| OCR Text |
Show 303 regarding the execution of our Loan Agreement, No. Utah 42-CH-1, Men's Dormitory. At the March meeting of the Board of Regents, which was the first meeting following the receipt of the agreement from your office, a resolution was adopted, copies of which were furnished Mr. J. W. Graber by President Olpin with his letter of May 12, 1952. Because of certain legal questions regarding bonds and land grant funds which were later outlined to you by Dean Leary in his letter of April 24, no further action was taken on the agreement until after the April meeting of the Board. Following the April 14 meeting of the Board I approved the agreement after Pres- ident Olpin had obtained approval of the Finance Committee and by virtue of the authorization given me by the Board in its meeting on March 10., The Finance Committee does not follow the practice of formal resolutions or minutes and therefore no formal resolution is available, All approval was prior to May 1, 1952, but actual return of the agreement was delayed hop;ing for a definite answer on the legal questions. After receiving word from you regarding the increase in interest rates and knowing of the further possible delay in solving the legal problems, the agreement was returned by President Olpin‘immediately upon his return from a trip in the East. At that time he pointed out these unresolved questions and suggested a possible solution Which we are still actively pursuing. I regret that the procedures of approval and the problems of legal questions became so involv sinI ment. agree ed as to delay the return of the explancerely hope, however, that the foregoing now be ation is sufficiently clear that you will old inthe with able to process the agreement g factor terest rate, which may be the determinin project. If as to our ability to proceed with the e let us know. pleas d, additional information is neede Very sincerely yours, W. J. O'Connor, Chairman WJO:lc 2 firm W! t?" ju' \VM Graber m. mandquist |
