UA-R-GC-1914-01-01-1966-03-11_Page-005

I I I endowment funds, or, to the extent that this was impractical, by the sale over a period of time of portfolio securities and the application of the proceeds to debt retirement. After thorough discussion, on motion duly made and seconded, the following resolutions were unanimously adopted: RESOLVED, that there be and there hereby is vested in the University's Committee on Financial Affairs general responsibility for the overall management of the University's investment securities and investment pro­gram and that there be and there hereby is delegated to said Committee, with power to delegate to a Subcommittee on Investments, the power and authority to take all action necessary or desirable to formulate and implement an Investment program best suited to the interests of the University, including power and authority to buy and sell securities, to Invest and reinvest the endowment funds of the University, to discharge the bank indebtedness of the University in whole or in part and to avail itself of whatever investment counsel and advice said Committee may deem appropriate. Dr. Mclain and Mr. Cole commented on the long and able service which the Investment Committee responsible for such investments for many years had rendered to the University. After discussion, on motion duly made and seconded, it was RESOLVED, that this Board is deeply appreciative of the prudent care which the . • nvestment Committee for many years has given to the investment and pro­tection of the University's endowment funds and of the excellent record of these funds under the Investment Committee's management; and it is further RESOLVED, that a copy of this resolution be sent to each member of the Investment Committee. Mr. Cole stated that as Chairman of the Committee on Financial Affairs he had in recent weeks discussed with a majority of the members of the Board informally the matter of the President's compensation. He pointed out that the President would soon complete three years of service with the University, that during this period -5