MINUTES of THE MEETING
OF THE
BOARD OF TRUSTEES
January 16, 1969
Authorization was requested to sell the following
stock received by Oakland University, all
listed in gifts and grants to be accepted at this Board meeting:
300 shares of Parke, Davis & Company capital stock
from Mrs. Elizabeth B. Graham
From Mr. & Mrs. Henry C. Johnson:
-- 50 shares of The One William Street Fund
-- 7 shares of Safeway Stores, Inc.
550 shares of Ford Motor Company common stock from Mr. &
Mrs. Marvin L. Katke.
100 shares of Ford Motor Company common stock from Theodore
0. Yntema
12 shares of General Motors common stock from Mr. &
Mrs. Frederick Colombo.
On motion by Mr. Nisbet, seconded by Mr. Huff, it was
voted to authorize the sale of the
stocks listed above.
Mr. Hartman raised the question as to the disposition of
the request made by Mr. Varner
at the November Board meeting that he be permitted to accept
membership on the Board of Directors of the First Federal
Savings and Loan Association of Detroit.
The President distributed copies of a letter from University
Attorney Carr dated January 14,
1969, copy of which is filed with the materials for this Board
meeting.
Mr. Varner indicated that he had inquired of the First Federal
Savings and Loan Association management to learn whether or
not any mortgages or other obligations of the University or
related to the University are held by the organization and
that he has been assured that there are no such investments
but that all of their records will be searched and if there
are any they will be disposed of and that there will be no
more.
Motion was made by Mr. Hartman, seconded by Mr. Thompson,
that Chancellor Varner be granted permission to accept a directorship
of the First Federal Savings and Loan Association in Detroit.
Carried
Resignation: Richard R. Shank, Assoc. Prof & Assoc.
Dean in Engineering, eff. 12/31/68
Leaves--Sabbatical
Robbin R. Hough, Assoc. Prof., Bus. Adm. & Econ. at
full salary to study at home, eff. 1/6/69 to 4/16/69.
Gottfried Brieger, Asst. Prof., Chemistry at half pay to study
at Harvard, effective 9/4/69 to 4/21/70.
Jack R. Moeller, Assoc. Prof, Mod. Lang & Lit at full
salary to study in Germany, effective
1/7/70 to 4/21/70
Robert M. Williamson, Professor in Physics at half pay to
study at MIT, effective 9/4/69 to
4/21/70.
Leaves--Other
Henry Rosemont, asst. Prof. Philosophy at no salary, effective
8/15/69 to 8/14/70, to study
at MIT.
Transfers & Changes in Assignment
Robbin R. Hough, Assoc. Prof., Bus. Adm. & Econ., relinquish
chairmanship, eff. 1/1/69
Robert I. Facko, Asst. Prof. & Acting Chrm. in Music at
additional $100 per month, eff.
1/1/69 to 4/30/69.
Siddheshwar Mittra, Assoc. Prof. & Acting Chrm. Bus. Adm.
& Econ. at additional $100 per
month, effective 1/1/69 to 4/30/69.
Salary Changes
John G. Blair, Assoc. Prof. English from $11,500 to $12,200,
eff. 2/1/69
Glen Brown, Dir. AP-IX Admissions from $17,200 to $17,700,
eff. 2/1/69
Rochne DeLauney, Spec. Accts. Supv. AP-III Bus. Off from $10,300
to $10,800, eff. 2/1/69
Jon Froemke, Asst. Prof. Math from $10,700 to $11,200, eff.
2/1/69
David H. Jones, Purch Agt. AP-VII Purchasing from $13,800
to $14,300 eff. 2/1/69
Richard S. Lyons, Assoc. Prof. English from $11,200 to $11,700,
eff. 2/1/69
Robert J. McGarry, Chf. Acct. AP-VIII Bus. Off. from $14,600
to $15,200, eff. 2/1/69
Appointments
Glafyra R. Ennis, Instr. Mod. Lang & Lit at $8,000, effective
8/15/69
Anna Rita Massacesi, Instr. Mod. Lang & Lit at $7,000,
effective 8/15/69
Recommendation from the Director of Personnel
Establish a Departmental Secretary V position in Special
Projects. (p. 347)
Gifts & Grants
Gift of mirrors valued at $300 from Paul Travis of Rochester
to be used in the Academy of
Dramatic Art.
Gift of two 25-inch Stellite mirrors valued at $3,000 from
the Walker Metallurgical Corp. of
Detroit to be used in the Physics Department.
Gift of 25 watercolors valued at $4,335 from the Ford Motor
Company of Dearborn to display in various offices.
Grant of $50 from the Oakland County Engineering Society
of Detroit for the Oakland County Engineering Student Loan
Fund.
Grant of $745 from various donors for the Mary Fogarty Anibal
Trust Fund.
Grant of $1,000 from the Roy G. Michell Foundation for Scholarship
account #26727.
For Awards Account #26759:
$ 300 from John M. Brundage of Albion
$1,232 from the Daily Tribune of Royal Oak
$1,600 from The Charles B. DeVlieg Foundation of Royal Oak
$1,000 from Dwan-Musselman of St. Joseph
$ 500 from George Higgins of Ferndale
$ 875 from Kamehameha Schools of Honolulu
$ 315 from the Rockford Public Schools
$ 200 from L'Anse Creuse High School PTA of
Mt. Clemens
$ 375 from the New York Medical College of New
York City
$ 150 from the Ott Memorial Scholarship.of Pontiac
$ 150 from Pleasant Ridge Woman's Club Trust
Fund
$1,170 from The Pontiac Press
$ 400 from Southfield High School
$ 15 from Woman's National Farm
& Garden Association of Rochester
For Scholarship Account #26731
$ 165 from Delta Kappa Gamma of Rochester
$ 425 from The Detroit Edison Co. of Detroit
$2,750 from General Motors Corp. of Detroit
$1,512 from The National Foundation of Rochester
$ 616 from Ralph T. Norvell of Pontiac
$1,020 from The Wayne Oakland Bank of Royal Oak
Grant of $150,000 from the Matilda R. Wilson Fund of Detroit
to establish a professorship in
the School of Engineering to be known as the John F. Dodge
Engineering Chair.
Grants as follows to be used under the direction of Royce
Butler in the Kresge Library:
$200 from James L. Howlett of Pontiac
217 shares of General Motors common stock valued at $17,871.13
from Mr. & Mrs. Edward S. Wellock of Bloomfield Hills.
Grant of $7,177.58 from the Musical Education Fund of Chicago
to be used under the direction of Wilbur Kent in the Meadow
Brook School of Music to support the 1968 program.
Grants as follows to be used under the direction of John
Fernald to support the Fernald Company of the Meadow Brook
Theatre.
$ 20 from Charles F. Adams
of Birmingham
$ 15 from Jerry and Leonard
Bielfield Foundation of Detroit
$4,000 from The Josephine E. Gordon Foundation of Detroit
$5,000 from the Higbie Manuf. Company of Rochester
$981.17 from Alan E. Schwartz of Detroit
$9,000 from the Lulu C. Wilson Trust of Birmingham
Grants as follows to be used under the direction of Chancellor
Varner:
| 550 shares |
of Ford Motor Company common stock valued
at $29,631.25 from Mr. & Mrs. Marvin L. Katke of Bloomfield
Hills |
| $400 |
from Mr. & Mrs. Norman B. Weston of Birmingham to
be used $100 for the Meadow Brook Theatre, $100 for the
Meadow Brook Music Festival, and $200 for Discretionary
gift fund. |
| 50 shares |
of The One William Street Fund, Inc., valued at $933
and 7 shares of Safeway Stores, Inc. valued at $204.75
from Mr. & Mrs. Henry C. Johnson of Bloomfield Hills,
the proceeds of the sale of the stock to be used for the
Meadow Brook Music Festival. |
| $4,000 |
from the Josephine E. Gordon Foundation of Detroit
for the Meadow Brook Music Fest. |
For the Discretionary Gift Fund:
$ 50 from Dr.& Mrs. Joseph Carp of Detroit
$ 500 from Century Brick Co. of Detroit
$ 100 from Mr. & Mrs. Fred A. Gluckson of Birmingham
300 shares of Parke, Davis & Co. capital stock valued
at $8,962.50 from Mrs. Elizabeth Graham of Bloomfield Hills
$ 500 from The Mary Louise Johnson Foundation of Detroit
$ 100 from Mr. & Mrs. A. S. Linzell of Grosse Pointe
(p. 348)
$ 200 from M r. & Mrs. Wilfred J. Lobb of Clarkston
$ 200 from Mr. & Mrs. Donald D. O'Dowd of Rochester
$1,500 from The Pontiac Press
$ 200 from Mr. & Mrs. Buel E. Starr of Holly
$ 200 from Mrs. Nancy S. Straith of Pleasant Ridge
$ 25 from Chancellor D. B. Varner
100 shares of Ford Motor Company stock valued at $5,425
from Theodore 0. Yntema Bloomfield Hills
For the Chancellor's Club:
$1,000 from H. G. Bixby of Detroit
$1,000 from Mr. & Mrs. Warren S. Booth of Birmingham
$1,000 from Mr. & Mrs. Rinehart S. Bright of Bloomfield
Hills
$1,000 from Chrysler Corp Fund of Detroit
$ 500 from Edward N. Cole of Bloomfield Hills
12 shares of General Motors stock valued at $988.50 from
Mr. & Mrs. F. Colombo
$988.50 from Mr. & Mrs. Frederick Colombo of Bloomfield
Hills
$1,000 from Mr. & Mrs. George M. Endicott of Grosse
Pointe Farms
$1,750 from Mrs. James E. Goodman of Birmingham
$1,000 from Mrs. E. Curtis Matthews of Bloomfield Hills
$1,000 from Mr. & Mrs. Norman F. Mealey of Detroit
$ 500 from Ben D. Mills of Bloomfield Hills
$1,000 from Paul H. Travis of Rochester
$1,080.75 from Mr. & Mrs. R. J. Williams of Birmingham
On motion by Mr. Merriman, seconded by Mr. Thompson, it
was voted to approve the Oakland University Personnel
Changes and Gifts and Grants.
On November 7 Oakland University received bid proposals for
its Central Heating Plant authorized by the Trustees at its
July 21, 1966, meeting. The following bids were submitted:
| Architectural |
|
| J. A. Fredman, Inc. |
$1,215,818 |
| J. A. Ferguson Construction Co. |
1,507,544 |
| Spence Brothers |
1,593,000 |
| |
|
| Electrical |
|
| T. L. Jacobsen Electric Co. |
696,883 |
| Schultz Electrical Co. |
708,000 |
| F. W. Moote Electric Co. |
744,877 |
| Cates Electric Co. |
806,900 |
| |
|
| Mechanical |
|
| Port City Heating & Plumbing Co. |
1,349,000 |
| Stanley-Carter Co. |
1,685,000 |
| Eames & Brown, Inc. |
1,708,000 |
| Steve Kruchko Co. |
1,815,000 |
| Laya Plumbing & Heating Co. |
1,828,827 |
| John E. Green Plumbing Co. |
1,928,000 |
| Brady Plumbing & Heating Co. |
1,969,500 |
These bids increased the project budget $578,815.54
over the $3,443,000 appropriated by the legislature on June
28, 1968. Therefore, in consultation with the architect, the
State of Michigan Building Division, and the Oakland University
staff and in view of the decision of the Joint Capital Outlay
Committee not to increase the appropriation, it is recommended
that all bids be rejected and Oakland University be authorized
to seek new bids for this project.
On motion by Mr. Nisbet, seconded by Mr. Stevens, it was
voted to approve the above recommendation.
Miscellaneous
At the December Board meeting the Trustees approved awarding
of the contracts for the Oakland Center addition and the financing
to cover this project in the amount of $2,600,000. It is now
recommended that the Board formally approve the resolution
authorizing the issuance of bonds to pay the cost of this
project and the execution of a trust agreement in accordance
with the following summary:
Desc
| Purpose |
|
| Oakland Center Addition |
$2,400,000 |
| Debt Service Reserve |
200,000 |
| Total |
$2,600,000 |
(p.349)
Description
Dated January 1, 1969, interest only first five years.
$610,000 Serial Bonds maturing from 1975 through 1984.
$450,000 Term Bonds, Series A, maturing 1989
$590,000 Term Bonds, Series B, maturing 1994
$950,000 Term Bonds, Series C, maturing 1999
Public sale, $5,000 denominations, non-callable for ten years,
call premiums beginning at 103 in eleventh year.
Average maturity - 21 years.
Net interest Cost 5.75%.
| Security |
First Five Years |
6-30th Year |
| Pledge of |
|
|
| University Fees |
$135,000 |
$184,000 |
| Investment Income-Debt
Service Reserve |
112000 |
11 000 |
| Total |
$146,000 |
$195,000 |
Other Covenants
The Board agrees to maintain and collect University Fees
in an amount sufficient to provide annual sums equal to at
least 200% of the maximum annual debt service requirements
on all outstanding fee bonds and loans.
Underwriting Group
These bonds will be sold to an underwriting group of Michigan
firms headed by First of Michigan Corporation.
Rating
"AA" - Standard and Poor's Corporation
(The long legal resolution has been approved by the attorneys
for the Ann Arbor Trust Company and the University Attorney,
and the entire 11 pages will be copied into the permanent
records.)
On motion by Mr. Stevens, seconded by Mr. Merriman, it
was voted to approve the resolution authorizing the issuance
of bonds and the execution of a trust agreement for the Oakland
University Center.
Adjourned at 12:15 p.m.
The next meeting of the Board of Trustees is scheduled for
Thursday evening, February 20 and Friday, February 21. (p.350)