Report of the Treasurer STATE OF TENNESSEE

For The Fiscal Year

July 1, 1958 through June 30, 1959

RAMON T. DA VIS * TREASURER

llf.l1 0RT of the

TREASURER o f the

STATE OF TENNESSEE

*

For the Fi~cal Year

Jul) , 1958 through Junt> :~O~ 1959

UA:\ION T. 0 \ \ IS. TrN1"nre:·1·

l\ASH\ ILLE, TEN~ESSEE

- 1-

l{AMON T. DAVIS. Treasurer

STATE OF TE~NES:-iEE

'l'r easury Depa rtment

The Honornl>le Bufo1·d Ellington

Go,·ernor of Tennessee

Na~h\"ille , Ten nessee

Sir:

Jul\· 1. 1959

Tn compliance with the Stale Law, l s11l1111il to ypu my

I eporl as Treas urer or the SUi te of Ten ne~s('e for the fiscal

.) ear ending June 30, l !l09.

Ver.'' trnl.r your!'.

RAMON T . DA \"IS

Stal<:> Treasurer

... -,:)-

ST \'l'E OFFICTALS

Bl TFOH D ELLI NG TON C:OVEH 'WH

GOYEHl'iOH'S CA BINET

CONSTITl lTIO:-..AL OFFICERS J oe \. Can . . . . . . . . . . . . . St-c1·dan of Stall' \\'m. R. Snodgrai.s . . . . . . . . . . . . . . . .. .. . ( ~m1ptn11lf r Hamon T. Da' 1s . . . . . . . . . . . . . . . . . . . . . . . . . . Tn'asm·er C. Hilton Butler .. .. . . ...... . ....... Adjulant. <~ene ral

CO~fMlSSLOK l;:RS AXU DIRECTORS W. F . l\foss . . . . . . . . . . . . . Comrn1ss1011er, AgT1cul lurt> .J. Brents 1\rcBrirle . . . . . . . . . ...... . . . .. .

. . . . . Comm issione1, Conservation and Comml' l'Ct' Kc1lh lJampton .......... . .. Commissioner. ('orrt!d1ons .J oe :\forgan . . . Comm1ssio11t1r, Educal10n L. D . . Jen nings Commis~1oner. Employnwnt Secunt\ F.. J. Bolmg . Staff Dn·cctor. Fmance an1l .A<lministrnl1on 0. \\'. Moulton . . . ... ... ...... Commissioner, l l1ghwars John R. Long, Jr ... Com m iss1onc1, Insurance and Uanking \\". TL Parham . . . . . . . . ..... . .... Commissioner. Labor .J oseph J . Baker, MD . . . .Commissioner, .Mt:?nlal l lPalth W. S. Uh lhorn . . . . . . . . . . . . . . . . . . Director, l-'t'l'SOntw l F'rnnklin Pierce . . . . . . . . . . . . . . . . Director, Purchasing H. H. Hutcheson, ::VfD ... • .... Comm1ss ione1, Public Hea lth H. J. Boyd . . . . . . . . . . . . . . . . . . Commissioner, Re' en11P .M1·s. C. Frank Scott. ...... Commissioner, Public Welfare Greg O'Rear . . . . ......... .. .. Commissioner, Safet~ J ames L. Crider . . .. ... .... Director , Veterans' Affairs

TREASURY PERSO~NEL Ramon T. Davis . . . . . . . . . . . . . . . . . . . . . . . . Treas111·cr Mrs. Loretta W. Johnson . ... .... . . . ... ... . . Secr ct;;ir,\· W. S. McFnll .. . .. .... . .. . . . .. .. Supervisor of Deposits D. M. Sparkman . . . . . . . .. .. .. .. .. Principal Accountant l\lrs. Ada A. Farre r . .. .. .. . .... . . . . .. ...... Cashier M1·s. J. D. Landis .... . .. .. . . .. . . . .. . Ass1sla11l ('a..,h 1er J\l rs. Shi rley H a~rniC! . . . . . . . . . . . . . . . . . Assistant C;tsh 1er l .1'e Hall . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Janitor-Clerk

- 1-

'.\! i lll'I' FnuH·is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1;-.;;:ti-I..:1:: '.\lattlll'\\ :\L•lson ........................ I :·.;J:~-h 1;-, l:olwrt n. Tt11't1L'I' • . . • • • • . • . • • • • • • . • • • • ••• I~ l.->-1817

"\11tho11.\ !Jil1n•ll ......•..................... I~ 17-1~:)-, l:. (' . To l'Lwtt ................•.......••..•. 1 S.i i-18=> 7 \\'. Z. :\!t.C1\·gor . . . . . . . . . ..... , ......... l~:il-!~i1.)

ILL. Stanfol'cl ............................ l:'G:-•-l~GG

.John R. Henry . . . . . . . . . . . . . . . . . . . . . . . . . . l~Gu-lNiX

\\._ I I. St il\\ell ............................. 1~6~-1~.~!J

.T. E. H 11st •••.•.•••..••...••..••......••.•.. 1 ~G!l.l.~'i' I

\\ 111iam '.\lo1·ro\\ ............................ 11"-'tl-1...:77

:\I. T. Polk ............................. 18'i7-1.,;x:;

,\It ha Thomas . . . . . . . ..................... l :-i~:~-1 i-:~:-•

. J. \\'. Thomas .............................. 1~$:>-18l'iG

Altha Thonia:; ............................... 188{i-lf;8~l l\I. F. Huus(' ..... , .......................... J ,'8H-1 ~9:1

E. B. Craig ................................. 18!l3-l!l01

Heall E. Folk ............................. l!Hll-Hll I G. T. Taylor ....•........................... I fl 11-H11 ;1 \\'. P. Tli<'kCl'SOll ...........................• l!11:1-191:i

Port<· 1· I> llll hq> ..•...•...•...•...••.........• I !l I i'"i-191 !)

JIJll l\kAlisll'I' .............................. l!ll~-19~7

.John F. ~ohm ................••...•....... UJ27-l~:H llill ~ll"Ali ... ter ............................. tn:ll-1~:~:~

.J. .J. B1:a11 ......•........•.................. 1 !l:~:J-1fl:17

CrO\C'I' Kt>aton .............................. 19:\7-19:~!)

,lilhn \\'.Harton ............................ l!l:\!l-19·1;"1

('. ('. \\'nllace .. .. . . .. .. .. . .. .. . .. .. . .. .... J ~l l:l-19.J~

,J. F. l\lu1'rl'y ...•............ St~pt .• Hll~ to .Jan .. l!lHl

\\'. :.\. EstL·s ...•.......•......• , ............ l!l l!l-l!li"1:~

.J, B. \\'alkcr .. . •......••...........•........ J!l:-,;;.HJ;-,;-, H<imo11 'l'. Ua \ b ............. , ...... , , .. .Ju]~.- 1 ~1:,:;.

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COMMENTS

It is with pride that I agam repcll't the satisfactory l'On­

clition of the State TreaSll l',\' al the close or bus 111c.ss .Tune

HO, 1939.

The credit of the State is in exeellent condition. The

abLlity to meet 1ls ovl igations pn1m1)lly is well J,no'' 11 tlwoughout the nat10n and 1ts cred it ts uncxccl lcd i11 the

financial markets as is C\'idcnced by the fad thal :vroocl,\·'s investors Sci·v1ce has raised the c1·eclit rating lo AA.

During the fiscal year 1958-59 uoncls totali ng

$1 fi,000,000.oO were sold at a net in le rest J'atf' of 3.28<1' 1 and

the State clcbi reduced bv $15,189.000.00. Tlw to Lal i ndebt ­

edness of the State a::; of June 30, 195~ is $1H,l7\,,5PO.ll0.

Sched u It? of rndebtedness is i.o ven on pages l -1 ancl 15.

The State's n1oney is now depos ited in more bank!'\ than at Ull .\' time in its histurv . 'vVe ha\'c established deposit 0ries i11 approxi mately ?.6!) State and N'ational ba nk s i n Tcn11cs­SC'C. Deposits ar e fully c0\·0r ccl b~· bonrls ancl set:m·ities

<!ccorch ng io lhe laws of the Stale. There has been no dis­crimination tn the d(:•posit of State funds except to insmc­

safety. l<;ver»· bank that desi1·0d State funds and was willing Lo deposit the necessary collatera l has been gi,·en a prope1·

share.

Fund!' not needed fu1· clll'l'•'nl operation have been

placed on in~erest wilh banks th1'011ghout the State al in­

terest rates in keeping with the cunent mo11cy ma1·lwt.

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DUTIES OF TH E TRE ASUHER

The Duties of the Sta te Treas urer Are:

T o rec:et\'e a nd disburse the Cunds 0l' the State and to sareg11al'CI a ll monies in Slate Depositories accor<l 111g to law.

To keep and p1·operly account for all secur1l1cs owned by thr State, and clepositcd with lht' State, inclucli ng secm1 ties ownecl by the State Employees' Retirement System and Teachers' Retirement S>·stem, the State Srnking Fund, and bonds deposited by State Depositol"ics to secure State funds.

Tlte Treasurer is a member of the followi ng Stale Boards and must participate in the deliber ations anrl con­clt1s10ns:

Fund ing Board Board of L iquida t ion of Stat e Dept Board of Claims Board of Tax Equa lization Board of lnheritance Tax Appea ls Board of 'I'rustees of the T eacher s' Retirement System Chairman, Board of Trnstecs of the State Emplo.vees'

Reti1·ement System Lice ns ing Boa rd for the Healing Arts

The ] 059 Legislature, by passage of the Reorganization Act , C"l"eated with in the Department of T 1·easury, a Division of Retirement comprising the Tennessee Teachers' Re­tirement System. the State Employees' Ret irement Sys­tem, the Old A.ge a nd S ul'viv01'$' lns ul'ance Age ncy, the Attorneys' Genera l Retin'men t System and the Judges' Reti rement System.

l\'Ir. C. L . Brockett is Director of the Division of Re­tirement and is responsible directly to the State Treasu rcr for the admin istrati on of the fi ve retirement R.,·stems.

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ffEPORT OF Ti-IE STATg THR\Sl1HEH

B\L.\ '\t'E Sl l EET

.June :rn, 1 !1;)9

Cash Stul<· 'l'n·a~un r . (Page :J) Trc•;.,;urt•t 11f l .8. \. (UllL'lll-

P lo~ lllt'll t ('0111pe11s:.ll 1on) ... •

l't·t t~ t a,;h A1ham:P-; . . ...... .

Total ('a<.h l nvcstmc11ts •• . (Pae;c> JO\

'l'ulal A!>sets . , . . ... , .. ,

L 1ahil itt<'s Outstnnding Wat 1·ants a 1HI

70,787,ol·Ul:l 6!), 7r;2.11

C Ii eeks . . . . . . . . . ( T'ae;c· 11) $ 2:i,2HG.8:;G. 73

P1111d Halanct:.s Gc11cral Fu nrl ... ... ( Pag·e 11) Highway Funrl ...... (Pag·c 11 ) Sir1l.inµ Fund ..... (.Page 12) !fond Fund . . ... ( l'a~ (· l2) Nrm-qprrat111g ;rnJ

other funds .. . ( l'al!C' 12)

Total Funrl nalance!'

Total Liabilities a111l F11ncl Balances ... , . • ..

- 8-

* 47 ,878,!l:G ~ fFi 18,103,'l7:2.::..i

7 ,5(J l,;j7!l.l'I..[ 23, 703, 1 l-iS.uG

18 l,7g!),857. 78

~:!07 ,2:Jl),:{'iK87 100.0'i.>,181).;).i

~.282,03!!, 12:.!.(17

S307,30S.%!\A2

REPOHT OF THE ~T.\TE Tl!EASl11mR

HEl'O\Cll. \ rlO\ 01 C \:->H 1\ H \'.'\l\S \ \ [) 0:\ IL\:\ II \\ ITll Sl'.\l\1\fn 01 ...;T \TE \('( m·vr .... \S 01' Jl''-H: :111. l!J:i!l.

Tl1E.\Sl HEH'S OFFH'E-C.\SH I\ H \ \ 1\:-;

~(a(t• J>,•1111.,ilol'it•:.-, ,/Ull<' ;{(), J!l:i!) Clwekinl-! .\fcnunts

Hala1tn• C1•1t1ficatt·" nf

I >c•po.<ll t111!•1llJ1lt1'. llil'llt

Crm11'Pi1,at 10n-Ck•a1 inc: An:crnnt

Old ·\g_P auJ Sun l\'O 1·s lt1~ lll'<lntl1-Clt>al'1l11! '\tcou nt

Total C'a:-h i 11 Bank;; and On 1 lan<i

(',\...;HI'\ R.\'\h'.S \~DI'\ TIL\'\SJT Checkin1' Alcou nb S77, 18!!,~110.27 Cei·tihc:at.:i> of

Ile] 1L)Sll • :rn,11>1,:i7l.HS U nernp loyment

C<•rn11e11sat 1011-Cl,.ari 11g \ ('t'•l lllll 2l ,>Hi8.R4

Old .\gt;> an<\ SUl'\'iWll''> l1i.-u1ancc Clc·a l' ing- .-\rco11nt i'W,:~81 .!)7

Total Ca:sh 011 l>l•po;;i r per Banks:

.-\cld: Depo,,it:- in Tran,;lt ....... .

Tntal Ca:-h 1111

]Jcp1isit :rn<l in Transit

Less : OULsland 1n e; checks 1n TL'ans1t ........• • Ce r tificates of

depvs1t in Transit. ... ... .

Total Chr<'l,s und Cert 1 lica tcs rif J leposit in T1ansil

Total Pc'l' Bank!' . . .

-9-

:z1 .xm:\.8.t

SJ 10,a;;9,r.12.:rn

:27,;)06,284.7:3

~ 1,SO-l,27l.2ii

788,78UO

s1::s.11t -,,s:, 1.oD

S13v,372,80L>3

l~I<;PORT OF TH E ST ATE T HEASUHE H

S('HIWl LE 0 1 1:-IH~Sl'-'IE'\ I'S

""' of J 11nP :io, 1 ci:;9

l 11t1'1nat1u11al Ra11k ... . • •• .•. • Stat• Go\ <'l'lllll• nt ( •ll'(>OHth:

:\1 11111cqial

Tvtal TC'achc1 ;;' Rl'lll lnWnt S~·stem . ....• .... .. ....

S 1 alf' l{!'I ircment Sy,.lt•m

<Jovcrnm('n t I ntcr natic•n al 13ank !'a11adian Cm l)t•ra l•'-Jnd ustl'ial L'.01poratc-Utiliri!'s :\Jun1c1pal

Total Stall! Tic-tin•mc-nt System . . . . . . ... .

T1>tal In,·E:.:>tmc 11t ~

-10-

701\ ,-1 l :l,7;~ 94 ,81lJ 81 54 ,Qf.!J 8 I

l li,77:3 ,fi()(;,1;0

21,u13,101 rn HI ,;,g7, 7 :l8.r.:i

$ li,62(;,751.78 851,084 88

1,1-17 .OGu.80 7,412,245.!;7

1:;.:i41,27!l 62 4,087.430 (il

:;; Ii 1.1tt!J,72 l.7'J

s :1:..<rn:;,s:;s.1t>

S LOo,01:;,!Jso.5~,

HEPOHT OF TH F, STATE ·rnEASlTREH

SCHEUl ' LI~ OF OllT:-;T.\ . Ul"l\G \\',\ l!IU~T!' \ ' I> CH l·:n;:-. a~ of .lt11H' 30, 19:i9

General Fund . . • IJ1ghway Fund Smk1ng F1111cl . . . , . • • . .••. Boai«l of L1qu1olatio11 . .• . .. • . . . . . . Conl\·cle1 ate Pens ion;; . . . . . . . . . . fknefit Funrl . . . . . . . . . . . . . F'cderal Untmployment Compt•11satinn

-Benefit .. . ...... . . ...... . .... . Sol'1al Secuntv . . . . . . . . . . ... . ...• Judges' Ret i 1·cmr-nt . . . . . .. . . . . . Att.orne\ s ' Gene1·al Hctin:mcnt .. , . • . Honil Tfoductions . . . . . . . . . ..... . . 'T'1eachc1·s ' l~t!liremen1 . .. • . , . . . . . • . State R eti1 ·emPnt . . . . . . . . ...

T nta l ( 111 tstandi11.Q' Warrants :i11d

\hecks ... . .. . . .. .

$1 l .8 f,~,R0fi . Ol 8,17H .!'17~ . 8~

1..127.HI :rn l.fiO

l l,:Ml.00 1;!):3,!;86.82

1~2,758.00 176,14-1.80

12,170.63 3,194 .. H

80.!\5 840,718.01 ;'{7 l.~7r..G1

SCTI l~Dt LR OF G t<;~ EIUL F ll~ D HAL\:\ (' I~ :i;:: of June 3U, l !l:i!J

f: l'Sf>J'V(>S

Unlici.uiclatrd Oblig-:n1ons a ttJ Rcvolvmg Funds .

Garne and Pish Hotel and Rc;;taurnnt

lnsp<:cti011 F1~es Mutor Vchicl<' In::.pcct1nt1 F Pes l'ubl 1c Utility Tns1)('Ctl•) 1t Fees [Jept. t1f Welfare-Sal<·s

Tax Revenue . . . . . . . . .. . Dept. of Et111calwn- Exc1·ss

Sale!' and Tvbacco Tax over E ;ti mates . . . . . . . . . . . .

\\'orki11!! Can1lal . . .. . .. ... . .

Total Re~el've::: . . . . . . . . . . l'nob l1gat1·J Fund Ralan~c ........ .

Tvtal Ceni:rnl F'und

~ 7,01(>,0H.2:-i -;:.)8,21)2.8()

a0,3HS.V9 li150,G8~.03 !'if12,48 1 70

4,938.589 84 25,000,000.0()

s .. 1:\ J ;::;:3,G'-G.~2 2. 7::!:i,21i7 .8:~

_$~.~8,!l21.0r.

~CH 1mt1LE OF AJGHW.\ y FU~n (l,\J.A '\C'E as of June 3u. l!l.IH

Res.:n·es TT 1i;hway Cont n1cts

( Co11!>trnet ion) TI\llal f{oad s P1 og-1 am

1Con::;L1 uct1011) ... . . ... . .. . . H 1ghway 11nptu1•enw11t and

ff<'a\' ~' ~·lai 11 lenance .. . . . .. . P.m<'an of Ae1·vnaul 1cf' ...... . .

Tnlal Rescl'Vl'S . . . ... . . .• Unohlta:.ittd Fnnd Balancf'

Toial Hi!!,'h\\'ay FunJ

- 11-

$ u10.o;,1u:;

Ii, 144 ,!\9;).02

1,U-Hi.910.88 1.ll 2,80il .OO

$ 'i,'l!>-l,282.4G U.111,:lHO 0!1

$18 , 103,:,7~.:i I

:o-CHElll"l,I~ 01" :'l'\ld'.\<; 11"\J> B \I.\'\{ 1·:

"" of Jun,• au, I !li'I

Ht · 'l t ~ (1 It • •• malur. I ind 111l

Pit ·, Jlt,it r 11· pa~ 111 .. 11t " 1i110,:.11 .! .• Bur ''" 111:1turt•c •cl ll••l pres, lilt cl

r .. , n:~111t11I • 1,1:!1.0I 11111

l't•L:tl J~c·s• 1'\ <'>; • • • ••••••• Cn .. J,Ji• .. lt• I Fund lkilu111 ,,

'f,:•:ii ~ir kill' l•m ,(

~ I.7:! I,:! Ir.:!;, 2,1'\.~7 ,; .'\8.:~~ I

:->CHbl>l"l.1': OI· BO\J> Fl''.\I> B.\I •• \ '\CE

n;; of Ju rw :w. I !J:i'l

Ht ,. •• ,.,, l 111 "rtt'n<letl \l'otmc lltS •• l" •1a1lote•I Hor I J ', 0C't'Nl­

l"11nl'• t••J Cr1111tal Outl11\' .\J>IH't•1'l'i:itio11 •... •.

Tnl:il 11t•:sc1Wl' •..

Tot: ffornl Fund .

$11.-;-~r;.11:: 18 2.5·1~.ii:'iG.':b

" :!:),';'II.I, I ~R,r;c;

:->; 2:l;iO:U&" 1>1;

:-;CHEl>l LE llF \()\.()PJ:1u·1·1~c~ .\:'\I> fflH1:1:

l·T :.\ U B.\ L.\:.\l'ES

ll!' of J1111l' :111, l!l;i!i

l1l'.S('I \'1 •

Du, ( 1tic>:• a1:d Countir•" ... l'a\ 1 •Jll r> .. dw•tinll" fo1· Bond'> Sp~·"i~tl f,ialtility F1111d,: • , •••••• ~l""·i:d J.let•o,,il .\•·c11u11ts .....• l:1wmplo~ llH 1 t l"''" p1·11-:ilio11-

T1ust l·'u11d . . • . . . . • . . .•... Tc>nl'llf'l'S' Heth-. llll'lll s~ Sl<'lll • • • :::1 at, Hl•tiren1('11L S~ i-ll'lll • • • • • .Jutlgl'•' l{di1·em,·11t :-;~·stc>m •••••• .\ 11 .. 1·111·l ::;' (;p111·1·:il 111•t1n·nw11l

~:.·:..;Lt1J.11 •••••••••••••••••••

Total '.'\ ..• 11·0pt rati11~· an•I 1 ltht:I' Fu mis ..•.•••...

- I ~

:;; :;,w1.:>::;1 o .• :i:-1,l:-:!:1.1;-, 1x~~r.1n.1 ;-,

li,:JU~l.li~S.T.!

70.7~\'; .SI Lt':~ (i5. 11;5.~:;R. l l :!G.~u;7 .1Gc.r.4

231.~82.22

HEPORT OF THE STATE TREAStlREH

~'L ATE:\IE:\T OF ~T.\TE DEBT

,\ :-- OF J UX E 30. 1 !J.-, !J

Ou1 !5faui.linir Dchf .l 1111e :JO. l~:iR

Bono;;, l ;.f:uecl

Educatwnnl Inst itutio11s Ilund., . . ;:. ::; ,000,000.00 (ChaptC'r 18, . .\ds 1 95~)

Hi ghway Bull(IS . • . . . . I 0,000,000.00

(Chapter 2G1, Acts 19.j7) Total Bond Sail's fot•

~ J 1 1.:rnR.;,00.110

fiscal yeat' 1958<>9 . 15,000.000.0o

Total .. Less St.nt .... Dd)t Heti red During

Fiscal Y<>al' J%R-::J9

TOTAL STATb: DEBT OUTSTAKDING JU'.'llR 301 1959

·~ l29,:~68,500.0tJ

J 5, 189,000.00

STATEMENT OF B01'DS A UTHOIHZEO AKO rl\1:-\SUF.O

As of June 30. 1959

Educational Jnstitut1ons Boncls .• . .•. Highway Bonds . . . . . . . . . . . . . . ..

'fntal . . . •. . • . . . . .•. .. . . .. .

- 13-

$ 5,600,000.00 80,000,000.00

$ 85,600,000.00

SINlHNG FUND

Statement of th e Public Debt

June :rn, rn;,9

u 11i .. ·e-1·s-n)-' t)f rt"nn,.~tt~c l\01 rn.-.1 :.-idu..,c.11 \'lt~1('i 1\' Mt<lllUt 11\I \J P 11'10i'l :il 1-t c,"p1 t.1 I (. '011~H 1\ 11•t 10n ('h~t1 l t:t hl t- a nd r enf-\1 l n"t1tt1t 1ou:; ll t)l'tl ll f,,1 I Con:,tn1<.·1 ion U11h..-1 ~hy td Tfolll'H?~l((I-(•

1mpr(J \•ern ~11 l . .. •• T11b(' 1·c11 lusjl5 H0ftJ)itJ:d F.dtu•a lH)JH-ll lmpl'OVfl'l'n t'n l J n .... tJ l utiona l l::dut.llional lm1 110\""°'m~nt. U•) ive,·1ity or 'T'e nn e . .:.::t;!('

I mp1 uvernen1 !'--t .HP ( uhce Mudchns:" H 11~tutal L\1 n ~11·u,...uon . . Ccn l ral Hf"attnJ.' PhHlt Educ~i10 11 :tl lm1ir.,,vemen t

( n enr !'ich ool 1 ~iJ?tt> Otlkt" lhdttlinqo t, N ~1 .:ihv 1 l l e ' ~ nt•a rrnl Gmnci :\nno1 y • . • . :-:t:n~ ( •lli ce Rnild inv (l\no'\vil lf.' ) Educa1 i "'nnl I rnpt·o' il?ment.

( ne.• r School\ \1( n tn l lnotituti"M &l~tl.'nttonn l lmpro v"'menl I l 1~h Wt1.Y Con•tr11 ~t ion Univ~rs1 t)· o( ~l'.,n ne~sp.e

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