We, the undersigned rnernbers of the Board of Regents oZ The Utaiversity oí Texas Systern, hereby ratifyand approve a[L actions taken at this meeting to be reflected in the Minutes.
Signed this the 27 day of October , 19fi7 , A.D.
C ha~ñ---
(Mrs.) ffy'~ee JOntascsn tli, Member
/
Kilgo~e, Me ' e~" Y
Levi A, Olan, Mernber
E. T. Xirn•nes, M. Do, Member'~ Meeting No. 656
THE MINUTES OF THE BOARD OF REGENTS
OF
THE UNIVERSITY OF TEXAS
October 27 - 28, 1967 (
Austin, Texas 10-27 -67 ~.'ü;
.¿ i i~E E TING NO. 65~
FRIDAY, OCTOBEI~ Z7, 1967.--The Board of Regents of The University of Texas System convened in regular session at 9:00 a. zn. on Friday, October 27, 1967 in Suite 21Z, /%~¿in Building, The University of Texas at Austin, Austin, Texas.
ATTENDANCE. - -
Present Absent~~ • Chairman Erwin, Presidiñg Regent Bauer(Page 25 .) Vice- Chairman Josey Regent Brenan (Page 25 . ) Regent (Mrs.) Johnson Regent ~ard(Page 25 . ) Regent Kilgore Regent Xímenes Regent Olan (Page g5 . )
Mr. Peace~ Ghancellor Ransom Secretary Thed/ord
INVOCATION. --l~egent Olan offered the invocation.
STATE OF TEXAS CONSTITUTIONAL TAX BONDS, SEI~IES 1967-A- THE UNIVERSITY OF TEXAS AT AR-LINGTON, $3,490, 000: AT/AI~D OF SALE OF BONDS TO PHELPS, FENN AND COhdPANY, RAUSCHEI% PIEl%CE AND COMPANY AND ASSOCIATES, AND OF PI~I..NTING OF BONDS BY AA4/ERICAN BANI~[ NOTE CO.A6_PANY, AND DESIGNATION OF REPUBLIC NATIONAL BANK OF DALLAS, DALLAS, TEXAS AS IDAYING AGENCY. --Upon rnotion of Vice-Chairman Josey seconded by Regent Olan, sale of the State of Texas Constitut~onal Tax Bonds, Series 1967-A-The University of Texas at Arlington, in the arnount of $3,490, 000, was awarded to PhelDs, Fenn and Company, l~auscher Pierce and Cornpany and Associates for an effec%ive interest tate of 3.98067~/0 (4~less a premiurn of $4, 851. i0,) See iDages I0 ¿~ 2~
Approval was given to the award of the contract for printing the bonds to the Arnerican Bank Note Cornpany, the one previously chosen for /!ii~ printing of the constitutional tax bonds. Approval was also given to ii narning the Republic National Bank of Dallas, Dallas, Texas, as the paying agency for all of the constitutional tax bonds.
7
Mr. Peace (See Page I of the rninutes of the luly 1967 rneeting. )
l~egents Bauer, Brenan, and Ikard were in attendance at the rneetings of £he standing cornrnittees and Corru~nittee of the "W'~.ole on Friday...... •Regent Ximenes was excused from attendance at the co.-runittee rneetings and the meeting of the Board, both on Eriday and Sat- urday, October 27 and 28,
~ ~i :~ ~ i i~i~~ i 0CT27 "~?
10-27-67
U. T. AI%LINGTON: R-ESOLUTION AUTHORIZlNG ISSUANCE OF COLLEGES OF THE STATE OF T~-XAS CONSTITUTIONAL TAX BONDS, SER/ES 1967-A-THE UNIVERSITY OF TEXAS AT ARLINGTON, $3,490,000, AND AW'A/%DING THE SALE OF BONDS TO PHELPS, FENN & COMPANY AND R-AUSCHER PIERCE AND COMPANY AND ASSOCIATES. --The resolution as set out on Pages 2-25 was duly introduced íor consideration of said Board and read in full. Ir was then duly rnoved by Regent Johnson and se¢onded by Vice-Chairrnan Josey thaf said l~esolufion be adopted; and, after due discussion, said rnotion, ¢arrying with ii the adoption of said l~esolution, prevailed and carried by the follo%ving vote:
AYES: Al1 members of said Board shown present above voted "Aye. "
NOE S: Non e.
BY THE BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM AUTHORIZING THE ISSUANCE OF ITS COLLEGES OF THE STATE OF TEXAS CONSTITUTIONAL TAX BONDS, SERIES 1967-A - THE UNIVERSITY OF TEXAS AT ARLINGTON, IN THE AGGREGATE PRINCIPAL AMObq7T OF $3,490,000, BEARING INTEREST HEREINAFTER SET FORTH AND MATL~ING AS HEREINAFTER PRESCRIBED, TO PRO- VIDE FUNDS FOR THE P5~POSE OF ACQUIRING, CONSTRUCTING AND INITIALLY EQUIPPING BUILDINGS AND OIq~ER PERMANENT IMPROVEMENTS AT THE UNI- VERSITY OF TEXAS AT ARLINGTON, PRESCRIBING THE FORM OF THE BONDS, PLEDGING TO THE PAYMENT OF THE INTEREST AND PRINCIPAL THEREOF THAT PART OF THE MONEY ALLOCATED TO SUCH INSTITU- TION FROM THE CONTINUING TAX LEVIED BY THE CONSTITUIION Lq7DER ARTICLE VII, SECTION 17, AS AMENDED, PROVIDING FOR THE EXECUTION AND DELIVERY OF SAID BONDS AND PRESCRIBING TPW. DL~fIES OF !~HE OFFICER5 OF SAID BOARD AND OF THE STAYE IN REFERENCE THERETO, AND MAKING CERTAIN COVENANTS WITH RESPECT TO SECURING PAYMENT OF SAID BONDS AND INTEREST.
WHEREAS, Section 17 of Article VII of the Constitution of Texas adopted on the 23rd of Augus£, 1947, in addition to all other taxes permitted by the Constitution of Texas, levied a continuing ad valorem tax on all of the taxable property in the State at the rate of Five (5¢) Cents on the $I00.00 valua- ti0n to create a special fund for The purpose of acquiring,
-¿. % 10-¿7 -67
constructing and inicially equipping buildings or other
permanent improvements at the institutions of hlgher learning
designated therein; and /
! WHEREAS, such provision of the Const£tution authorized
the governing boards of the instltutions therein designated to í i issue bonds and notes payable from such fund therein created,
and pursuant to such authorization of the governing boards of
such institutions issued and sold bonds and notes; and
WHEREAS, all such bonds and notes have been paid in
full and are no longer outstanding; and 2
WHEREAS, Section 17 of Article Vil of the Constitution
of Texas was amended as a whole by an amendment thereto adopted
a~ the general election on November 6, 1956, which became J~ operative and effective January i, 1958; and
WHEREAS, Sect~on 17 of Article Vil of the Constitu-
tion, as amended in 1956 ("the 1956 Amendment"), levled and
thus renewed a eontinuing ad valorem tax on all of the taxable
property in the State at the rate of Five (5¢) Cents on the
$i00.00 valuation for the purpose of creatlng a special fund
for acqulring, constructing and inltially equipping buildings
0r other permanenc improvements at the institutions of higher learning designated in the said amendment; and
WHEREAS, such amended provision of the Constitution
again authorized the governing boards of the institutions
therein designated to issue bonds and notes payable from such fund therein created, and pursuant to such authorization the designated governing boards issued and sold bonds and notes; and
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I0-27-67
WHEREAS, there remaln outstandlng bonds in the aggre-
gafe principal amount of $4,570,000 payable from the respectlve
allocated shares of the tax, and notes in the aggregate princi-
pal amount of $4,680,000 payable from such respective allocated /i i shares of said tax after the bonds issued by each said governlng
boards have been fully pald or full provision shall have been
made by accumulating in the appropriate Interest and Sinking to pay all of said bonds, together with the interest payable on such bonds to ultimate maturity; and WHEREAS, there will be sufficient monies available in accordance with the tax levied by the 1956 Amendment andas /i~i: allocated to pay the principal of and interest on said out- 2 standing bonds and notes in accordance with their terms; and WHEREAS, by adoption at the general election held in the State of Texas on November 2, 1965, Section 17 of Article 4 Vil of the Constitution of Texas was again amended asa whole (hereinafter sometimes called the "Constitutional Provision"); and i WHEREAS, the Constitutional Provision is self-enacting and has continued an ad valorem tax on all of the taxable pro- perty in the State of Texas at an increased rate of Ten (i0¢) Cents on the $I00.00 valuation, and authorizes the proceeds of the tax to be pled