U' keeps bond, but wants The Michigan Daily-Saturday, November 22, 1980-Page 3 State slashing welfare aid to college students better S. African By JAY McCORMICK The University Regents decided yesterday to keep, at least temporarily, $200,000 worth of Owens- Corning Fiberglas, -even though the company has been rated by a national research service to have "only minimal" commitment to improving labor Ponditions in South Africa. The board had taken up the issue after Vice- President and Chief Financial Officer James Brinkerhoff had recommended that the University sell its share of Owens-Corning bonds. A South African subsidiary of Owens-Corning, Brinkerhoff said in his report in the Regents' agenda, did not ascribe to minimum guidelines for fair treatment of black employees. University policy is to divest from firms that do not meet these standards. After reviewing the report from the Investor Responsibility Research Center, however, the Regents agreed that the University should instead try to persuade Owens-Corning to meet the standards. REGENT ROBERT Nederlander (D-Birmingham) said he thought Brinkerhoff should travel to the Owens-Corning headquarters in Toledo to discuss the company's role in the running of its South African subsidiary, and to see if the University can convince the company to use its power to make more positive changes in the South African firm. "These (divestment actions) are symbolic types of undertakings," Regent Deane Baker (R-Ann Arbor) said. "If we are in fact trying to effect changes in South Africa, that (traveling to a corporation to talk about the problem) is the sort of effort that need1s to be made." Regent David Laro (R-Flint) expressed concern over the financial loss that would result from selling polic y the bond. "If the market returns to a more "real" rate (as compared with the currently high interest rates) we will realize a loss of $50 to $60 thousand," he said. At Thursday's meeting of the board, a large num- ber of supporters turned out to hear, among others, two speakers address the issue of divestment during the public comments section of the meeting. WILLIAM SHARP, an employee of Canterbury Loft, told the Regents that by divesting their stocks from companies that have interests in South Africa, Canterbury Loft would realize a considerable finan- cial gain. He added that while "divestment does not necessarily mean loss, investment in (companies with South African interests) is a loss of ideals, a loss of truth, a loss of dignity and respect for human beings. " State senate approves S. A frican divestment bill By JANE'T RAE Tightened eligibility requirements are leading to the elimination of state Department of Social Services welfare aid to college students. Roger Doster, associate director of the University Office of Financial Aid, said that because of the small number of University students receiving aid from the state welfare agency, the cuts in the program. would primarily affect students enrolled in area community colleges. AID TO Dependent Children benefits going to the guardians of college students between the ages of 18 and 21 were cut last September, according to, Cheryl McCleary, a representative from the Ann Arbor office of the state social services department. She said the move was part of an effort by social services administrators to trim their welfare expenditures across the board throughout the state. The ADC checks, which were distributed to families with college- aged children to cover their food, clothing, shelter, and general living expenses, amounted to ap- proximately $73 per month per per- son. McCleary also said new stringent eligibility requirements have eliminated most students from the federal food stamp program, which is administered by the state. IN THE PAST, she explained, students needed only to meet stan- dard requirements to qualify for the program. Now they must meet one of the following five criteria, in ad- dition to the standard requirements, in order to qualify: physically or mentally handicapped; par- ticipating in a federally-financed Work/Study program; enrolled in an institution of higher learning as a result of participation in WIN (a work incentive program related to AID), or; working 20 or more hours per week. The fifth criterion, involving the status of college students with dependents, is currently being clarified by department officials in Lansing, McCleary said. McCleary also pointed out that a program which provided limited one-time-only general welfare assistance to college students finishing out a term has also been eliminated. "Social services and students have always had adversary positions," said Thom Johnson, a senior aid officer in the University Office of Financial Aid. "We (finan- cial aid) are caught in the middle." "There used to be a time when we had extra funds," according to associate financial aid director Doster. Now, he said, the office can only offer students in dire financial circumstances Guaranteed Student Loans. By MARYEM RAFANI The state Senate yesterday approved by a 22-to-7 vote margin a bill barring the deposit of surplus state funds in financial institutions that extend loans to the government of South Africa, to national corporations of that gover- nment, or to any South African operations of an American corporation. The state House version of the bill, which was co-sponsored by Rep. Perry 03ullard (D-Ann Arbor), was passed earlier this year. The measure will now be -sent to the desk of Gov. William Milliken for his signature. the government of South Africa maintains a legalized system of racism, or apartheid. According to Barb Eldersfeld, a legislative aide in Bullard's office, the divestment bill passed by the Senate "is Oalmost in the same form as the bill that was ratified in the House." She added, however, that there probably are some mipor, differences in the bill that she would not know about until Monday. BUT STATE Sen. William Sederberg (R-E. Lansing), said it was his im- pression that the Senate passed the bill "exactly" as it was approved by the House. Two related measures, which would require state public universities and pension systems to sell all holdings in companies that do business in South Africa, are still awaiting action in the House. However, the Regents of Eastern Michigan University second-guessed the state legislature Wednesday by ap- proving a policy prohibiting the univer- sity from investing in banks and savings and loan institutions that ex- tend loans to the South African gover- nment. THE POLICY also called for "no in- vestments in commercial paper issued by companies doing business in South Africa." EMU Vice President for Business and Finance Robert Romkema said the divestment issue at that university has not caused any friction between studen- ts and administrators. The events leading to the policy change began one year ago when "we wrote an endorsement fund policy which included some divestment issues in South Africa," Romkema said. Marcel Hurt, president of the EMU student government, said the policy adopted by the Regents last year con- tained several loopholes. "It stated that (the university) would not directly in- vest money in South Africa, but didn't say anything about dealing with cor- porations that deal in South Africa," he said. Hurt said that by going through the regular channels at the university, students persuaded the EMU Executive Council to present the revised amen- dment policy to the Regents. Hurt added that EMU students are satisfied with the outcome of Wed- nesday's meeting. "The university went a little beyond what we expected of them," he said. "We didn't have any knowledge of the commercial paper, so the executive board put that stipulation there for any loopholes that may be open." Bulla(1rd ... sponsored House version U .Sar.ings Ibond(s interest ra tes lp Interest rates have been 'increased for U.S. Savings Bonds. On Series EE bonds purchased after Nov. 7 the interest rate is now 8 percent if the bonds are held to maturity. The term to maturity is shortened farm11 to nine years. On Series HH bonds the interest in- creases from 62 to 712 percent with maturity remaining at 10 years. It's PEAIRL fIL LEY at 140 South Univers ity 668-8411 bill needs his signature NAME BUILDING FOR FLEMING: Regents OK HMO study BY JAY McCORMICK The plans for the formation of a Health Maintenance Organization at the University came under some fire at the Board of Regents' monthly meeting yesterday. The Regents finally voted to allocate funds for the plan- ning of an HMO, and to have a special report on the matter presented to them at their December meeting. An HMO is a pre-paid health care plan which em- phasizes group practice and preventative medicine. The University's HMO would serve both the faculty and the }community of Washtenaw and western Wayne counties. .REGENT DEANE BAKER (R-Ann Arbor) said, "We have been getting a one-sided view on HMO." He added that it would be a good'idea to hear an objective report on the subject from someone not sympathetic to the idea of a University HMO. "We need to proceed and take a final look at it (HMO) before we make a final decision," Regent Gerald Dunn (D-Lansing) said, noting that the rising costs of traditional health care make this study a worthwhile in- vestment. A motion to table the issue until experts could be brought in to brief the Regents on the pros and cons of HMO failed in a four-to-four tie. The Regents then voted seven-to-one to let the planning of the HMO proceed with the understanding that experts would nonetheless be brought in to discuss it. THE REGENTS also voted to name the Administration Building after former University President Robben Fleming and his wife Aldyth (Sally) Fleming. The naming ceremony will probably take place during commen- cement period in May, when Fleming, who now works as President of the Corporation for Public Broadcasting, is expected to return to campus. A motion to have the University play an active role in studying tax problems and proposals in Michigan was tabled by the Regents pending further study of the im- plications of the suggestion. HAPPENINGS- FILMS Ann Arbor Film Co-op-Aguirre, the Wrath of God, 7, 10:20 p.m, Even Dwarfs Started Small, 8:40 p.m., MLB Aud. 3. Cinema Guild-Amarcord, 7,9:30 p.m., Lorch Hall Aud. Cinema II-Theresa the Thief, 7,9 p.m., Angell Hall Aud. A. ,7, 9 p.m., Angell Hall Aud. A. Gargoyle Films-Pink Flamingoes, 7, 9 p.m., 100 Hutchins Hall, Law Quad. SPEAKERS WUOM-James Ogilvy, "Multi-Dimensional Man," 10:15 a.m. PERFORMANCES Office of Major Events-Boz Scaggs, 8p.m., Hill Aud. Department of Theatre-"The Eccentricities of a Nightingale," 8 p.m., Trueblood Theatre, FriezeBldg. Residential College-"Signarelle of the Imaginary Cuckold," "The Proposal," 8 p.m., Residential College Aud., East Quad. School of Music Opera Theater-"The Consul," 8 p.m., Mendelssohn Theatre. School of Music-"Walkabout" (dance concert), 8p.m., Dance Bldg., 1310 N. University Court. Academy for the Study and Performance of Early Music-St. Cecilia Day Concert, 8 p.m., St. Andrew's Church, 306 N. Division. Womanspace-Ann Doyle, 8:30 p.m., Canterbury House (corner of N. Division and Catherine). Ark-Stan Rogers, 9 p.m., 1421 Hill. MISCELLANEOUS PIRlGIM funding renewed Continued from Page 1) percent, that was the end." Baker also said there is no support for the "Republican point of view" among PIRGIM members. "It's a supportive organization for one point of view, and I'm offended by that," he said. REGENT PAUL Brown (D- Petoskey) and Regent Sarah Power (D- Ann Arbor) expressed strong support for PIRGIM, and made a motion to lower the minimum support level and extend the contract through the Winter term. The board finally voted to extend the contract as written. The Regents do not have to act on the matter again until PIRGIM tries to renegotiate its con- tract. The student member of the PIRGIM board, Beverly. Johnson, said, "I'm very satisfied with (the Board's decision). It's exactly what we wan- ted." JOHNSON ADDED that she thought student support has actually increased over the past few years. "There are Texas Instruments Sale! WatOch Y oUr N Umbers A- /TxA iNSTRUMENTS T--5 " 15 Levels parenthesis- 4 pending operations * Standard deviation with "n" *Trig, logs, factorial et. List Price: $40.00 Sale Price$20 C1 Sale ends Nov. 30 Unique Cellar Warranty Support For all TI calculators, we offer a 90 day over-the-counter exchange period on defectives for a new unit, same mod- el. For one year from purchase you are protected against defects by our warranty support: FREE OF CHARGE we handle shipping of defective models and loan you a calcu- lator until yours returns repaired.