UA-R-GC-1914-01-01-1980-02-28_Page-011

• I -10- The Board approves in principal the construction on the Falaki Street property of a 13-story building for aca­demic use and faculty and student housing at an estimated cost of LE 2.25 million; and construction on the University land in Maadi of a 16-unit faculty apartment building at an approximate cost of LE 1.6 million; and instructs the Ad­ministration to proce.ed at once with preliminary designs and the obtaining of necessary permits, with final approval to be considered by the Board at the May meeting after review of more detailed plans. The Administration believes that the two neW buildings should be completed iri 2-3 years. With the new units, the University will have approximately 66 faculty housing units. Presently 75 are needed. The Committee complimented the Administration on the continuing innovative use of space, noting that 20 new classrooms have been constructed on the roofs of various campus buildings; and that the new cafeteria is an attractive and flexible facility. h. Finance Committee -- Mr. Robinson, Vice President for Financial Affairs, reported. The attached written report was briefly summarized for the Board. A MOTION was passed approving the transfer of $300,000 from current operating accounts to quasi-endowment accounts at Brown Brothers Harriman. The projected deficit for the year will be met by drawing on pound working capital. A MOTION was passed approving payment by the Fund of LE 102,000 in settlement of its debt to the University, and the placement by the University of such monies in a new LE quasi endowment account. The following RESOLUTION was passed: RESOLVED, that the proper officers of the Board be authorized to open on behalf of the University bank accounts at Misr International Bank and Misr Americm International Bank and that signatories on the two accounts are to be any two of the following: Landon K. Thorne, Jr., Charles J. Hedlund, Charles O'Connor, Richard F. Pedersen, James B. Robinson, Abdel Halim M. Sabet, and John J. McCloy except that only one signature is required on amounts under $500 .00, an