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Caption: Board of Trustees Minutes - 1978
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526 BOARD OF TRUSTEES cuss at this time, a suggested list of projects that might be undertaken with funds gained from the refinancing program. With regard to the timetable implied in the list of "principles" (i.e., the closing by June 30, 1978, on revenue bonds that might be sold to establish the system), President Corbally emphasized that acceptance of the entire plan as a package was more important than the need to complete the closing by June 30. He expressed his concern that the trustees not feel hurried into taking action without a clear understanding and feeling of confidence in the proposal in its entirety. Mr. Lenz moved that the committee endorse the concept generally (specifically, the language contained in Principle No. 1: "Endorse the concept of restructuring existing debt [including University Foundation debt]") and direct the administrative officers to provide for further discussion and consideration detailed information concerning the other steps recommended. The motion was approved unanimously, with Mr. Forsyth indicating his wish to defer judgment from that portion of Principle No. 1 having reference to the University Foundation debt. It was made clear in the discussion that a number of trustees wished to give the additional steps further study, that there are concerns as to the precise nature of the items on the list of projects, the implications as to the age of existing buildings at the point when all debt would be retired, the need for equitable distribution of new facilities among the campuses, and other matters. It was agreed that additional time will be provided for further information on these and other questions and committee discussion of them at the next and at subsequent meetings. There being no further business, the committee adjourned. EARL W. PORTER GEORGE W. HOWARD III Secretary President
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