Visiting Chinese scientists toast friendship
Bank group submits winning bid for bonds
By Carolyn Horn
associate city editor
The bidding for $18.75 million in tax-exempt university bonds has been won by a syndicate headed by Bank of America. The interest rate will be 6.54%.
The bonds were issued to finance the construction of parking structures and housing facilities.
By issuing bonds instead of taking a bank loan, the university will ultimately save millions of dollars, Anthony D. Lazzaro, vice-president for business affairs, said.
“The bid of 6.54% interest shows a tremendous confidence in the future of USC by the investment community,” he said. “This interest rate is lower than Stanford or any other university has received on similar bond issues.”
The bids were opened Tuesday by the
state treasurer’s office. A syndicate headed by the United California Bank offered 6.72% and the syndicate headed by the Crocker National Bank bid 6.75%.
“All the bids were lower than we had anticipated during the last few months,” said Colin MacLeod, director of financial services.
Lazzaro said the low interest rates reflected a strong demand for the bonds, probably through support of alumni and friends of the university.
“The rate is extremely low in terms of the current market condition,” he said.
The bonds were given AA ratings by two investment rating agencies.
Lazzaro said an AA rating is excellent and attributed the standing to the university’s revenues, which have exceeded expenditures in 14 of the past 15 years.
This was the first time th* university had issued bonds. It did so under the auspices of the California Educational Facilities Authority, which was created in 1972 by the California State Legislature.
The authority permits the university to sell the bonds with a tax exemption.
“The bonds will in no way affect the budget or the cost of tuition,” Lazzaro said. “The Board of Trustees approved the issue with the specific understanding that the funds would be used to finance only structures that are self-supporting.”
The income from parking permits and room-and-board contracts will be used to pay the annual debt on the bonds, Lazzaro said.
He said that $17 million is still owed for the construction of the residence halls built in the last 15 years. They were
funded by special federal programs, which are being repaid by housing contracts.
“Unlike other universities that have floated bond issues, the university does not use the funds for academic buildings that cannot pay for themselves except through tuition,” he said.
“It is not unreasonable to expect that several of the buyers, especially those with an interest in the university, will give the bonds to university, although it’s impossible to tell who they will be.”
The university has pledged its full faith and credit in paying the annual debt, Lazzaro said. A reserve fund of $1,615,000 (which is required by the state) has been set aside in case emergency funding is needed.
By Kevin McKenna
editor
They’ve come a long way since ping-pong diplomacy.
The United States and the People’s Republic ofChina continued to add substance to form in their renewed relationship Tuesday as the university hosted five prominent Chinese scientists.
The group, part of a 14-member delegation, was here on one of its last stops in a month-long U.S. visit to promote the cooperation of the two nations in scientific and technological research.
Both the guests and their USC hosts seemed to enjoy the whirlwind visit.
There were tours of the university’s geology and engineering facilities, discussions with faculty members, a trip to examine the Baldwin Hills dam and reservoir and a seminar on Chinese environmental protection efforts.
The seminar was led by Lui Ching-yi, a petite middle-aged woman who is one of China’s most accomplished chemists. Besides her scientific acumen she had a shy, spontaneous smile that continued to charm her hosts.
The visit had diplomatic as well as academic aspects, to be sure. Zohrab A. Kaprielian, executive vice-president, greeted the party at a small reception as the Chinese arrived on campus.
There was talk of the university’s international students, the common interests ofthe Chinese and USC scientists, and much reciprocal flattery as the guests mingled with a small group of faculty members and university officials.
Later, Kaprielian was again the host as the delegation joined a gathering of about 40 representatives of various academic units.
They dined on fish, rice, Chinese vegetables—and California wine—before Kaprielian rose to toast the guests.
Kaprielian told the delegation “how honored we are that a delegation of such prestige as yours selected USC as an institution to be visited on this brief national visit.
“May this type of mutual exchange of knowledge flourish and may the mutual concern for the betterment of mankind increase. I give you the toast of international friendship and world peace.”
Then a member of the Chinese delegation, with the assistance of an interpreter, proposed a toast of his own:
“Like Dr. Kaprielian, we wish this visit to bring a start to an increasing scientific and technological exchange in the future.
“I believe with the visit of this delegation will come a much closer scientific and technological exchange between the People’s Republic of China and the United States—and thus will increase our mutual understanding.”
INTERNATIONAL INTELLIGENTSIA—Five prominent	gas and a laser. It wos demonstrated by Marc Levenson,
Chinese scientists visited the university Tuesday and	assistant professor of physics. DT photo by Bob
toured geology and engineering facilities. On one stop,	Chavez, the group observed a project involving the use of argon
Daily fH Troian
University of Southern California
Volume L (VIII, No. 26	Los Angeles, California Wednesday, October 22, 1975
EVALUATION CONTINUES
ALICE DOESN'T DAY—Cari Stachlowski (right), a freshman in physical education, examines a T-shirt promoting a rally for the National Women's Strike Day to be held Oct. 29 at 2 p.m. on the Student Activities Center patio. Sue Ellen, a member of the Women's Resource Center staff, displays the shirts. DT photo by Mike Ito.
Administrators to be reviewed
By Peter Fletcher
staff writer
The process of eva)Dating administrators that was begun last year will continue this year, said Milton Holmen, chairman of*the Faculty Senate Committee on University Administration.
Last year six academic deans were evaluated.
No evaluations are being conducted now but they should begin soon, said William R. Mann, assistant to the vice-president of academic administration and research.
The questionnaire that is used to evaluate the administrators is being discussed to see if changes should be made in it, Mann said.
“We are not certain which schools will be evaluated, but most of the professional schools, including library science and engineering, will be,” he said.
“We have an excellent procedure for evaluating administrators,” Holmen said. “An administrator is evaluated by both his subordinates and his superiors, so a dean would be evaluated by the faculty of his
school and by the vice-president that he reports to.
“We have gotten cxceiient feedback from the deans that were involved. The ones that I have talked to feel that it is a good process.”
There is no particular cycle for the evaluations but Holmen said he felt that they should be carried out every three years.
“We ought to have a continuous process going,” he said.
Donald Lewis, who was evaluated last year, said that the
process was useful and should be continued.
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activities be put to a test to see if things are being done that are supposed to be done,” he said.
“We evaluate students and faculty members. I see no reason why administrators shouldn’t be evaluated. All members ought to experience it.”
The Committee on University Administration is also responsible for examining the criteria
(continued on pog* 5)
Fee bill deadline Friday
Fee bills that have not yet been paid or deferred will be cancelled Friday, said Jack Wagner, director of student accounting services.
Because of delays in financial aid awards, extra time for settlement has been allowed thus far without penalty. After Friday, reinstatement will require a special petition and a penalty fee.
Bills that are unsettled because of pending financial aid, Federally Insured Student Loans (FISL) or other acceptable guarantees of payment must be presented to the Office of Credit and Collections, Owens Hall 104, to be considered for deferred payment