Board of Regents
SUMMARY OF ACTIONS
Special Full Board Meeting
March 27, 1997
1. Possible Acquisition of Brady Glacier Patented Mining Claims
"The Board of Regents authorizes the administration to purchase, with inflation proofing funds, the Brady Glacier Trust's (Trust) patented mining claims for $100,000.
In the event that the university subsequently receives any income from a sale, lease or exchange of the mining claims, the Trust shall be paid 25 percent of such income up to a maximum of $2 million, provided, however, that if no other university property is sold, leased or exchanged in the transaction, or if the value of the mining claims is more than other university property sold, leased or exchanged in the same transaction, then the rate at which the Trust shall be paid is 50 percent of such income up to a maximum of $2 million.
If, instead of a land exchange, the claims are developed by the university or its representative, no cap shall be placed on the Trust's 50 percent share of any income received by the university.
The administration is authorized to execute all documents necessary to complete this transaction. This motion is effective March 27, 1997."