UA-R-GC-1914-01-01-1964-06-09_Page-003

I J I 159 Prior Service Benefits - 2 - RESOLVED that the President or other proper officers of the UniversIty be and they hereby are authorized and directed for and on behalf of the University to purchase for Univer­sity expansIon and use a vacant lot located In Cairo close to the University consisting of approximately 17,000 square meters presently owned by Greek Interests for a price equiv­alent In pounds to approximately $140,000, payment for which Is to be made either through a current supplemental grant from the Agency for InternatIonal Development, If avaIlable, and If not, by a down payment of $~O,OOO out of the unrestricted assets of the Endowment Fund of the Univer­sity wIth the balance to be borrowed In pounds In Egypt against a guarantee of the Union National Bank of Pittsburgh, secured by pledged securIties from the unrestricted portion of the Endowment Fund; and be It further RESOLVED that the Chancellor be and he hereby Is authorized and directed for and on behalf of the UniversIty to request a current supplemental grant f~ the Agency for Inter­national Development In the amount of $I~O,OOO to cover the purchase prIce of the property and if he be advised that such grant could not be considered for the current fiscal year that he Include such request from AID in next year's grant request; and be It further RESOLVED that the PresIdent and Chancellor are respectIvely authorized for and on behalf of the University to sign any necessary documents In connection with such purchase and such grant request. At the March 1964 meeting of the Board, payment of prior servIce benefits, as requested by Dr. Hanna Rlzk, was dis­cussed (~Inute 1064), and a commIttee consisting of Messrs. Cole, Bickford, Crary and Payne, was appointed to consider the matter and report back to the Board. After dIscussion of payments of benefits to Dr. Rlzk and to others wIth service prior to 1956 when the EgyptIan ProvIdent Fund went Into effect, the following resolutIons on motion duly made and seconded were unanImously adopted: RESOLVED that the ExecutIve Committee approves In principle the payment upon retIrement, as defined In the retirement plan for service subsequent to September I, 1963 already adopted by the Board of 'Trustees, of prior service benefits to all regular U~A.R. and non-U.A.R. full time administratIve staff and faculty members computed on the basis of i of 1% of regular monthly compensation as of September I, 1963 , for each year of credited prior full time service, such years of prior service being defined as those years of full time servIce prior to September I, 1963 less three years, or years of service before age thirty, whichever Is greater, and also less those years covered by UnIversity paymen