• MIMJTES OF THE MEETING of the FINANCE COMMITTEE November l6, 1961 The Finance Committee convened at Kellogg Center at 6:30 for dinner. The following members were present: Messrs. Harlan, Huff, Merriman, Smith, Stevens, Vanderploeg; President Hannah, Treasurer May and Secretary Breslin. 1 Absent: Dr. Bartlett 1. The following investment items are recommended T Scudder, Stevens & Clark and Mr. Cress: Pension & Retirement Fund Amount Security Recommend Selling: Approx. Price Principal Income Yield 750 shs. Fireman?s Fund Insurance $2.00 68 $51,000 $1,500 2.9f 1 1 Investment (recommendations ! •• 1 • | Recommend Purchasing: 700 shs. Federal Insurance $50,000 Philco Corporation Convertible ^ s, 198¾. 1.00 76 53,200 700 102 51,000 2,125. Consolidated Investment Fund Recommend Selling: 12¾ shs. Sears, Roebuck 250 shs. FiremanVs Fund Insurance 1.20+ 2.00 82 68 Recommend Purchasing: 150 shs. General Electric 200 shs. Federal Insurance 2.00 1.00 •76- 10,168 17,000 $27,168 11,100 15,200 §26,300 149+ 500 $649+ 300 200 $500 Albert H. and Sarah A. Case Fund Recommend selling: I-Jfo h.Zfo 1.5$+ 2.9^ 2.k% 2.7f 175 shs. Fireman's Fund Insurance 2.00 68 $11,900 $350 2.-90 Recommend Purchasing: 150 shs. General Electric 2.00 T* $11/100 $300 On motion by Mr. Merriman, seconded by Dr. Smith, it was voted to approve the recommendations in 'Item 1., • • -. • • . . Resolution approving loan agree ment '-. 2 dorms and connecting dining- academic buildings. 2. Vice President'May .presented the following resolution approving and providing for the execution of a loan agreement and numbered contract No. H-(402)-583, by and between the Board of Trustees of Michigan State University and the United States of -America: EXTRACTS FROM THE MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY OF AGRICULTURE AND APPLIED SCIENCE HELD ON TEE 17TH DAY OF NOVEMBER, 1961. The Board of Trustees met in regular meeting at the W. K. Kellogg Biological Station at Gull Lake, Michigan, at 10 o'clock on the 17th day of November,. 196l, the place, hour and date duly established for the holding of such meeting. The President called the meeting to order and on roll call the following answered present: Dr. Connor D. Smith, Chairman C. Allen Harlan Warren M. Huff Frank Merriman Don Stevens Jan B. Vanderploeg and the following were absent: Lynn M. Bartlett, Ex officio The President declared a quorum present. A resolution entitled "Resolution Approving and Providing for the execution of a Loan Agreement, and numbered Contract No. E(^02)-583 By and Between the Board of Trustees of Michigan State University of Agriculture and Applied Science and the United States of America" was introduced by President Hannah. continued - - I • I I Finance Committee items, continued! 2. Resolution^ continued: Said Resolution and the proposed Loan Agreement described therein were then read in full and discussed and considered. Mr. Huff then moved the adoption of the Resolution as introduced and read. Mr. Vanderploeg seconded the motion, and, on roll call, the following voted "AYe" Dr. Smith Mr. Harlan Mr. Huff Mr. Merriman Mr. Stevens Mr. Vanderploeg and the following voted TtNayn None The President thereupon declared the motion carried and the Resolution adopted as introduced and read. •SHfr-frXXXXX RESOLUTION APPROVING AND PROVIDING FOR THE EXECUTION OF A LOAN AGREEMENT, AND NUMBERED CONTRACT NO. H-(402)-583, BY AND BETWEEN THE • BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY OF AGRICULTURE MD APPLIED SCIENCE AND THE UNITED STATES OF AMERICA BE IT RESOLVED BY the Board of Trustees, as follows: SECTION 1. The pending Loan Agre ement and numbered Contract No. H-(^-02)-583 and relating to the erection on the campus of Michigan State University of Agriculture and Applied Science an educational institution of higher learning located in East Lansing/ of two dormitories and connecting dining-academic buildings to provide housing, dining and appurtenant facilities for approximately 5^2 men and 5^2 women students and six supervisors. by and "between the Board of Trustees of Michigan State University of Agriculture and Applied Science^ 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 Loan Agreement in three counterparts on behalf of the Board of Trustees and the Secretary is hereby authorized and directed to impress and attest the official seal of The Board of Trustees, on each such counterpart and to forward three 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. Approval purchase of property from j4r. and Mrs. Parker Staff members working for Constitutional Convention given part- time leaves during time they are working on Convention On motion by Mr. Huff, seconded by Mr. Vanderploeg, it was voted to approve the above resolution. 3. Approval of the'purchase of property from Mr. and .Mrs- Parker at a cost of $2^-,000.(Irving J.) On motion by Dr. Smith, seconded by Mr. Merriman, it was voted to approve Item 3- k. The following members of our staff are devoting some time to the Constitutional Convention and are being paid for their services by the Constitutional Convention. For the most part they are carrying their usual assignments for Michigan State University and are doing their work at the Convention evenings, weekends, and to some extent during the time when the Convention is in session. It is recommended that we follow the policy being followed by the University of Michigan and Wayne State University for members of their staffs carrying similar responsibilities by granting them part-time leaves and reducing their University salaries by 25 percent during the period of their service. The staff members involved are: a- Dean William H. Combs, from November 1, 1961, to the conclusion of the Convention b; Professor William Roe of the College of Education, from November 1, 1961 to the conclusion of the Convention c. Professor Charles Adrian, Political Science and Continuing Education, from November 15," 1961, to February 28, 1962.- d. Professor Charles Press, Political Science, from November 20, 1961, to the conclusion of the Convention* Dean Combs is the Co-Director of Research for the Convention. Professor Roe is the Director of Research for the Committee on Education. Professor Adrian is the Director of Research for the Committee on Local Government. Professor Press is the Director of Research for the Committee on Legislative Organization. On motion by Mr. Merriman, seconded by Mr. Stevens, it was voted to approve Item k above. Adjourned.