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= ~ M T R A L M 1 C H t G AM U H I Y K R SIT Y
8 0 A R 0 OP T R U S T E & S
~8Y 6·7 . 1993
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.:"ntritl Mlchlg8n Ilntverllity Board of' Trust_til
Mt. Pleaaant. Michigan
May 6-7, 1993
Members present: Dr. C~rdon N. Lamb 14,
I'll,". Mitchell D. Kehetian: I'll ..... Roger L.
I'll," . W. Sidney S.ith; I'll," . Robert P. Young.
preliident.
Members absent: none.
Chllir; H ... Mllrtlo H. Chollll!:llln;
Kesseler: MS. Hardet B. Rotter:
Jr : Dr Leonard K. Plachta. Interim
Also attending: I'll,". A. K~ Ellertson, Treasurer ot the Board and Vice President
for Bug;n.s", aM Finance; Dr. Robert r.. Franke, Provo.:t; Mr. Ihlliliell I., Herron,
Secretary to the Board of Trustees and Vice President for University Relations;
Mr. James L. Hill. Vice President for Student Affairs.
The ~tiog was c811ed to order by ChillI," Lambl. at ~:46 p.m. on M/ly 6, ,QQ1, for
the sole purpose of hearing the President ' s report: racial issu ••.
The meeting recessed at 6:20 p.~ .
'rha l'I'IPat.ln; reconvenAd lit 8:3') lI.m. on MIIY 1, 1 <J'n.
It was movAd by Mr. Young , seconded by Mr. Kehetian, and carried, that the Board
lIIOVe int.o closed leslion lo dlscuis strat.egy connected with collective bar"9ainill9
lind to conllult. with our atto .. nay regll .. dl"9 st .. lltegy In connect.lon with pendlnq
litigation.
The Board .aved inlo cia.ed sellion et 8:35 a .•.
The ~rd ret.urnad to open BaRR Ion lit. 10: 4') lI.m.
IUtnJTI!S :
It wal mov.d by Mr. Cholakian, seconded by Mr . YOI.Inq, and carried, that. the
MlnuleR of the HlIrch 1,., 1991, meeting be IIpprovad.
TRAVEL ACCIDENT I NSURANC!: (Polley and Bylaw. Calaittee)
It was moved by Hr . Smit.h, leconde-d by Mr . Cholakian, and carried, thal t.he
'011.,..,i"9 ,.eROlutinn be lloopt.ed .
'89'
Travel Accident Inaurance continue(!
RP IT RF.SOI,vpn, Thllt t-h~ IInlver.dty .. hili 1 provide trllw.1 lI"cldent
insurance for metnbElrll of the Board of Trustees which i nsuces th_
while on University business in lin BIOOunt equal to the IlIIIOUnt
provIded for Senior Officer ...
SECURITI!S: (Pollcy and Bylaws Oammlttee)
It WIlB moved by fIIr . Salith. seconded by Mr . KeheUlln, and carried, thllt the
followlD9 reAOlutlon ~ Ildopt9d.
BE IT RESOLVEO. That the President. Treasurer. and vice President
for BUliiness snd Finance, or Bny of them, are Buthori2ed to sell,
IIARI9n, and endor .. e for t rlln .. fer ce rt lflc~teR representing .. tocKs,
bonds. or other securities now registered or hereafter registered in
~he name of the University.
SPKNDIMC AUTHORI7~TTON FOR 1993-94: (,i nanea ca.aUtlHl)
it was .ovsd by Hr . Kasseler, ssconded by Hr . Cholaklan. and carr ied , that tha
(ollowing rasolutlon be adoptad.
WHf'Rf'.AS, 1'hll RoIIrd of Tn,,,te.,,, viII "on"ldar adopt ion of tha
Operating dnd capital Budgets for 1993-94 at a forthcoming meeting:
Bod
WH'I'IIF.AS, Currant spending AuthorhAtlon will ",xplr~ on .luna 30,
\393, at the end of (iscal yea r 1992-93: Now be i t thererore
RESOLVED, That the President is autnori2ed to expend .uch funds as
"re nl"Ce" .. "ry to lMintllln University operlltionll until the 19'J3-Q4
Operating ano Capital Budget. a ce approved.
HARBOR SPRINGS , IITCH1GAN, RADIO STA'1'lON: ('i nance ec:.nltt_)
It was moved by Mr . Keseeler, •• conOed by Mr. Smith, and carcied, that t he
fol lowing resolution be adopted. For: Cholakian, Kehatian, Kes.aler, Lambie,
SmiLh , ~ainst: Rotter, Youn?
RI" 11' R!':SOI,vFn, Thllt the Prel:;d'mt o r hili ti .. slgnllil Is lIuthorl7.oo to
nf'>got1ate and execute a purchase agceenKInt, final purchase
docUMents. leaees . and Federal Communication' Commlssjon
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I~rbor Springs, Michigan. Radi o Station continued
applicatlons for the purchase and tcans[er o( Ucensa of r3>dio
"tat Ion W\,TO(J'M), Harbor Spring" , Mlehlg'ln, lind agr_nt .. for fh"
installation of microwave ~ignal deiivery sy&tems.
It was moved by Mr. Kesseler, seconded by Mr. Young. and cacried, that the
following resolution be aOooted.
8E IT RESOLVED, That the PreSident ~r his d9signee Is authorizl'd to
conclud~ the ren .... 111 of the lell"" a9re_nl .. ith I'"--.rge lind Ruby
Brach for property iocatsa In Sultons Bay Township. LoIIlanau county,
Michigan.
It vao ~ved by Me. Kessalec, seconded by Mr. Chelekian, and carrlad. that tha
[ollowing reeolution be adopted.
RF iT R'I'!';()I.VED, That the Prellirienl, with the IIpprOVlll of the ChaI r
of the Board of Trustees, is authorized to adjust compensation for
non-bargaining 8!l'Ployeeli for fbeal year 1993- 94 on behal! of lhe
Ro.Io rd of '!'nl"teful .. lth the following OftIPloy .. e groupll:
AO-Unistrative/Profa.slonal
Orr-c8IlIpUs
Jl.&n ior Off Icerll
Temporary Faculty
CXltJ.lCTTVE BARGAINING AGRRDlPlfTS: ("Inanee c.:.nlttes)
It was moved by Mr . Kesselec, seconded by Mr Kehetian, and cudi'd, that the
following re.alution be adopted.
BE iT RESOLVED, That the President, with the appr oval of the Chair
of the RlIIIrd of TnlRtPps, \" authori1.ed In rat ify and II\gn ~nl1f'ctive
barQaining agreements beginning 1993-94 on behalf of the Board
of Trustes. with the following bacgalnlng unit5:
Pollc~ Of'lr~r~ AR .. oriALion of Mlchlglln (POAM)
American Fedecation of State Gnd County Mun icipal Employees (AFSCMEl
2895
lX't"I!:Hl>En LEARJilI MG RAft I NCRBASRS I"'OR 1'3'33 - '34: (Fi nance eon.ittee)
It was lIOVed by Mr. Kesseler. seconded by Hr. Younq. and carried. that the
following resolution be adort~.
RF. IT RF!;()I,vF.O, '!'hilt the tuition rlOtf"II for I'!Irtended CnKIi t C<:Iur_.
be adopted to becane effective [or classes endin'1 on or after
~u~u.t 16. 1993.
Rat e Per Credit Haul'
Under'1raduate $115
Graduate 126
it wAil moved hy Hr. Ke"" .. ler, ElfM::ondod hy Hr. CholAKllln, IOnd cllrr\ed, Ihllt the
[011ow1ng resolution be adopted.
8£ 1T RESOLVlD. That btended Degree Program (EOP) tuition rates be
o'IOOpted liS follows , to her.orne: effective with clas!:ell endln'1 on o r
artur Auqusl 16. 1993.
Rate Per Credi t Hour
IInd .. rgradu8tf'l $1)]
Graduate 181
FTNCH r TJttDHOU!m ROOF IttPAT1I:/ RRPLACEMi!NT: (Finanee eon.ittee)
It wall MOVed by Mr . Keneler. seconded by Mr. SIII.1th, and carried. that the
[011ow1n'1 resolution be adapted. For: Cholakian, Kehetian. Kesseler. Lambie .
Smith. Young. A9ainst: Rotter .
1\1' 11' RPSQT,vP.O, That the Prellident Or hili dellign-. is 1I1lthorl"oKI t o
contract for an additional $75.000 [or the removal o[ asbestos in
the Finch Fieldhouse roof. Total project cost not to exceed
P77,OOO; project will he funded from f;OIlrCfll'; nelliqnllroKl In rh.
1992~93 C~pital Budget.
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Ir.MPJ.IJ'lM'£)fT/ TRATNTMG PROrJEC"I' : (, t nanee Ccftni tt_)
It was .aved by Hr. KGsseler, s&condfld by Mr. Cholakian. and carried. that the
following resolution be adopted.
RF tT RP$OI.vF.D, ThAt the i're"Idont Or hi" d@gi9n~ il'; <'Iuthori,ed 10
negotiate and execute the contract fro. JObg Central [or the Parks
~nd Recreation S~r Youth Employment and Training Project.
GF.NJI.RAL RKVKMUK/RRP'lJ'NDIMC 8OHDS: (Fi nance COrmittee)
tt was .oved by Mr. Kesaeler, seconded by Hr. Cholakian, and carried. thal the
following resolution be adopt~.
WHF.RF.AR, The C@ntrAI HIr.hI9l1n llnlverlli~y BoArd o f 'I'ruIII_1I (thR
"Soard") la a conslitutional body cOl:porate established pu r suanl to
Articie Vll1. Section 6 of the Michigan Constitution of 1963. a.
Amended, with 90nerlll IIUpolCVlllion of C .. ntr"l Mir.hi'1"n 1Jniverlllty
(the "Unive r lity" ) and the control and direction of allexpenrl!tures
fro. the Univer.ity ' s funds; and
WH~RF.AS. t_hfl Ro/Ird hall pr,wlnuflly IfilluPd $1},782,'6<).20 CoO!nftrll}
Revenue Bonds. Serios 1990 (the "Series 1990 Bonds" ) under and
pursuant to a Trust Indenture (the "Prior Indenture") dated as of
Mny l~, IqqQ bet ween tn .. RoI!rd ~nd C~rICIl ~nK (formerly CAWnerlca
BlInk - Detroit) (the "1990 Bonds Trustee"); and
WHEREAS. the Board. upon the r.c~ndation of the officer s of the
IIniv .. rlllty hllll del"l'1IIlnf'd It III n...r"lIlIlIry lind expedient to refund
all or a portion of the Serie. 1'390 Bonds in o r der to achieve
interest COlt .avings (the portion of the Seriee 1990 Bond. to b.
rflfundl'd to be dete .... lned by the Authori;o:f!d Ofrlcflrl: (hereIMft .. r
de[in&dl and bein9 herein called the " Refundfld Sonds" ): and
WHEREAS. in the exerci •• of it. constitutional duties. and in order
to control Ilnd direct p rudently elCpf'lndltl1rel: from the Universl t y ' ll
funds, the Soard detet'llline. it is necesllary and desir abl. to
authorize the h.uance of Genel'al Revenue lind Refunding Bonds,
Rerlell \q'n (thll " ~ft r lell Ict<ll Ronda") In 01"0 11 1" to prov\d", fund.
which . t ogether with othe r avsiloble funds , will be used to pay the
costs uec.ssar y to refund the Pefunded Bond s and to pay CO!lt.
Inr.l dflntl'll to th'" refundinq and t he 11'1l'1u/!rlce of I h'" SO!IrlO!I1I I''tQ1
Bonds : a nd
WHEREAS . a t r ust inden t ure (th. "Trust Inden t ure " ) "I\Ist ~ entered
lntn hy IOnd hfltw .. ",n the """'rd lind a t r ullt .. ", (the "Trust", .. " ) t o hot
designated by the Authorized Of f icers , pursuant to which the Series
1993 Bond. wili be i.lued and secured; and
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General Revenue/Refundi ng Bonda continued
WHEREAS. the Int;kntucel aULoor11:in<;l the Refunded Bonds {lnd other
outllt"ndiT\oil (;"n8 r,,1 Revenue Bond" of tht! fIcword {the ftOut"tandln.g
Bonds"} creale certain condillon. for the issuance of Ceneral
Revenue Bond. on a parity ba3is with the OUtstanding BondI; and
WIfFRF.A~ , the VlcR PCf>llident for RI".;n .. "" "I'd Fi,,"nr.e "hllll, on or
prior to the delivery of Lhe Series 1993 Bonds. certify that the
~ondltion. for issuing the Series 1993 BondS. secured on a parity
bIt"l" hy ("~ner .. l Revenue" with the Olllllt"nding BondA hllvlI! ~n mAt;
"od
WHERl::AS, Smith Barney, H!Il'cis Upham" Co .• Incorporated (the
"Underwl"lt"rll") hl1V8 ooen 9091'1900 to \lndert"ke prflllmlnllry IMrk"t
nnalysi. Bnd to present to the Authorized Officers a bond purena".
lI,)ce(!f!lenl (the "Bond PurchllHe Agra-ement") <letting forth the tel1l1s
lind ~ond;tlonll Ilpon whlr.h thfl I1nder-wrlt.er" will Agree t.o pllrehlllle
the Sarti,s 1993 Bonds I'md the interest rates thereof and the
purchaso price therefor; and
WHF'RP.A!,;, In order to bf' IIbl .. to "",rk .. t the Serlf'1I lqq3 Rondl\ lilt thll
most opportune tiMe. it is necessary for the Board to authorize the
President and lIle Vice President for BUlline!!s and nnance or either
of thpm tndlvldu",11y (th ... ".l.uthorh:e<'I Offlr.ers") to negotl"'t .. ,
execute and deliver on behalf of the Board the Tcullt lndenture. to
e.tabli.h the specific te~~ of the Series 1993 Bonds and to accept
thp offer o f tht'! IIndarwrlters to purr.hAse the ~rien 1993 BondI!, fill
within the li.itotions set forth herein: and
WHEREAS. the r~funding of the Refunded Bondll will serve proper and
approprilltp publlr. purpnRe8; lind
WllJ!.R£AS. the Board ta.$ full power under its conlltitutionai authority
for supervilion of the University. and control and direction of
,"xpilndlture8 fl"Oln thfl lIn\vt'!r8Ity fund .. , to refund thp Refunded
Bondll. to pay the COllt of the refunding of the Refunded Bonds by
i ssuance of the Series 1993 Bonds. and to pledge Generlll Revenues
(liS haralnllft .. r dpflnpd) for P"'ymPnt of the !';eriell Iqq3 Bond,,;
NOW. THEREFORE, BE IT RESOLVED BY THE CENTRAL I'IICHIGllN UtHVERSITY
BOARD Of TRUSTEES. AS fOLLOWS:
1. The RoIlrd hnreby lIuthorI7.e .. the t,.SUllnCe, el<er:utlon lind delive ry
of the Se~ie8 1993 Bonds of the Board in one or more Geries . to
be design8t.a CENERAL REVE~UE AND REFUNDING BO~DS. SERIES 1993.
'with lIpproprt. .. te IIddlt.lonlll ser lell delllgnllt.lon,,) In the
aqgrcglltfl prinCipal nmount to be established by the Autho ~ ized
Offjce~!I. or either of thelll, but not to exc~ the amount
nf'CM"'lIry to prndur:e pror: .. ed" of $]'},OOO.OOO to be dilled IIA of
the date established by the Authorized Officers, or either of
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continued
the- . to pay a po~tlon of the costs of refunding the Refunded
Ik-nds, as shall be detet1llined by either of the Autl'lodzed
offlcerA, lind to P"'Y COllt8 lfK'toontlll to the iSIlUitnr.e of the
seri.s 1993 Bondll lind to the refunding of the Refunded Bonds.
includin9 the cost of bond inllurance. if the Authori~ed
Offlc",-rB, or Alth .. r of the-. d .. t ...... ln .. ,.uch insurance to be
appropriate. The series 1993 Bonds shall be lIerial Se~i.s 1993
Bonds or tel1l1 Series 1993 Bonds. which lIII!ly be Bubject to
redf!mptlon rflqulrf'mentll, or both, 'U, IIh",ll he elltllbllshf"(j by thtt
Authorized Officers. or either of them. but the first maturity
shall be not earlier than Oct~r 1, 1993 and the illllt maturity
IIhlll1 bf! not llltAr thAn Or.tnbf'r 1, ?Ol~ Thn Serie" lqql Rondll
may bear no interest or Interest at stated rates for the
reajXM:tive _turitie. thereof lUI shall be es t ablished by the
Authorl"ed Ofrlr.".r .. , or 8lther of thell'!, bllt the hlghe .. t rlltt'! of
jnte ~est for any maturity IIhal! not exceed 6,37S~ per annum. and
the Series 1993 Bonds !1liiy be issued in whole or in part as
c,,"pltll1 lIpprou:l"'t\on hondll, whi..,h for their t ....... or lIny p"rt
thereof bear no interellt but appreciate in principal amount over
time at compounded rates (not in exceS8 of 6.375\ pe ~ IInnum) to
he delannlned by tha AutMrl"ed Offlcprs Or .. It.h@rof thera. The
sarles 1993 Bondll _y be lubject t.o redempt.ion prio~ to maturity
at tho times and pcica .nd in the .. nnor &s shall bOil •• tablllh.d
hy thll Authorl"ed Orflcerll or either of th.... '!'hll 1IIIIXi..u1ll
nnnUlIl principal and interellt requirements on the Seriel \993
Bonds Ihall not exceed $2.000.000. Int.erest on the Seriel 1993
Rondll 8hlln be p"'yllbill lit the tllllPli all I<hllll be llpaclfled by tha
Authorized Of ficars or either of them. The Series 1993 Bond"
8hall be bsued in fully registered for. in denomination ••• hall
he ~yllblt'! II" to prln..,lplIl lind Interellt In the ~nn@r. IIhlltl be
subject to tranllfer and tlXchanqe, and llta.ll be executed and
authentic'ted. all as shall be p~ovided in the Trust Indenture,
The !l.erles 19"1] Ronds lMy be orlqimilly IRlluP.d in whole or In
part in book entey only fOnll. The Series 1993 Bondll shall be
sold to the Underwriters pursuant to t.he Bond Purchase A9reement.
fo r II price to be elltllbll .. hed by the Authori7.ad Offlr. .. rll o r
eilher o( them (but the Unde rwriler' s discount. exclusive of
original bsue discount, shall not excei!'d 1\ of the principal
.. ",,,unt theronf ) pln8 lIr.r. n led intprftllt. I f Any, from th .. d",tftd
dllte of the Seriell 1993 Bonds to the date of delivery the reof.
2. The Series 1993 Banda shall be limited and not general obligat
lon8 of the ~rd p"'y"ble f rnm And I<~u red, on II pa r ity b11818
with the Outlltnnd ing Bonds. by a fi rst lien on the General
Revenues (liS shllil be defined gene ~ally in the Trust Indenture
to mean lIl1 , pes, dppo"ltll, r.hargell, r ece\ptll, lind l nr.ome from
all o ~ any part of the students of t he University . whether
activity fees. tuition, instructionlll fees. tuition su r chargell,
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cena~~l Revenue/Refundi ng Bonde continued
'Jeneral fees, health fee. or other special purpose fees; all
groRR Inc:nma, rev .. nUflll And receiptll fl'On'I the (>pRrllt\on,
ownership and control of the housing and auxiliary _Vitam of the
Univerdty; such investment incOllle and proceeds of bonds or
nthp" oblig<ltlom; 1111 Ih", TnJRt Tndenture IIh,.11 F:~lfy; lind /Ill
unrestricted grantl. giftl. donations and pledges and receipt.
theref~; but excludi~ appropriations fro. the Stale l.;i.leturA,
the F.nergy F~. Any dppnal!R or contrActll required by law
to be held In escrow and any additional &aOUnt.. excluded
theref~ in the future .a penmitted by the Trult Indenture).
!':xeept 811 provldftil In thO! TnlMt Indenture no "~Irllfl IIh,,1} be
had for the payment of the principal amount. of or Interell or
l'remium on the Sed •• 1993 Bonds or any claim based thereon
HIjI"lnr;;t the St"le of Ht~htgl'ln, the Boar-il or- IIny offtc:er- nr- IIgent
thereof, as individul)ls. either directly or indirectly. nor
sh.!lll the Series 1993 Bonds and interest with respect thereto
bloc,"""", II 1 ien nn nt· be Rf'('urood hy IIny proJ)@rty, ra"I, IHIr-IInn"l
or ~ixed of the State of Michigan or the Board. other than the
Ceneral Revenues and the .,ney. from tiJne to time on deposit in
"II or p"rt of th .. (und" .. "t"bl iRked hy the TnJ"t lnilenture.
Any pledge of Ceneral Revenue • • debt service reserves. and other
funds specified in the Trust Indenture, if any, .hall be valid
.. nd bln.Hng from tha d", .. nf th .. I"su"nce lind delivery of t_he
series 1993 Bonds. and all moneys o r properties subject thereto
which are thereafter received shall i.lmIediately be subject to
th .. I ten of Iha pledge wtthout phYfilclI1 delivery or furth .. r a~t.
The lien of said pledQe shall be valid and binding against all
parties (other th,," the holders of any other bonds. notes or
tlpbt oblig<ltlonR IIPc:urf>d by II pilrity flrllt llpo on Generlll
Revenues) having a claim In tort. contract or otherwise IIgainst
the Board, irrespective of whether such parties have notice of
tka II .. n.
3. The right is reserved to issue additional bonds. notes o r other
obligations payable fro. and secured on a parity basis with the
""rlell 19'J) Rondf: "nd the OutEtI'Indlng fIc'Inds frml thA {".' .. ner,,1
Revanues, upon compliance with the tenns and conditions as shall
be .et forth In the Trust Indenture.
4. Tht! Allthol'i:>:ed Offlcflrs, "'0(1 either of them, ... rfl hftroby "uthorbed
lind directed. in the nMle and on behalf of the Board. and
a. its corporate act and d~, to select the Trustee, and to
n"'9otjllta, eX<t<"'ute nnd d""llv4lr tht! Tn".t Tnd"nt."r ... The TnlRt
lndentura may contain such covenants on behalf of the Board and
terJIIs as such officers deem appropriate, includif19, but not
II",lt .. d to, coven",ntll with I'flRpru!t t.o thfl ""R,,,bllllh_nt of
General Revenuas at. level. expressed as a percentage of debt
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cont.i nUfld
service on the Serles 1993 Bonds or all General Revenue Bonds.
and wilh respect to the lssuane .. of additional bonds. notes or
ot.hel' obi ig"tionf: pay",ble frnn lind IllICUred by {"'>flneral Rflvanllell.
In addition. the Authorized Officers, and either of tha.. are
hereby autn.orh:ed, empowered and directed to negotiate, if
08NIIIII"ry "nd aXf>O'!'diant for the 11I1I""nce of the REtries 19q]
Bonds, tor acquisition of bond insurance and to execute and
deliver an insurance com.it.ent or other ~ntl or
Instnnnent. raquirP.d In c:onnactlon wltb Illch InEur",mclI'I.
S. The Authorized Officers, and either of them . are hereby
authorized and directed, in the name and on behalf of the Board
"nd liS ttl! r:orporate lIet lind deM'!, to nftgot\"t.e, flxflCute "od
deliver the Bond Purchase Agreement. wlth the Underwriters
setting fo rth the terms of the Seriel 1993 Bonds and the sale
thll'lrfOOf, "II within tha limlt"tlons Hat forth herein.
6. The Aulhoriz.a Of f icers. and either of them. are hereby
authorized, eq>OWered and directed, in the name and on behalf of
the AcHIrd, lind as Its carporate !'Ict "nd d_d, to execute tha
series 1993 Bonds by placing hIs o r their facsiDila or manual
signature or signatures thereon, and to deliver the Ser ies 1993
Anndl< to the Und .. rwr ltar a In flx("'hllnge for tho purcb"so price
thereof, as provided in the Bond Purchase Agreement .
7. Tbe Authorized Officers, or either of them. are hereby authort7ed
to (':"111111 th .. prepllr"t lon of " Prallllllnll"Y Offlt:l,,1
Statement and an Official Stntement with re8pect to the Sarie.
19~3 Bonds. and to execute and deliver the Official Statement.
The ilnderwr it.erll are lIuthorl,ed to circulilte "nd ulie, tn
accordance with applicable law. the Prelj~inary Officiel
Statement and the Official Stat_nt in connection with the
off~rl"9 , aarketlng and aale of the ~arie" lqql RondR.
8. The President. the Vice President for Business and Finance. the
Secretary and any other appropriata officer of the Board or the
UnlverB It.y ",ra hereby "uthort,ad to ~rfora ",11 "'crll lind d~dll
and to executa and dollver all lnatruments and docwnents.
Including an l'.ac r ow DepoaH Agr_nt with the 1990 Bonda
Tnlstee o r other eRcrow "gent, for .. nd on hPh,,1f of the IlofIrd
required by t.hiB resolution. the Trust tndanture . o r the Bond
Purchase Agreement, or necessary, expedient and proper in
eOllnfH::tlon with the \alluanc", II"Ie "nd dellw·ry of the "",rlell
1993 Bonds . as contemplated hereby . Any r eference to an offlcar
of the Board or the Univerafty herein aha11 inciude any interiN
or "ctlng officer appointed by the RoI'Ird.
2901
General RevenuejRefundinq Bonds continued
9. All resolutions or pllrtll of r@lIo\utlonll or other proceedings of
the Board in conf lict herewi th be and the sarne are hereby
repealed in90far as such conflict exists.
Finance CommittBfl reports: inv@lItment Ilctivity fnr .Janullry, Februllry, Ilnd March
1993.
HONORARY OEGR~~: (Academic Affair. OommlttBfl)
It was moved by Mr . Young, second~ by Mr. Kesseler, that the following resolution
be adopted .
BE iT RESOLVED, That the Board of Trustees approves the awarding of
hnnor .. ry degree .... t. th .. MIOY 1'1'13 ".,....,.,n., ....... nt " .. .. erROn; .... !-o:
Emeral A. Crosby
Edward M. E~ndorf
Rlch .. ril A. 1I ..... I .. ton
Doctor of Education
Doctor o f Education
MAY 1993 GRADUATION LIST: (Acaaemic Affairs conmittBfl)
It ",as moved by Mr. Young, seconded by Ms. Rotter, and carri~, that the
following r,,"olutlon be IIijopted.
BE IT RESOLVED. That the list of prospective graduates for May 1993,
upon certification of the Registrar and acceptance by the Academic
Renllt@, be Ilpproved.
DEPARTMENT NAME CHANGF.: (Acad0lllic Affair .. Con:ndtt ee)
It was moved by Mr. Young. seconded by Ms. Rotter, and carried, that the
following reaolutlon 00 IIdopt.ad.
BE IT RESOLVED, That the department of accounting name change to the
School of Accounting approved by the President is hereby ratified.
2902
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VERIFICATION OF SABBATICAL LEAVE: (Aca(lelllic Aft'airs Oomm1ttee)
It was moved by Mr . Young, seconded by Ms. Rotter, and carried, that the
following rellolutlon be IInoptlld.
BE IT RESOLVED. That the Central Michigan University Board of
Trustees affirms that Anthony M. Miele was an employee of t.he
university dl1rl.ng I'Hl-7] and that the Ip.avil grilnted for Wlntllr
Semester 1972 with full pay, appearing on PlIge 139 of the
January 13, 1971, minutes was a sabbatical leave.
Aca(l.,ic Affairll
It was moved by Me. Young, seconded by 1'19 . Rotter, and carried, that. the
f(>l\owlng rllllo\uUOn b@ adopted.
BE IT RESOLVED. That the President is aut.horized to lDOdify the
retirement date sp<!Cifled in the retirement incentive agreement
bet.WP.f!n tt>e univerllity lind John Novns ... d t.o July 31, lQQ3.
Academic Affai ra Committee reportll: Jim Scott, chairperson/Academic Senate.
It was mov~ by Mr. Kehetian, seconded by Hr . Cholakian, and carried. that the
following resolution be adopted.
BE IT RESOLVED, That the Stephen Lawrence Barstow Memorial Art
ProfesROrship Is eRtabllshlld:
Stephen Lawrence Barltow ~amorial Art Prcfal.arahip
Established in 1993 throu'1h an estate gift from Stephen U!wrence
l\arflt.OW. Annual sp£!ndl'lble Invefltment IncOlOO from the endowment. will
be used to defray costs and expenses of an artist-in-residence in
the Department of Art lit the UniVersity.
rt waS movpn by Mr . Kahetil'ln, seconded by Mr. Cholllkll'ln, and clIrried, that the
following resolution be adopted.
BE IT RESOLVED, That the Stephen Lawrence Barstow Memorial Artist
Rellidllnca Is alltRbllshlld:
2903
, , , Barstow !Itate , , , cont inued
I!.atab1.1shed in 1993 through lin estate gift fraa Stephen La .. rence
Bllrltow, Annual spendable investment income frem the endowonent .. ill
be tilled to defnlY 8xpttnllell relilting too the prellervlltion of the
Stephen La .. rence Barstow residence (3321 ~e$t Chippe .. a River Road,
Shepherd, Kichigan) a"d surrounding property a$ deacribed in Section
3.1 of Rlephen'" .. Ill.
Mnual lpendllble investment income .. Ul be used for util1tie.,
'Jenera 1 maintenance and capital expenditures re-quired to maintain
IIl1ld p.-nperty ove r time. I'.ndowment !nc:OIIIf! not. r ... qllired for
maintenance and upkeep may be used to finance additions to the
residence, construct additional buildings on the property, or for
IIny ot.her PU1·PO"." c:onlllst.anl with fha preRervlltion of lh. p roperry
as the University shall determine in consultation .. ilh the f llculty
of the Department of Art. ~ew construction .. ill be 1n accordance to
Rt .. phlln' R rntRirll to "",Int_"in the prope rtY '1I n"tllrlll "futthetlc vlllua.
Should tha IIccumulated spendable income per this endowment reach an
amount three times the annuai disburs_nt, any excelll could be uled
to enhAnc:e lhll other IIndnwmentll elltablillhad by thlll ~lllllt.
If the Untvenity .hould dispo .... of the property d ... c ribed in
Section 3.1 of Stephen 'S wIll. the net proceeds shall be added to
lind hoPc~ p.o!rt. of f'ndowment IK:COUnt.£ 6£>481, 6£>481., "nd 66483, nr 1111
the Univeralty ahllil determin.. in consultation with the faculty of
the DepartJl!ent of Art.
It wlIR .eved by Mr. Kf'hlltilln. RAeOnded by Mr . K.gGeler, and clirried, thllt the
following resolution be adopted.
B!. IT R£SOLV!.D. That the Stephen Lawrence Barstow Memorial Art
Sc:hnhlrRhlp IR efttllbllAhed, and thllt the follnwinq statement 1ft
approved for printing in the Univer .. ity Bulletin;
Eltabl1.hed in 1993 through an elltllte gift from Stephen La .. rence
Barllto ... Annual Bpendable endowment earningll w111 be awarded to two
(2) finllncially needy art students , with particular empha91s in
prOffOt\ng Native AmIlrlCllnR Into tha a r t.G.
2904
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It was moved by Mr. Kehetian, .econded by I'lr. Young, and cllrried, that the
following resolution be adopted.
BE IT RESOLVED. That the Mary Lou Bruce Me.orial Scholarship
recIpient ftelection crlterlll I. chllnq@d liS requested by the donor ,
and t hat the followlll9 .tet_nt h approved for printing in the
Rull .. tin.
Mary Lou Bruce ~rial Scholar.hip
The Karl' Lou Bruc. Memorial Scholarship WIIS established in 1983 by
Lieutenant Colonel Gene D. Bruce and friends in memory of Mary Lou,
who Wl' 1I II dedicated milltllry .. If .. lind II VlllUf'd member of the
militllry science and health education families and tha Kt. Pleasant
cOlllllUnity . Earningl frOl'll the endowment fund will be awarded
annually t.o " CMIl junlnr, lien lor nr gr",duate IItudent ""'joring In
health education and health science who has earned a 3 .00 or hig-her
~rade point average.
It was moved by Mr . Kehetlan . 118Conded by Mr. KeRlleler, and carried, thllt the
following resolution be lldopted.
BJ!. IT RESOLVED. That the art depart.ent endowient and art deparblent
"c:hn1I1 r llhip are renll~ to c:onIleIIIOrllte FrllnCell G. Fitch. fo ..... r IIrt.
depar~nt facult.y .amber lind lIfelong Mt . Pleasant reGident. who
left her entire •• tat. to Central Michiglln University in 1976; and
bit It further
RESOLVE!). That the current
departmant wcholarwhlp wording
following de.cription.
central Kichigan University art
In the null .. tin III replaced with th8
France. O. Pitch Art Scholarship
The IIrt department .cholar.hip e .. tabli.hed in 1988 was renamed in
1'~q3 to cOl!lllf!lllOrlltl! f Ol"l!l8r IIrt fllculty memho!r Franc .. R G, F\lCh.
Annuai endowment earnings .. ill be ,,-wlI["ded to II junior o r senior .. ith
a ) .5 or better grade point average in art classe s . The recipient
.. ill hi! chosan by memberR of t he Depllrtment of Art.
It was moved by Mr. Kehel1an • • econded by MS. Rotter. and carried , that the
following resolution be edopted.
B!. tT RF.SOI.YED, That t.he Glenn R. lind H, Mllrlene Hales !k::noll1rfthlp
title i. c hanged a. reque.ted by the donor, and that the current
wording 111 r~plllc8d by the following Rtlltement in the Rullettn.
2905
5chol anhip and ~nt Chanqea continua<!.
Th. Glenn R. and H. Marlene Halea Scholarahip waa eatabUahed in
1990 by Glenn R. Hales and H. Marlene Hales. CMU class of 1978. The
fund waa renamed in 1992 to commemorate Marlene's parents Loia and
nelbfort Nol .. n, !'lr. Annual andownNont. earnlngll .. Ill be ...... rded to a
CMU junior or sen lor ~ith 0 3.00 grade average or better.
Trustee Kehetian reported that work continues on p~,ed forums regarding the
costs of higher education.
Itt.ItCTTOH 01" OFP'Ia:R!I :
It was moved by Mr. Kehetian. seconded by Mr. Cholakian. and carried, that the
follow1ng slate of officers for 199)·94 be elected, effective July 1, 199) .
Chair ..,. Sidney Smlth
VI.:: .. Chair Roger I.. K4t1lll<ll el"
secretory Russell L. Herron
Tr~o.ur.r A. Kim Ellertson
Mr. Keh~tlo!ln, on beh,.lf of the Board, th .. nked I)r. l.I'Imbie f:.lr hill ullual excellence
while serving as chair.
Pl!:R!IONNKt. :
It was moved by Mr. Cholakian, seconded by /"lS. Rotter, and carried. that
personnel transactions appearing on pages 1·11 of the May 1993 agencLs be
approved.
~:
tt was moved by Mr. Kesseler, seconded by Mr. Cholakian. and carried. thot gifts
received during February In the amount of $190,46) and during March In the aIIIOUnt
of $141,762 be accepted with apprecl,.tlon.
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GRAl'ft'S :
It was lIIOVed by Mr. Young". seconded by Mr. SI!Ilth, Gnd carried, that grants
awarded durIng February and March In tha amount of $24J.210 be accepted
PUBLIC COIOIXH'!':
The following persona addressed tho Boar d: Jim Scott and David L1ng.
The mee~1ng adjourned at 11:49 a.m.
Ruayell L. "erran
Secretary to the Board of Trusteea
2907
Campus History and Life
