Repository: UIHistories Project: Board of Trustees Minutes - 1970 [PAGE 354]

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354

BOARD OF TRUSTEES

[March 19

referred to therein by the use of student tuitions authorized by law to be retained in the Treasury of the University. Now, Therefore, Be It and It Is Hereby Resolved that the revenues derived from the facilities referred to in said Resolution be further supplemented by the use of student tuitions authorized by law to be retained in the Treasury of the University to the extent necessary to provide for all payments required to establish and maintain the Repair and Replacement Reserve to the full extent specified in Section 5.02 (c) of said Resolution; provided, however, that the aggregate of all student tuitions used pursuant to this Resolution to supplement such revenues together with all amounts used pursuant to Section S.03 of said Resolution shall not exceed in any one fiscal year of the University the sum of $60,000, plus such additional sums as may be specified in any resolution supplemental to said Resolution creating or authorizing the issuance of additional Bonds. Resolved Further, that until amended or repealed, it is the intent and purport of this Resolution to supplement the revenues derived and to be derived from the facilities referred to in the Resolution as if said Section 5.03 were to be read and construed as follows: Section 5.03. It is hereby determined by the Board of Trustees, and it is hereby covenanted that it is necessary to supplement revenues to be derived from the facilities, referred to in this Resolution, by the use of student tuitions which are authorized by law to be retained in the Treasury of the University, and it is hereby further covenanted that if at the close of any fiscal year there is a deficiency in the Medical Center Bond Fund to provide for operating expenses of the facilities and/or making the deposits in the Bond and Interest Sinking Fund and the Repair and Replacement Reserve provided for in Section 5.02 of this Resolution in the required amounts, the Board of Trustees shall within sixty (60) days after the close of the fiscal year deposit to the credit of the said Medical Center Bond Fund out of student tuitions, a sum sufficient to make up such deficiency in order to meet the annual debt service required on the Bonds, the annual cost of maintenance and operation of the facilities, and provide for all the accounts (including without limitation the Repair and Replacement Reserve) and covenants provided for by this Resolution or any resolution supplemental hereto, but such amounts shall not, however, exceed in any one fiscal year the lesser of (a) an amount which when added to the revenues to be derived from the facilities will be sufficient to meet the annual operating expenses of the facilities, provide for the payments required to be made into the Bond and Interest Sinking Fund established for the benefit of the Bonds in subsection (b) of Section 5.02 hereof and to provide for the payments required to be transferred to the Repair and Replacement Reserve as required by subsection (c) of Section 5.02 hereof, or (b) $60,000, plus such additional sums as may be specified in any resolution supplemental hereto creating or authorizing the issuance of additional Bonds.

On motion of Mr. Grimes, the foregoing resolution was adopted.

ASSIGNMENT OF INCOME FROM VIDEO-TAPED LESSONS (25) At its meeting on June 19, 1968, the Board of Trustees approved a recommendation from the University Committee on Copyrights and Recordings that income to the University from the rental of video-taped lessons prepared by Professor E. G. Smith, Jr., be assigned to Professor Smith. The following is a reproduction of the proposal: "Professor E. G. Smith, Jr., a former faculty member of the University, produced a series of video-taped lessons in the field of geography in 1964. From the rental of these tapes to the Great Plains Regional Instructional Library, the University has received income amount to $360. The entire costs of the production were met with funds provided from external grants, and hence all of the rental fees constitute net income. "The University Committee on Copyrights and Recordings was asked to review the circumstances related to the production of these video-taped lessons by Professor Smith and to recommend an appropriate disposition of the accumulated rental fees. In the light of its review, the Committee has recommended that the