December 18-19, 1987
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,
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
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,
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
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
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,
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