ANCHORAGE (AP) -- A chair in economics financed by a $5 million gift from the late Anchorage banker Elmer Rasmussen has been formally approved by the Board of Regents of the University of Alaska.
The approval came Friday at a two-day meeting of the regents. The chair at the University of Alaska Anchorage is the first at the institution financed entirely by a private contribution.
''The purpose is to bring UAA distinction and leadership in economics,'' said Bob Miller, a spokesman for the university.
The university plans an international search for a candidate to hold the new Rasmussen chair for a period of one to five years.
At their meeting, the regents also chose former legislator Chancy Croft, an Anchorage lawyer, as the new chairman of the board for the coming year.
And they approved some new academic programs.
One is a center for nanosensor technology. Nanosensors are the implanted devices that are used for tracking fish.
Regents approved a doctorate program in engineering, a master's degree program in computational physics, along with associate programs in logistics operations and heavy duty transportation.
And they approved selling a 942-acre parcel of land near Valdez including four miles of coastline. The property, adjacent to Chugach National Forest property, is 12 miles southwest of Valdez. It's being offered for $1.25 million.
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