December 17-18, 1980
BOARD OF REGENTS
UNIVERSITY OF NEVADA SYSTEM
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
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.