MINUTES OF THE EXECUTIVE COMMITTEE
OF THE BOARD OF TRUSTEES
OF THE TRUSTEES OF PURDUE UNIVERSITY
July 25, 1994
The Executive Committee of the Board of Trustees of The Trustees of Purdue University convened at 1:04 p.m. on Monday, July 25, 1994, in the office of Treasurer Ford, Room 242 Hovde Hall, pursuant to call of Committee 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 was Trustee Anderson. Trustees McGinley, Jesse 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 President Beering, Treasurer Ford, Vice President and Assistant Treasurer Burns, Jim Benken, Director of Investments, Jim Almond, Assistant Director of Investments, Jeffrey H. Wilson, Vice President for Finance and Treasurer, Purdue Research Foundation, William D. Griggs, Secretary and Assistant Treasurer, Purdue Research Foundation, Legal Counsel Thomas L. Ryan and Mrs. Doris Pearson, Secretary of the Board of Trustees, who acted as secretary of the meeting.
Treasurer Ford briefly summarized the items for Executive Committee discussion and approval: (1) Bond documents and bank loan documents concerning demolition of existing Grant Street Parking Garage and the construction of a new parking garage; (2) Voluntary Early Partial Retirement Program; (3) Purchase of equipment in excess of $500,000; (4) Delegation of authority to Trustees' Finance Committee re write off of uncollectible accounts receivable; and (5) Purdue Health Plan to be presented at September 16, 1994 Board meeting.
I. ADOPTION OF RESOLUTION CONCERNING BOND AND LOAN DOCUMENTS FOR DEMOLITION OF GRANT STREET GARAGE AND THE CONSTRUCTION OF A NEW PARKING GARAGE.
The Treasurer explained that, due to the volatility of the bond market, the decision on whether or not to use interim financing (bank loans) during the construction period of the new parking garage will be deferred until mid