07/21/1981

UCCSN Board of Regents' Meeting Minutes
July 21-22, 1981








07-21-1981

Pages 7-9

                          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

pavilions.



 1.  Recommendation Concerning Contract of Purchase for Pavilion

     Bonds



     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

                                                       07-21-1981