MINUTES OF THE MEETING
of the
BOARD OF TRUSTEES
January 10, 1964
In 1962 Mr. Harlan gave the University a gift
which included 43 shares of Socony Mobil Oil Corporation stock.
Funds have now been expended in accordance with the gift,
and Oakland University would like to have the stock sold.
During the last Board meeting Mr. Varner handed
me (Mr. May) an envelope containing an agreement and a note
form covering an additional bond-gift agreement with the Pryale
Foundation in the amount of $100,000.
This agreement provides for the issuance of
a $100,000 note bearing 4 1/2 % interest which will be cancelled
upon the death of Mr. and Mrs. Pryale.
The only condition of the gift is that if the
Foundation should be involved in Federal tax difficulties
and needs the funds, it has the right to call the note for
payment.
On motion by Mr. Merriman, seconded by Mr. Harlan,
it was voted to approve the above items.
Recommendation from Mr. May and Mr. Cress that
the Board authorize the borrowing of $725,000 required for
the Oakland University Dormitory from the Community National
Bank of Pontiac. The Community National Bank has agreed to
make a ten-year loan carrying an interest rate of 3 3/4 percent
for the first year and 3 1/2 percent for the last 9 years
of the loan. The additional interest during the first year
is to compensate the bank in part for the loss it will suffer
in disposing of Michigan State University bonds now held by
the bank. Banking regulations limit the amount of money that
can be loaned to any single borrower, and the bonds already
owned plus the new loan would exceed this total. A formal
resolution is being prepared by Mr. Cress to be approved by
the University Attorney to be substituted in the Board minutes
for this recommendation.
On motion by Mr. Stevens, seconded by Mr. Harlan,
it was voted to approve the above recommendation. (The
resolution will appear in full in the permanent minutes.)
Chancellor Varner discussed the proposal that
he be authorized to employ an architect to develop plans for
an outdoor band shell at Oakland University and to seek funds
to subsidize the beginning of what will hopefully be an annual
musical festival featuring the Detroit Symphony Orchestra.
On motion by Mr. Harlan, seconded by Mr. Stevens,
it was voted to approve the employment of O'Dell, Hewlett
and Luckenbach to design the band shell for Oakland University
- the cost of construction to be provided by gifts from friends
of Oakland University. It is understood that the Oakland University
Foundation is contemplating a contract with the Detroit Symphony
Orchestra looking toward a four-week music festival at Oakland
University July 15 through August 15, 1964, involving a series
of concerts by the Symphony in the proposed Oakland University
band shell.
Personnel action:
Reclassify a Personnel Assistant VIII to a Personnel
Assistant AP-I position
Reclassify an Assistant to the Chancellor and Director of
University Relations to a Director of University Relations
AP-IX position
Reclassify a Chief Accountant AP-IV to a Chief Accountant
AP-V position in the Business office
Gifts and Grants:
Gift of a violin valued at $100 from Mrs. Carl
W. Moyer of Bloomfield Hills for use by the Music Department.
Gift of a Kimball Consolette valued at $425
from Mrs. Earl R. Bramblett of Bloomfield Hills for use by
the Music Department.
Grant of $1,500 from Harold A. Fitzgerald of
Pontiac to be credited to the Discretionary Gift account 31-1162.
Grant of $15,180 from the Michigan Employment
Security Commission of Detroit to be used under the direction
of Chancellor Varner for a study for area redevelopment administration
follow up study.
Grant of $100 from the French Government of
Chicago to be used under the direction of F. P. Tafoya in
Modern Languages and Literature to help devise extra activities
pertaining to the field of French and to support the activities
of the French Club. (p.153)
Gift of furniture valued at $8,453 from The
Detroit Bank and Trust Company of Detroit to be used under
the direction of Chancellor Varner.
Gifts to the scholarship fund:
$100 from the Ford Educational Aid Program
of Dearborn
$1,500 from Semon E. Knudsen of Detroit
$648 from the National Foundation of Rochester
$648 from the National Twist Drill and Tool Company of Rochester
$13,000 from the Oakland County Scholarship Committee
$500 from O'Dell, Hewlett & Luckenbach Associates of
Birmingham
$162 from the Oxford Savings Bank of Oxford
$1,568 from the Royal Oak Tribune of Royal Oak
On motion by Mr. Stevens, seconded by Mr. Merriman,
it was voted to approve all the above Oakland University
items. (p. 154)