July 21-22, 1981
BOARD OF REGENTS
UNIVERSITY OF NEVADA SYSTEM
July 21, 1981
The Board of Regents met on the above date in the Carlson Educa-
tion building, University of Nevada, Las Vegas.
Members present: Mr. James L. Buchanan, II
Mrs. Lilly Fong
Mr. Chris Karamanos
Mr. John Tom Ross
Mrs. June Whitley
Members absent: Mr. Robert A. Cashell
Ms. Frankie Sue Del Papa
Mrs. Dorothy Gallagher
Mr. John R. Mc Bride
Others present: Chancellor Robert M. Bersi
Secretary Bonnie M. Smotony
In the absence of the Chairman and the Vice Chairman, Mr. Ross
was elected Chairman Pro Tempore, and the meeting was called to
order at 10:00 A.M. with Mr. Ross presiding.
Chancellor Bersi explained that the purpose of the meeting was
to adopt necessary documentation in support of the $40 million
State of Nevada General Obligation (Limited Tax) University of
Nevada Systems Projects Bonds for the support of the two sports
1. Recommendation Concerning Contract of Purchase for Pavilion
Vice Chancellor Mark Dawson introduced Mr. Henry Chanin and
Mr. Hal Smith, representing Burrows Smith and Company,
financial consultants on the bond issue; Messrs. Melin,
Tennehaus and Waterman, representing Blyth Eastman Paine
Webber, Inc.; and Mr. Robert Johnson, representing Sherman
& Howard, the University's Bond Counsel.
Mr. Chanin reported that the $40 million in revenue bonds
were offered the previous week, and that offer to purchase
had been received from Blyth Eastman Paine Webber, Inc.,
acting on behalf of the management underwriting team at a
net effect interest rate of 10.706%.
Mr. Dawson recommended the Board accept the Contract of
Purchase as offered by Blyth Eastman Paine Webber, Inc.
for the $40 million revenue bond issue at a net effective
interest rate of 10.706%.
Mr. Buchanan moved approval. Motion seconded by Mrs. Fong,
carried without dissent.
2. Adoption of Resolution #81-4
Mr. Buchanan moved adoption of the following resolution.
Motion seconded by Mr. Karamanos.
RESOLUTION NO. 81-4
A RESOLUTION DESIGNATED BY THE SHORT TITLE "8-1-81 BOND
RESOLUTION"; CONCERNING THE UNIVERSITIES OF THE UNIVER-
SITY OF NEVADA SYSTEM: AUTHORIZING THE CONSTRUCTION,
OTHER ACQUISITION, AND IMPROVEMENT OF BUILDINGS, STRUC-
TURES, AND OTHER FACILITIES, AND ACQUIRING EQUIPMENT
AND FURNISHINGS THEREFOR, AND OTHER APPURTENANCES, FOR
(1) THE MULTIPURPOSE PAVILION ON THE CAMPUS OF THE
UNIVERSITY OF NEVADA, LAS VEGAS, SUBPROJECT, AND (2)
THE MULTIPURPOSE PAVILION ON THE CAMPUS OF THE
UNIVERSITY OF NEVADA, RENO, SUBPROJECT; AUTHORIZING
THE ISSUANCE OF THE SECURITIES OF THE STATE OF NEVADA,
DESIGNATED AS THE "STATE OF NEVADA GENERAL OBLIGATION
(LIMITED TAX) UNIVERSITY SYSTEM PROJECTS BONDS (ADDI-
TIONALLY SECURED WITH PLEDGED REVENUES), SERIES 1981",
IN THE PRINCIPAL AMOUNT OF $40,000,000, FOR THE PURPOSE
OF DEFRAYING IN PART THE COST OF SUCH PROJECT; ACCEPT-
ING THE PURCHASE PROPOSAL RELATING TO THE BONDS, PRO-
VIDING THE FORM, TERMS AND CONDITIONS OF THE BONDS, THE
MANNER OF THEIR EXECUTION, THE METHOD OF THEIR PAYMENT
AND THE SECURITY THEREFOR, AND OTHER DETAILS IN CONNEC-
TION THEREWITH; PROVIDING THE LEVY AND COLLECTION OF
ANNUAL GENERAL (AD VALOREM) TAXES FOR THE PAYMENT OF
THE BONDS; PROVIDING FOR THE DISPOSITION OF REVENUES
DERIVED FROM CERTAIN STATE GRANTS CONSISTING OF CERTAIN
STATE SLOT MACHINES TAX PROCEEDS; PLEDGING SUCH REVENUES
TO THE PAYMENT OF THE BONDS; PROVIDING FOR THE ISSUANCE
OF ADDITIONAL BONDS AND OTHER SECURITIES PAYABLE FROM
SUCH REVENUES; APPOINTING A TRUSTEE; PROVIDING DUTIES,
PRIVILEGES, POWERS, LIABILITIES, DISABILITIES, IMMUNI-
TIES, AND RIGHTS PERTAINING THERETO; PROVIDING OTHER
COVENANTS, AGREEMENTS, AND OTHER DETAILS,
AND MAKING OTHER PROVISIONS CONCERNING THE STATE, THE
UNIVERSITY, THE BONDS, THE PLEDGED REVENUES, AND THE
TRUSTEE; RATIFYING ACTION PREVIOUSLY TAKEN AND PER-
TAINING TO THE FOREGOING MATTERS; PROVIDING OTHER
MATTERS RELATING THERETO; AND REPEALING ALL RESOLUTIONS
IN CONFLICT HEREWITH, INCLUDING, WITHOUT LIMITATION,
RESOLUTION NO. 79-8, DESIGNATED BY THE SHORT TITLE
"11-1-79 BOND RESOLUTION".
Mr. Buchanan moved that all rules of the Board of Regents
which, unless suspended, might prevent the final passage and
adoption of the foregoing resolution at this meeting be and
hereby are suspended for the purpose of permitting the final
passage and adoption of the resolution at this meeting.
Motion seconded by Mrs. Fong, carried without dissent. Mo-
tion to adopt Resolution #81-4 carried without dissent.
Bonnie M. Smotony
Secretary of the Board