In my opinion you are correct to advocate continued use of microfilm for
the long term retention of thesis. I might, however, suggest a possible
compromise.
Look into the possibility of creating the microfilm directly from the
electronic file. Using computer output microfilm (COM) would allow you to
ensure a viable long term retention of the records without the need to
print, film and store paper copies.
You wouldn't even necessarily have to do the work yourself. The
organization I work for is currently having an outside vendor create
microfilm for us from the electronic document copies in our database. We
simply group the files the way we want them to appear on the film and send
them a cd or dvd with the data and they send us back completed rolls of
microfilm.
I would also suggest checking, if you are a state funded institution to
see, what requirements your state archives has set.
Good luck.
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