Board of Regents

03-27-97summary

Board of Regents

SUMMARY OF ACTIONS

Special Full Board Meeting

March 27, 1997

Fairbanks, Alaska

1. Possible Acquisition of Brady Glacier Patented Mining Claims

PASSED

"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."

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