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[8]

Part of Minutes of the University of Kentucky Board of Trustees

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- 8 - President Wethington reminded the Board that this is Dr. Bosomworth's last meeting as chancellor of the Chandler Medical Center. He expressed his appreciation to Dr. Bosomworth for all that he has done in his administrative capacity and in his faculty capacity at the University of Kentucky. He praised Dr. Bosomworth for his excellent administrative service and for the role he has played in the growth and development of the Chandler Medical Center. He thanked Dr. Bosomworth for all that he has done and will continue to do for the University. Governor Breathitt said that he had watched Dr. Bosomworth's contributions to the growth of the Medical Center since 1962 and gave praise for his outstanding leadership. DD. Grant of Mortgage to EDA on Southern Kentucky Rural Economic Development Center. Somerset. Kentucky (FCR 14) Mr. Hardymon moved that the President or his designee be authorized to execute a mortgage to the United States Department of Commerce, Economic Development Administration, on property comprising the site of the Southern Kentucky Rural Economic Development Center at Somerset, Kentucky, to secure a grant in the amount of $2,000,000. He reviewed the background information and said that this is a necessary Board action. His motion, seconded by Mrs. Plattner, carried. (See FCR 14 at the end of the Minutes.) EE. Report from Investment Committee Mr. Wilcoxson, Chairperson of the Investment Committee, informed the Board that the Investment Committee had met to review investment policies. The Committee will make a recommendation to the Board at the August 16 meeting to rescind the policy prohibiting the investment of funds in any United States corporation or bank doing business in the Republic of South Africa. He reminded the members of the December, 1985 Board action which established a policy to prohibit the investment of any funds of the University in companies or banks doing business in South Africa. He reported that the conditions in South Africa have changed dramatically, and the Committee believes the Board should take necessary action to rescind the policy. Governor Breathitt said that, in his opinion, the new government of South Africa deserves the University's encouragement. The people of South Africa have made a great step forward, and the new president and leadership should be given solid support. Mr. Wilcoxson agreed and reported that in 1986 there were 166 corporations in the Standard & Poor 500 which represented 52Z of the Index's capitalization doing business in South Africa, compared to 53 corporations which represents 15% of the Index's capitalization in 1993. He noted that the University would be following the trend of other companies and institutions.

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