12/18/1987

UCCSN Board of Regents' Meeting Minutes
December 18-19, 1987








12-18-1987

Pages 70-71



BOARD OF REGENTS

UNIVERSITY OF NEVADA SYSTEM

December 18, 1987



The Board of Regents met on the above date for a special tele-

conference meeting in the Conference Room, Chancellor's Office,

Reno, and the President's Office, University of Nevada, Las

Vegas, and the President's Office, Western Nevada Community Col-

lege, Carson City.



Members present: Mrs. June F. Whitley, Chairman, Las Vegas

Mr. James Eardley, Reno

Mrs. Dorothy S. Gallagher, Elko

Mr. Chris Karamanos, Las Vegas

Mrs. Joan Kenney, Las Vegas

Mrs. Jo Ann Sheerin, Carson City

Mrs. Carolyn M. Sparks, Las Vegas



Members absent: Mr. Joseph M. Foley

Mr. Daniel J. Klaich



Others present: Chancellor Mark H. Dawson

President Anthony Calabro, WNCC

President Joseph Crowley, UNR

President James Taranik, DRI

Dr. Warren Fox, Vice Chancellor

Ms. Mary Lou Moser, Secretary



Chairman Whitley called the special teleconference meeting to

order at 2:10 P.M. on December 18, 1987, for the purpose of con-

sidering a personnel appointment at UNR, and a resolution at

WNCC. Chairman Whitley presided in Las Vegas, Regent Eardley

was in Reno, Regents Karamanos, Kenney and Sparks were in Las

Vegas, Regent Sheerin was in Carson City, and Regent Gallagher

was in Elko.



1. Approved the Appointment of Vice President for Development,

UNR



Upon recommendation by President Crowley, the Regents ap-

proved the appointment of Dr. Paul Page as Vice President

for Development at UNR at a salary of $78,500, effective

January 1, 1988.



Mrs. Kenney moved approval of the appointment of Dr. Paul

Page as Vice President for Development at UNR at a salary

of $78,500, effective January 1, 1988. Mrs. Sparks sec-

onded. Motion carried.



2. Approved Resolution for Loan, WNCC



Approved the following resolution which allows WNCC to bor-

row up to $525,000 for a classroom facility at the Fallon

Campus.



The Board previously authorized WNCC to borrow the funds;

however, in order to obtain the loan at a favorable rate,

it is necessary to certify that the loan qualifies as a tax

exempt obligation under the Internal Revenue Code of 1986,

as amended.



RESOLUTION #87-12



WHEREAS, the Board of Regents of the University of

Nevada System (the "Board" and the "University", re-

spectively) have determined that it is necessary and

desirable and in the best interests of the University

and the inhabitants of the State that Western Nevada

Community College construct, acquire and equip an ad-

ditional building for its branch Campus at Fallon,

Nevada (the "Project") and that financing be obtained

in order to provide funds with which to acquire the

Project; and



WHEREAS, the Board has determined and hereby determines

that the aggregate amount of tax-exempt obligations

issued by the University during calendar year 1988 is

not expected to exceed $10,000,000.



NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF REGENTS

OF THE UNIVERSITY OF NEVADA SYSTEM:



Section 1. The Chancellor or such person as the Chan-

cellor may designate are hereby authorized to solicit

proposals for a loan to the University for the benefit

of the Western Nevada Community College in the amount

of not exceeding $525,000 for the purpose of financing

the Project.



Section 2. The Board hereby designates the loan made

in accordance with the provisions of Section 1 hereof

as a "qualified tax-exempt obligation" for the purposes

of Section 265(b) of the Internal Revenue Code of 1986,

as amended.



Section 3. This resolution shall be in full force and

effect on its passage and approval.



President Calabro explained to the Board that the repayment

of the loan would be derived from the funds that are cur-

rently being expended on a rental facility. The loan will

be repaid on a 20-year schedule with the interest rate pos-

sibly being adjusted at the end of the first 10 years.



Mr. Karamanos moved approval of the resolution for a loan.

Mrs. Kenney seconded. Motion carried.



For the record, Regents Klaich and Foley requested that the min-

utes reflect that they were unable to attend the meeting, but

were aware of the agenda and were in agreement with the 2 items.



The meeting adjourned at 2:30 P.M.



Mary Lou Moser

Secretary

12-18-1987