Under the agreement the University will keep and care for the bull
for a period of not less than three years before it may dispose of its interest
unless the bull is later determined to be sterile or diseased or dies. Each
party shall have equal rights to use the bull artificially or naturally. Mr.
Peterson explained that the purpose behind this purchase is to make it possible
to test whether or not certain bulls can transmit beefiness or meatiness to
other animals and, by having an interest in three or four bulls at the same time,
much progress can be made on the project. He explained that this bull happens
to be a Hereford but the project encompasses meat cattle in general. He also
reported that the University desired to pay $3,500. 00 for one-half interest in
the bull under the above conditions enumerated. He stated that this price
seemed to be in line with those being paid for animals of this blood line, type,
quality and performance record.
Upon motion duly made, seconded and carried, the purchase was
authorized and the contract was approved and authorized executed.
H. 1961-62 Internal Budget Approved.
President Dickey presented the 1961-62 internal budget of the University
of Kentuck''-fo6i 'the five major divisions and related funds, with a recommendation
that the budget be adopted as a basis of maximum expenditures for the year, that
the inclusion of the name of any person in the budget not be considered as a con-
tract of employment and that the Board of Trustees or the Executive Committee
be authorized to make such changes in the budget as may from time to time be
deemed necessary. He stated that the budget had been mailed to members of
the Board of Trustees on March 24 for their study and consideration. The
following statement was included in the budget document:
The 196 1-62 proposed budget of the University of Kentucky is being pre-
sented to the members of the Board of Trustees for their consideration and ap-
proval. This is your personal copy. in compliance with a resolution of the
Board, this budget document is being sent to you prior to the Board meeting for
your consideration. Please study this comprehensive budget document of the
General fund operations for the ensuing year and bring it with you to the Board
meeting on April 4, 1961.
Upon approval bv the Board of Trustees the budget document will be
recorded as an integral part of tae University? s financial system. The necessary
fiscal control will be exercised for the collection and appropriation of income and
the expenditure of departmental appropriations in accordance with the existing fiscal
policies and procedures.
How hisB ud et Was P ret-a red~
The Deans of the various colleges and the Directors of other facets of
the University were asked in ;January of this year to submit to the President their
budget needs for the fiscal year 1961-62 with data to support their request. These
Administrators, after consulting the department heads and supervisors of the
various units, submitted programs and supporting information with total budget