Repository: UIHistories Project: Board of Trustees Minutes - 1962 [PAGE 1523]

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1520

BOARD OF TRUSTEES

[June 20

Board of Trustees and other securities may be so registered if in the opinion of the Safekeeping Agent this is desirable. The Comptroller may act in the following situations without reference to the Finance Committee or the Board: (1) To exchange maturing obligations of the United States government when offered by the United States Treasury for new securities and (2) the sale or other disposition of stock rights or fractional shares acquired to common stocks held when the amounts involved are nominal. The purchase, sale, and exchange of all securities shall be reported to the Board of Trustees at least quarterly. Current Funds The Comptroller may invest cash in current funds in short-term securities of the United States government, in special interest-bearing accounts or certificates of deposits of specified banks or in high quality short-term corporate obligations. Investment counsel's advice shall be obtained by the Comptroller before proceeding with these investment transactions; and all purchases, sales, and exchanges of securities shall be reported to the Board of Trustees quarterly. All securities thus acquired shall be purchased, held, and disposed of by the Safekeeping Agent designated by the Board of Trustees, as provided herein. Construction and Sinking Funds The fiduciary designated by the bond indenture and authorized by resolution of the Board of Trustees shall act as investment counsel and safekeeping agent for securities acquired. Investments shall be made by the Comptroller in United States government securities in accordance with provisions of the indenture. Al! sales, purchases, and exchanges of securities shall be reported to the Board of Trustees quarterly. General The maturity or call for redemption of bonds and other obligations used as investment media need not be reported to the Board of Trustees. O n m o t i o n of M r . S w a i n , t h e r e c o m m e n d e d p o l i c y f o r i n v e s t m e n t s of f u n d s w a s a d o p t e d , a n d t h e i n v e s t m e n t p r o c e d u r e s w e r e a p p r o v e d . PURCHASES P u r c h a s e s Authorized (34) The following purchases were authorized by the Executive Vice-President and Provost, for the President, pursuant to authorization by the Board of Trustees to act on recommendations for purchases under International Cooperation Administration, now Agency for International Development, contracts. The purchases will be from funds supplied by the Agency for International Development under its contract with the University for educational services to institutions of higher education in India.

Item One lot of laboratory equipment, including microscopes, slide projectors, and optical accessories Two tractors, 7 h.p,, air-cooled gasoline engine, three forward, three reverse, dual range speed reduction transmission, with implement lift, dual rear wheels, steering wheel, generator, battery, electric starter and the following accessories: one mold board plow, 10 in. plow frame assembly; one plow base; one cultivator; one disc-harrow; one sickle mower with one drive unit and one cutterbar unit; one bulldozer with one blade and one lift assembly; one tiller with regulator; one rotary mower, 30 in. triple rotor, with leaf mulcher; one set wheel weights; and one dump, heavy duty, % ton, 36 in. x 47 in. hinged tailgate

Department Agency for International Development Agency for Internationa] Development Vendor Bausch & L o m b , Inc., Rochester, N e w York Beaver Industries, Inc., N e w Hartford, Conn. Cost 321 881 49 f.a.s. New York 3 068 32 f.a.s. New York

On motion of Mr. Johnston, these purchases were approved.

Purchases Recommended T h e Director of Purchases has proposed and the Vice-President and Comptroller recommends the following purchases. Unless otherwise specified, the purchase in each case is recommended on the basis of lowest acceptable bid. I concur.