C-l-d (BT 5/14/93)
MINUTES OF THE EXECUTIVE COMMITTEE
OF THE BOARD OF TRUSTEES
OF THE TRUSTEES OF PURDUE UNIVERSITY
April 30, 1993
The Executive Committee of the Board of Trustees of The Trustees of Purdue University convened at 3:15 p.m.  on Friday, April 30, 1993, in the office of Treasurer Ford, Room 242 Hovde Hall,  pursuant to call of Board Chairman Jesse and to prior notice by mail from Frederick R. Ford, Treasurer of the Corporation.  Public notice of the date, time and place of the meeting as required by law was given by Mrs.  Doris  Pearson,  Secretary of the  Corporation. Present  in  person  were  Trustees  Anderson  and  Jesse. Trustees McGinley and Townsend participated in the meeting by conference call.   The meeting was held in Treasurer Ford's office in Hovde Hall.  All doors to the office were open during the meeting.  Also present were Treasurer Ford, Jim Benken, Director of Investments, Jim Almond, Assistant Director of Investments, Legal Counsel Thomas L. Ryan and Mrs. Doris Pearson, Secretary of the Board of Trustees, who acted as secretary of the meeting.
Treasurer Ford explained that, after a great deal of homework by Messrs. Benken and Almond of the Investment Office, it has been determined that under the current interest rate market the University can save the State of Indiana about $1.5 million over the next five years by refunding Student Fee Bonds, Series A and C. He pointed out that bonds which are issued in connection with the the Series A Refunding will be taxable because of arbitrage regulations, the first taxable bonds ever issued by Purdue.
Treasurer Ford noted that, when meeting with the State Budget Director on April 19, 1993, she stated she would, to the best of her ability, assist in getting the necessary Budget Committee and Governor approvals for this transaction in a timely manner.
Treasurer Ford had provided the Executive Committee with a five-year table reflecting the maximum present value savings of the Series A and C Refunding which was briefly summarized by Mr. Benken.
Treasurer Ford requested approval of the following Resolution prepared by Legal Counsel Ryan authorizing the University officers to start the planning process and to seek the necessary State approvals.