March 11-12, 1981
03-11-1981
Pages 69-70
BOARD OF REGENTS
UNIVERSITY OF NEVADA SYSTEM
March 11, 1981
The Board of Regents met in special session on the above date in
the William Carlson Education building, University of Nevada, Las
Vegas, for the purpose of considering emergency investment rec-
ommendations.
Members present: Mr. John Mc Bride, Vice Chairman
Mr. James L. Buchanan, II
Mrs. Lilly Fong
Mr. John Tom Ross
Mrs. June Whitley
Members absent: Mr. Robert A. Cashell, Chairman
Ms. Frankie Sue Del Papa
Mrs. Dorothy Gallagher
Mr. Chris Karamanos
Others present: Mr. Monte Miller, Valley Bank
Mr. Lee Scholey, First National Bank of Nevada
The meeting was called to order by Vice Chairman Mc Bride at
3:47 P.M.
1. Investment Recommendation from Valley Bank
Mr. Monte Miller recommended sale of the following stocks
in order to increase the cash position of the portfolio
for temporary investments (Treasury Bills or money market
instruments):
Approx. Approx. Approx.
Shrs. Description Price Value Gain/(Loss)
2600 Schering Plough 34 3/4 $ 90,350 ($ 7,613)
700 Honeywell 100 1/2 70,350 15,766
1400 Philip Morris 47 65,800 12,606
$226,500 $20,759
Mr. Buchanan moved approval of Mr. Miller's recommendation.
Motion seconded by Mrs. Fong, carried without dissent.
2. Investment Recommendation from FNB
Mr. Lee Scholey recommended that the following stocks be
sold and the proceeds invested in Treasury Bills:
Reynolds Metals Units 300
Approximate Price 34
Approximate Value 10,200
Anticipated Income 720
Market Yield 7.05
Gain/(Loss) ( 499)
International Harvester Units 200
Approximate Price 20
Approximate Value 4,000
Anticipated Income 0
Market Yield .00
Gain/(Loss) ( 1,456)
Southern Pacific Units 200
Approximate Price 40
Approximate Value 8,000
Anticipated Income 520
Market Yield 6.50
Gain/(Loss) 1,437
Total Approximate Value 22,200
Anticipated Income 1,240
Market Yield 5.58
Gain/(Loss) ( 518)
Main Endowment Fund
Mc Donald's Corp. Units 4,700
Approximate Price 59
Approximate Value 277,300
Anticipated Income 3,760
Market Yield 1.35
Gain/(Loss) 83,754
Merrill Lynch Units 10,600
Approximate Price 33
Approximate Value 349,800
Anticipated Income 11,872
Market Yield 3.40
Gain/(Loss) 125,573
Philip Morris Units 5,500
Approximate Price 47
Approximate Value 258,500
Anticipated Income 11,000
Market Yield 4.25
Gain/(Loss) 65,142
Pacific Gas & Elec. Units 50M
PV 12 3/4% due 2-1-13 Approximate Price 88
Approximate Value 44,000
Anticipated Income 6,375
Market Yield 14.48
Gain/(Loss) ( 2,125)
Texas Instruments Units 50M
PV 12.70% due 2-1-05 Approximate Price 93
Approximate Value 46,500
Anticipated Income 6,350
Market Yield 13.65
Gain/(Loss) ( 2,187)
Total Approximate Value $976,100
Anticipated Income 39,357
Market Yield 4.03
Gain/(Loss) $270,157
Anticipated income from the Treasury Bills is 14 1/2%.
Mrs. Whitley moved approval of Mr. Scholey's recommenda-
tions. Motion seconded by Mrs. Fong, carried without
dissent.
The meeting adjourned at 4:00 P.M.
Barbara J. Summers
Assistant Secretary of the Board
03-11-1981