Minutes of a Regular Meeting, September 14 ... - Digital Collections

September 14, 1949the student body on_the,Norman-Campua . is,nearly 12,000, and indicationspoint to a gradual increase inthe years to come. The present StudentUnion Building.has proven inadequate for the expanding'needs,and increased -number of the student body, and both the Board of Governors of the OklahomaStudent Union and the Board of Regents of the University of Oklahoma haverecognized the urgency of additions to the present Student Union Buildingto be erected.The Board proposes to erect and,equip additions to the presentStudent Union Building and-remodel and'equip part of the existing building.The present Student Union Building was erected in 1928 at a cost of $350,000and the bonds issued to finance the cost. thereof have been : fully-paid. Presentreplacement valuation for insurance purposes is $746,000.' , Architectural design of the additions will harmonize with the presentStudent Union Building, but lines have been simplified in the interestsof functional design and maximum value for the money expended.There will be two wings constructed.north and south-of-the presentStudent Union Building end adjoined thereto. The north'wing will consistof a three-story building and will house a new cafeteria, kitchen, fountainroom, dining rooms and ballroom adequate to serve-the present student bodyand the-normal:increase expected. There 'will also be contained offices forthe Alumni Association, Student,Union Building personnel, the SoonerMagazine staff and Faculty Club facilities 'The south-wing will consist of atwo-story building containing an'auditorium; game room;' meeting and conferencerooms; and offices and studios for WNAD, the University radiobroadcasting station. The existing building rill be remodeled so thatsame will connect and become a part of the additions to be constructed.An enlarged bookstore will be included therein, together with many otherimprovements. -Plans and specifications have been completed by the architects,Sorey, Hill and Sorey, ' of Oklahoma City, Oklahoma,: and construction bids havebeen received totaling $1,546,949.00. It is estimated that furnishings,kitchen equipment, interest for one year during construction, and othernecessary expenditures will total $753,051.00. 'SecurityThe Regents of the University of Oklahoma have agreed to enterinto a lease indenture with the Board of Governors of the Oklahoma StudentUnion to lease certain portions of the campus on which will be erected theadditions to the Student Union Building for a term extending to May 7, 2024,the expiration date being the same as that now in effect on the' lend' on whichstands the present Student Union Building. The rental for the lease is $1.00per year. Under the terms of said lease indenture the Regents of the Universityof Oklahoma will agree to' fix and collect fees and charges from thestudents of the University of Oklahoma in attendance at Norman, Oklahoma, asshall yield a sum adequate to pay the principal of and interest on said bondsin the amount hereinafter set out. Such fees and charges to be paid over tothe Trustee promptly as collected for application by Trustee in payment ofinterest and principal of bonds.