The official minutes of the University of South Carolina Board of Trustees are maintained by the Secretary of the Board. Certified copies of minutes may be requested by contacting the Board of Trustees’ Office. Electronic or other copies of original minutes are not official Board of Trustees' documents.

The Executive Committee of the University of South Carolina Board of Trustees met on Monday, April 16, 2003, in the Carolina Plaza Board Room at 12:30 p.m.

Members present were: Mr. Mack I. Whittle, Jr., Chairman; Mr. Herbert C. Adams, Vice Chairman; Mr. James Bradley; Dr. C. Edward Floyd; Mr. William C. Hubbard and Mr. Michael J. Mungo. Other Trustees present: Mr. Arthur S. Bahnmuller; Mr. Mark W. Buyck, Jr.; Mrs. Helen C. Harvey; Mr. John S. Long; Mr. John von Lehe, Jr.; Mr. Robert N. McClellan; Mr. James A. Shufford, III; and Mr. Othniel H. Wienges, Jr.

Others present were: President Andrew A. Sorensen; Secretary Thomas L. Stepp; Vice President for Human Resources Jane M. Jameson; Vice President and Chief Financial Officer Rick Kelly; Executive Vice President for Academic Affairs and Provost Jerome D. Odom; Director of the Office of Public Affairs Russell McKinney; and members of the media.

Chairman Whittle called the meeting to order and invited Board members to introduce themselves. Mr. McKinney introduced members of the media who were in attendance. Chairman Whittle stated that notice of the meeting had been posted and the press notified as required by the Freedom of Information Act; the agenda and supporting materials had been circulated to members of the Committee; and a quorum was present to conduct business.

1. University Signatory Authority for President Sorensen: Secretary Stepp reported that a Resolution had been mailed with materials for the meeting giving fuduciary signatory responsibility to Dr. Sorensen in lieu of Dr. Palms. It was the same document used for the former President but it needed to be updated.

   Mr. Bradley moved the approval of the Resolution authorizing Andrew A. Sorensen and Thomas L. Stepp to sign on behalf of the University of South Carolina in its fiduciary capacity and to engage in other financial activities and transactions on behalf of the University of South Carolina as described in the materials distributed for this meeting. Mr. Adams seconded the motion. The vote was taken, and the motion carried.

2. Approval of Committee Assignments for Mark Buyck: Secretary Stepp reported that Mr. Mark W. Buyck, Jr. was Governor Mark Sanford's gubernatorial designee to the Board of Trustees. Currently, there were vacancies on several committees of which Mr. Buyck could serve if he so desired. There were vacancies on the Health Affairs, Student-Trustee Liaison, and Buildings and Grounds Committees.

   Mr. Hubbard moved to appoint Mr. Buyck to serve on the Health Affairs, Student-Trustee Liaison, and Buildings and Grounds Committees. Dr. Floyd seconded the motion. A vote was taken, and the motion carried.

3. Foundations Boards Appointments:
   
   1. Development Foundation Board Appointment: Mr. Stepp reported that the Development Foundation Board had informed him that Mr. Charlton DeSaussure's term on the Foundation Board had expired. He was eligible for re-election and an appointment had to be made by the Board of Trustees for a person who was not a Trustee.

      Mr. Hubbard made a motion to reappoint Mr. Charlton DeSaussure to serve on the Development Foundation Board. Mr. Bradley seconded the motion. The vote was taken, and the motion carried.

   2. Research Foundation Board Appointment: Mr. Stepp reported that there was no representative/appointee by the Board of Trustees on the new Research Foundation Board. It was a good policy to have a Trustee representative on the Research Foundation to act as a liaison. The Research Foundation was heavily focused on biomedical and health affairs research.

      Mr. Bradley made a motion for the appointment of Trustee John von Lehe as the Board of Trustees representative to the Research Foundation Board. Mr. Adams seconded the motion. The vote was taken, and the motion carried.

4. Parking Revenue Bond: Mr. Kelly reported on a Parking Revenue Bond Resolution in connection with actions authorized by the Board at a previous meeting for acquisitions of: (1) a 253-space parking garage and a 725-space surface parking lot at 1600 Hampton Street; and, (2) the development of two lots behind the Carolina Coliseum for the Carolina Center and student parking. Mr. Kelly stated that the $5,500,000 Parking Revenue Bond Resolution was being proposed to deal with the financing of these additions to USC parking.

   Mr. Bradley made a motion for approval of the Parking Revenue Bond Resolution in the amount of $5,500,000 for University capital expenditures made in connection with the acquisition of (1) a 253-space parking garage and 725-space surface parking facility located at 1600 Hampton Street; and (2) an approximately 1,000-space surface parking facility located on two blocks bounded by the rights-of-way for Blossom, Lincoln, Devine and Gadsden Streets and Gadsden, Devine, Lincoln and Greene Streets. Mr. Adams seconded the motion. The vote was taken, and the motion carried.

   Discussion ensued regarding the range of long and short term interest rates expected on this project.

5. Housing Revenue Bond/Ban: Mr. Kelly reported that Board approval was needed for a Housing Revenue Bond Resolution which provided for Revenue Bonds to finance the construction of the South Campus - Phase III Housing on the Columbia Campus and renovations to other Columbia Campus housing facilities. The new housing facility was scheduled to open in Fall 2004.

   In July 2003, the University had issued an interim BAN for $13,800,000 for these projects. The Resolution under discussion was for the Bond of $32,700,000. The document included provision for Bond Anticipation Notes and reflected the proposition, approved by the State Treasurer, to use one-year Bond Anticipation Notes to lower the cost of interest and avoid arbitrage payments to the Internal Revenue Service.

   Mr. Bradley moved approval of the Housing Revenue Bond Resolution in the amount of $32,700,000 as described in the materials distributed for this meeting. Mr. Hubbard seconded the motion. The vote was taken, and the motion carried.

6. Contracts Valued In Excess of $250,000 - Class Rings Contact: Mr. Kelly reported on a five year contract with Commemorative Brands for class rings which would expire in May 2003. Mr. Kelly stated that several proposals had been considered but Commemorative Brands was the best proposal in terms of the University's needs. One of the advantages was that all commissions received from this contract would go toward scholarships. In soliciting this contract, the University was looking for ways to guarantee revenues and increase the size of the revenue received over a five to seven period. Over the five year period, USC was guaranteed $870,000 in revenues from the contract.

   Mr. Hubbard moved approval of the Commemorative Brands contract as distributed. Mr. Adams seconded the motion. The vote was taken, and the motion carried.

7. Graduate Programs Fee Request for FY 2003-2004: Mr. Kelly reported that the Moore School of Business had requested graduate program fee changes for FY 2003-2004. Both full-time and part-time fees were listed in detail in the materials mailed for this meeting.

   Mr. Bradley moved for approval of the Moore School of Business graduate program fee changes as described in the materials distributed for this meeting. Mr. Mungo seconded the motion. A vote was taken, and the motion carried.

There were no other matters to come before the Committee and Chairman Whittle declared the meeting adjourned at 12:45 p.m.

Respectfully submitted,
Thomas L. Stepp
Secretary