MINUTES of the MEETING of the FINANCE COMMITTEE June 15, 1967
MINUTES OF THE MEETING of the FINANCE COMMITTEE June 15, 1967 The Finance Committee convened at Kellogg Center at 8 o'clock for breakfast. The following members were present: Messrs. Harlan, Hartman, Merriman, Nisbet, Smith, Stevens Thompson, and White; President Hannah, Treasurer May, and Secretary Breslin. Absent: No one. Investment recommendations from Scudder, Stevens & Clark and Mr. Earl Cress: Investment recommendati Retirement Fund Approx. Amount Security Price Principal Income Yield Recommend selling: $100,000 U. S. Treasury Bonds 4% 8/15/71 98 $98,000 $4,000 4.08 $300,000 U. S. Treasury Notes 5% 11/15/70 101 303,000 15,000 4.90 $75,000 U. S. Treasury 4% 8/15/70 98 _73;,500, 3,000 4.08 $474,500 $22,000 Recommend purchasing: $500,000 FNMA Part. Certs. 5..,10% 4/6/87 97 $485,000 $25,500 5.25 1,500 shs. Sterling Drug (makes 5,000) 46 69,000 1,500 2.18 1,000 shs. Procter & Gamble (makes 4,000) 86 86,000 2,200 '2.56 up to 1,600 shs. Federal Insurance (makes 4,100) 52 83,200 2,400 2.78 $732,200 $31,600 H. W. Klare &, E. A. Klare Recommend purchasing: 400 shs* Tampa Electric 32 $ 12,800 $ 240 1.85 On motion by Mr. Nisbet, seconded by Mr. Harlan, it was voted to approve the above investment recommendations. 2. Communication from Mr. May: Van Hoosen Hall loan In 1956 when Van Hoosen Hall was built, it was financed by a loan from the Retirement Fund. extended At that time it was recognized that the loan would not be repaid within the 10-year term loan period.
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