UCCSN Board of Regents' Meeting Minutes
December 17-18, 1980


Page 105

                         BOARD OF REGENTS


                         December 17, 1980

The Board of Regents met in special session on December 17, 1980,

for the purpose of taking action on a recommendation from First

National Bank representatives with respect to the University's

endowment fund.

Present were Regents Fong, Buchanan, Whitley, Mc Bride and

Karamanos, and Mr. Lee Scolley of First National Bank.  The

meeting was Chaired by Mr. Karamanos.

Mr. Scolley stated that the University's main endowment account

and the Engel Unitrust each currently holds $25,000 par value

Santa Fe International 7-1/2 convertible bonds, which have been

called and on which the Board must make a decision to convert

into common stock or to sell prior to December 31, 1980.  The

approximate price of the bonds is 130, and the bonds have been

called for 107-1/2.  Mr. Scolley recommended that the bonds be


Mr. Mc Bride moved that the recommendation be approved.  Motion

seconded by Mrs. Whitley, carried without dissent.

Mr. Scolley recommended that the proceeds realized from the above

sale be held in a high yield short term investment with a return

of approximately 16-1/2%.

Mrs. Fong moved approval.  Motion seconded by Mr. Buchanan,

carried without dissent.