professor of Soil Science at a salary of $11,700 per year on a 12-month basis, effective April 1, 1959, paid 50$ Experiment Station and 50$ University General. ! Retirement j Burton C. Recommendation from the Retirement Committee for the retirement of Burton C. Mellencanxp, IsalDell^Mellencamp County Extension Director, at a retirement salary of $3000 per year, effective June 1, 1959* Mr. Mellencamp was born July 2, 1900, and has been employed by the .University since June 1,1924-. • iarroroved approved 12, 13- Reinstatement of Weldon E. Stover as Labor I in the Grounds Department, effective December 9, 1958* Mr. Stover has been on military leave since December 14, 195&. 1k. Report of the death of E. H. Lucas, Professor of Horticulture, on January 28, 1959* Dr. Lucas •was born August 26, 1896, and had been an employee of the University since July 1, 19^1. 15.. Recommendation that the widov of E« H. Lucas receive his salary for one year beyond the date of his death, to January 28, i960. l6• Recommendations from the Director of Personnel, as follows: a. Reclassification of a Secretary-Departmental I to a Secretary-Departmental II position In the Basic College Office. b. Establishment of a Secretary-Departmental I position In Teacher Education, paid from c. Reclassification of a Secretary-Departmental II to a Secretary-Executive position in account 71-2756. Chemistry. Reinstatement IWeldon Stover JGds Dept. !Report death lE.H. Lucas I Widow to re- Iceive yr!s sal Approval several recom- mendations from Dir. Personnel d. Establishment of a Clerk II position in International Programs, paid 50$ from Vietnam Project account 71-2229 and 50$ from Institute of Research on Overseas Programs, acct 71-2231 e. Change a half-time Teller I position to a full time Clerk I position in the Bus. Office. 17. Approval of agreements ^with the C & 0 Railmy Company -which permits the University to place a .10-inch -water main under the C & 0 spur track and an aerial -wire line crossing over the C & 0 tracks near Harrison Avenue • • ' . • • • • • . 18• Approval of the proposal of the Kalamazoo County Road Commissioners to relocate the road in front of the Kellogg Manor House at Gull Lake in order to eliminate a dangerous corner and entrance to the Biological Station. 19e Workmenfs Compensation report for the period from July 1 to December 31, 1958, &s follows: Amount paid in excess of compensation Amount paid as compensation Health Center Charges Off-Campus Medical Service $2,752.59 7^12.81 3/537-00 2,105.79 20. Communication from Mrs. C. V. Millard expressing appreciation for continuing her husbandfs salary payments, ^o hei*. 21. Communication from Margaret Harris expressing appreciation for the Board's approval of her request for retirement. Approval agree- ments C &'.O Railway Co. jKalamazoo Co. Ed* Comm. to relocate road in front of Kellogg Manor House Presentation Workmen Ts Com- pensation Report I I I 1 1 4112 MEW BUSINESS, continued Gifts and Grants February 19, 1959 Gifts and Grants ! i# Gift of gear pimps of various patterns valued at $100 from Oberdorfer Foundries, Inc., of Syracuse, New York, to be used in Agricultural Engineering for research purposes. 2. Gift of 2 motors valued at $60 from the New York Air Brake Company of Kalamazoo to be used in Agricultural Engineering for research purposes. 3. Gift of approximately 700 mounted and unmounted butterflies and moths from India valued at $150 from Julian P. Donahue of East Lansing to be used in Entomology for research in insect taxonomy. k. Gift of a Model k$? 2if-trace Seismograph instrument valued at $35,000 from the Gulf Research and Development Company of Pittsburgh to be used in the Geology Department for student training and research pro rams. 5- Gift of a delux locomotive black enamel valued at $100 to be used by the Museum to paint the locomotive. The donor wishes to remain anonymous. 6. Grant of $150 from the Michigan United Conservation Clubs of Lansing to provide a prize of $150 to be awarded to the upper class major in fisheries and wildlife who has the best scholastic record during the preceding fall, spring, and winter quarters. The winner is to be selected from the top five candidates on the basis of personal attributes and activities. 1 7* T&e following grants have been received to be used for scholarship purposes: a. To establish new scholarships: 1) $1000 from the Foremost Insurance Company of Grand Rapids to aid students in the Mobile Homes curriculum. 2) $1000 from Ventoura Corporation of Elwood, Indiana, to aid students in the Mobile Homes curriculum. 3) $505 from the friends and family of Bill G. Burgess to establish a Bill G. Burgess Memorial Scholarship Fund to assist senior students of median academic ability or above who need financial assistance to complete their degrees. k) $7000 from the Michigan Dairy Memorial and Scholarship Foundation, Inc. of Lansing to provide tuition scholarships for dairy students. 5) $ ^0 from the Elliott Bay Company of Seattle, Washington, for a student in the Lumber and Building Materials Merchandising major. 6) $170 from the Top Notch Ice Crea^i Company of Midland to establish a Rapanos Scholar- ship for a woman student during winter and spring quarters of 1959• b. To continue previously established scholarships: \ l) $if500 from the Dow Chemical Company of Midland to be used $1500 in Chemistry, $500 in Metallurgy, $1500 in Chemical Engineerings and $1000 in Mechanical Engineering. 2) For the Michigan Bankers1 Association Short Course Scholarship Fund: a) $100 from The Farmers1 Bank of Mason b) $150 from the Midland Senior High School General Fund 3) $150 from Little Brothers of Kalamazoo to be credited to the Elevator and Farm Supply Short Course Scholarship Fund. h) $1350 from the National Merit Scholarship Corporation of Evanston, Illinois 5) $200 from the MSU Club of Oakland County to continue their scholarships. c. Grants to aid specified students, as follows: 1) $250 from Food Fair Stores, Inc. of Philadelphia 2) $150 from the American Baptist Student Aid Foundation of New York City 3) $1850 from the Nigeria Liaison Office of Washington, D. C. k) $250 from the National Wildlife Federation of Washington, D.C. 5) $375 from Frank Gannett Newspaperboy Scholarships, Inc., of Rochester, N.Y. 6) $200 from Asher Student Foundation of Detroit 7) $335 from Founders Fund of Detroit 8) $333-33 from the Samuel Friedland Family Foundation of Miami, Florida 9) $300 from the Watumull Foundation of Honolulu, Hawaii 10) §&5 from the American Society of Women Accountants of Grand Rapids 11) $166.67 from the Allen County Medical Auxiliary of Fort Wayne, Indiana 12) $250 from the Board of Home Missions of New York City 8. Approval of a memorandum of agreement with the Board of Supervisors of Newaygo County cover- ing a grant of $2000 to be used under the direction of N. P. Ralston in the Cooperative Extension Service to cover in part the salary of the 4-E Club worker assigned to Newaygo Co. 9' Renewal of a memorandum of agreement with the Odessa Agricultural Extension Association of Lake Odessa covering a grant of $1200 to be used under the direction of N. P. Ralston in the Cooperative Extension Service for continued assistance in the cost of the intensive agricul- tural extension program with the farmers of Odessa Township for the 1958 year. 10. Renewal of a memorandum of agreement with the Board of Supervisors of Midland County covering a grant of $1500 to be used under the diredtion of N. P. Ralston in the Cooperative Extension Service for the continued employment of the fourth County Extension Agent in Midland County. 11. Approval of a memorandum of agreement with the Michigan Florists1 Association of East Lansing covering a grant of $2,000 to be used under the direction of A. W. Farrall in Agricultural Engineering to design and build a prototype greenhouse sprayer which will reduce man hours required, give the best coverage and reduce quantity of spray material required to control plant pests in a greenhouse. 12. Renewal of a memorandum of agreement with the Cucumber Harvester Committee Members to cover a grant of $1250 to be used under the direction of A. W. Farrall in Agricultural Engaeering to develop principles for construction of a mechanical cucumber .harvester. r NEW BUSINESS, continued Gifts and Grants, continued February 19, 1959 4113 13. 14. 15. 16. Renewal of a memorandum of agreement .with: the American Iron and Steel Institute of New York City covering a grant of $21,700'to "be used under the direction of T. I. Hedrick in Dairy for research on relative cleanability of various stainless steel finishes* ;Gifts and Grants Renewal of a memorandum of agreement with the Farmers and Manufacturers Beet Sugar Association of Saginaw covering a grant of $2600 to ."be used, under the direction of C M% Harrison in Farm Crops for sugar beet research* The agreement provides for a special graduate research assistant. Renewal of a memorandum of agreement with Armour and Company of Chicago covering a grant of $if,050 to be used under the direction of H. B. Tukey in Horticulture on studies of substances derived from plants for cancer research. Approval of a memorandum of agreement with the Lilly Research Laboratories of Indianapolis, Indiana, covering a grant of $2,700 to be used under the direction of H. B. Tukey in Horti- culture to investigate biochemical and pharmacological properties of certain edible plants. 17. Grants as follows to be used under the direction of S. K. Ries in Horticulture to assist in the development of cucumber harvesting equipment: 18. 19. 20. 21. i 22. a, $50 from The Fort Lupton Canning Company of Fort Lupton, Colorado b. $150 from Kuner-Bmpson Company of Brighton, Colorado. Approval of a memorandum of agreement with the Diamond Gardner Corporation of Chicago cover- ing a grant of $200 to be used under the direction of Lawrence Dawson in Poultry Science in an evaluation of egg cartons of various styles and designs on the basis of consumer acceptance. Approval of a memorandum of understanding with the Bloomer Brothers Company of Newark, N.Y. covering a grant of $100 to be used under the direction of Lawrence Dawson in Poultry Science in an evaluation of egg cartons of various styles and designs on the basis of consumer acceptance. Approval of a memorandum of agreement with the Whitnioyer Laboratories, Inc., of Meyerstown, Pennsylvania, covering a grant of $3^000 to be used under the direction of T. H. Coleman in Poultry Science to determine the effect of Carb-0-Sep on the reproductive performance of \ broad breasted bronze turkeys and the subsequent performance of their progeny. Renewal of a memorandum of agreement with the Bowman Feed Products of Holland covering a grant of $250 to be used under the direction of P. J. Schaible in Poultry Science to determine the value of special xanthophyll-containing fraction from the corn milling industryupon pigmentation of broilers. Renewal of a memorandum of agreement with the Columbia-Southern Chemical Corporation of F Pittsburgh covering a grant of $1500 to be used under the direction of R. L. Cook and J. Davis in Soil Science to evaluate ammonium chloride as a nitrogen carrier for several crops grown in Michigan. Grant of $300 from Mark D. Littler of Detroit to be used under the direction of Dean Seelye in the College of Business and Public Service as a grant-in-aid to individual faculty members for research in accounting or auditing, for fellowships for graduate students majoring in accounting, as a scholarship fund for students majoring in accounting, or as a student loan fund for students majoring in accounting. Grant of $500 from the Erail Schwarzhaupt Foundation, Inc., of New York City to be used under the direction of Frank A. Pinner in the Bureau of Social and Political Research to aid publication of the Supplement to Civic Education in the United States. 25- Grant of $1^,3^7 from the Department of Health, Education, and Welfare of Washington, D. C. to be used under the direction of L. C. Ferguson in Political Science in an investigation of how state legislators view the problem of school needs, what solutions they favor for the general problem, and what sources of advice and information they trust most in dealing with educational matters. 2 o* Renewal of a memorandum of agreement with the Scripps-Howard Newspapers of Cincinnati, Ohio, covering a grant of $ij-,000 to be used under the direction of P. J. Deutschmann in the Communi- cations Research Center to compare news page content of 12 metropolitan daily newspapers. 27. Renewal of a memorandum of agreement with the National Committee on Education for Family Finance of New York City covering a grant of $14,000 to be used under the direction of R. J. Kleis in Teacher Education to conduct a graduate summer workshop and provide consultation services to schools in the area of teaching personal and family money management* The agreement provides for special graduate research assistants. 28. Grant of $25,000 from the Division of Vocational Education of the Michigan Department of Public Instruction of Lansing to be used under the direction of Lawrence Borosage in Teacher Education in a state-wide study of vocational education. 29. Renewal of a memorandum of agreement with The Dow Chemical Company of Midland covering a grant of $300 to be used under the direction of F. C. Strong in Botany to continue investigations on the control of Dutch elm disease. 30. Renewal of a memorandum of agreement with the Macomb County Rhubarb Growers of Utica covering a grant of $1,000 to be used under the direction of Harry Murakishi and Howard Potter in Botany for fundamental and applied studies of hothouse rhubarb disease. 4114 NEW BUSINESS, continued Gifts and Grants, continued February 19, 1959 Gifts and Grants 31 • Renewal of a memorandum of agreement with the United States Army Office of Ordnance Research, of Durham, North Carolina, covering a grant of $22,000 to be used under the direction of R D. Spence, H. N. Forstat, and D. J. Montgomery in Physics and Astronomy to conduct basic research in low-temperature physics. The agreement provides for special graduate research assistants* 32. Renewal of a memorandum of agreement with the Office of Ordnance Research of Washington, D # C, covering a grant of $2,392.13 to be used under the direction of Meyer Garber and F. J. Blatt in Physics and Astronomy in a study of magnetic properties of dilute alloys. The agreement provides for a special graduate research assistant. I 33. Grant of $25 from the Women !s Auxiliary to the Michigan Veterinary Medical Association of Lapeer to be used under the direction of W. W. Armistead in the College of Veterinary Medicine to purchase books. 34. , Grant of $9696 from the National Institutes of Health of Bethesda, Maryland, to be used under the direction of W. N. Mack and W. L. Mallmann in Microbiology for isolation and identification of viruses from sewage. Provision is made for special graduate research assistants. 35. 36. 37. 38. 39. I Grant of $4,275 from the Michigan Thoroughbred Foundation, Inc., of Detroit to be used under the direction of W. J. Riley in Surgery and Medicine to further the improvement and advance- ment of thoroughbred breeding and the thoroughbred industry in Michigan. Grant of $630 from The Budd Company of Philadelphia to be deposited in the Discretionary Gift Fund. Renewal of a memorandum of agreement with the W. K. Kellogg Foundation of Battle Creek covering a grant of $20,432 to be used under the direction of H. R. Neville in Continuing Education to support the hospital food service supervisors course. Grant of $1,000 from The Michigan Hospital Association of Lansing to be used under the direction of H. R. Neville in Continuing Education to support the hospital food service supervisors course. Grant of $6,727 from the Public Health Service of Washington, D.C., to be used under the direction of T. W. Forbes and A. M. Barch in the Highway Traffic Safety Center to study the deterioration of driving behavior on trips of long duration by young drivers with different amounts of driving experience with a view toward gaining a better understanding of the nature of the driving task and ways of more adequately training and educating drivers. Provision is made for special graduate research assistants. 40. Grant of $121.72 from Mrs. Gaylord Nelson of East Lansing to be used under the direction of J. E. Towne, Librarian, to purchase books to augment the Friends of the MSU Library collections. 41. Grant of $30,000 from the Oakland County Board of Supervisors in Pontiac to assist in the construction of the Student Center Building at Michigan State University-Oakland. On motion of Dr. Smith, seconded by Mr. Rouse, it was voted to authorize the Secretary to convey to Mr. Delos Hamlin, Chairman of the Board of Supervisors, Pontiac, Michigan, the sincere thanks of the State Board of Agriculture, for their generous gift to assist in the construction of the Student Center Building at MSU-0. Approval alt. and imp. Reports for Board Members 1. Alteration and Improvement items that have been approved since the January Board meeting: Alterations, Quonset 102, Police Administration Alterations, second floor administration building Supply area basement Education Building Install sound barrier, Room 507, Education Building $ 940 1700 950 500 $4090 2. Payments to salaried employees as per list on file. On motion of Mr. Stevens, seconded by Mr. Brody, it was voted to approve the President's Report and all New Business on which action does not already appear. Additional amts paid salaried em- ployees ADDITIONAL ITEMS I Resignations I Resignations and Terminations 1. Richard. H. J* Pian, Associate Professor of Civil Engineering, August 31, 1959 to accept a position at Arizona State University. 2. Loran C. Twyford, Jr., Associate Professor of Audio Visual Aids and Highway Traffic Safety Center, March l6, 1959, to accept a position with the New York State Board of Education. Appointments Appointments 1. Donald F. Luebs, Instructor in Forest Products at a salary of $4500 per year on a 12-month I basis effective February 1, 1959 to June 3©j 1959* 1 1 I I e ADDITIONAL ITEMS, continued Appointments, continued February 19, 1959 4115 2. Harold Wein, Professor of Personnel and Production Administration at a salary of $11,000 per .Appointments year on a 10-month basis effective August"1, 1959* 3.' Nguyen Tu Ban, Assistant Professor of Physics and Astronomy at a salary of $6000 per year on a 10-month basis effective September 1, 1959- k. Daniel Boisture, Assistant Football Coach, at a salary of $8500 per year on a 12-month basis effective February 15, 1959. 5* Henry Bullough, Assistant Football Coach at a salary of $6500 per year on a 12-month basis effective February 15, 1959* 6. Calvin Stoll, Assistant Football Coach at a salary of $9500 per year on a 12-month basis effective February 15, 1959• 7. Charles L. Miller, Assistant Editor of the Michigan State University Magazine at a salary of per year on a 12-month basis effective February 16, 1959 • Salary Changes 1. Increase in salary for Herbert Weisinger, Professor of English, to $10,800 per year effective February 1, 1959* - 2. Increase in salary for Gordon Serr, Assistant Football Coach, to $7500 per year effective March 1, 1959* Salary inc. for - 'H. Weisinger Gordon Serr . F. 3* Increase in salary for