Proceedings of the Board of Regents (1963-1966)

1176

DECEMBER MEETING, 1965

1. That the Regents of The University of Michigan (hereinafter
referred to in this resolution as the "Obligor"), does hereby determine
it to be necessary and for the best interests of The University of
Michigan, its students and personnel, to construct and equip the Project
in accordance with the plans and specifications therefor prepared by
Kenneth C. Black Associates, architects of Lansing, Michigan, and
Daniel W. Dworsky and Associates, architects of Los Angeles, California.
2. That the total estimated cost of constructing and equipping the
Project, including payment of incidental expenses and financing costs as
specified in paragraph 4 of this resolution, but not including the establishment of the debt service reserve, which total estimated cost is Six
Million Seven Hundred Thousand ($6,700,000.00) Dollars, is hereby
approved and confirmed.
3. That the estimated period of usefulness of the Project is determined to be not less than forty (40) years.
4. For the purpose of paying part of the cost of constructing and
equipping the Project, including payment of architectural, legal and
financing expenses, contingencies, and establishing a debt service reserve
for the bonds, there be borrowed the sum of Five Million Eight Hundred
Thousand ($5,800,000.00) Dollars, and that in evidence thereof there
be issued the bonds of the Obligor in the aggregate principal sum of
$5,800,000.00, which bonds are sometimes hereinafter referred to in
this resolution as the "bonds."
5. That said bonds shall be designated THE UNIVERSITY OF
MICHIGAN, UNIVERSITY EVENTS BUILDING BONDS, the
principal of and interest thereon to be payable solely out of the proceeds
of the collections of the general tuition fees charged each term to all
students attending The University of Michigan in accordance with the
requirements, terms. conditions and covenants specified in the Trust
Agreement filed with the Obligor and approved by this resolution, shall
be dated as of February 1, 1966, and shall consist of eleven hundred
sixty (1160) bonds of the denomination of $5.000.00 each, payable
serially as follows:
Principal Maturity Principal Maturity
Amount Date Amount Date
$110,000 April 1, 1967 $190,000 April 1, 1982
115,000 April 1 1968 195,000 April 1, 1983
115,000 April 1, 1969 205,000 April 1, 1984
120,000 April 1, 1970 210,000 April 1, 1985
125,000 April 1, 1971 220,000 April 1, 1986
130,000 April 1, 1972 225.000 April 1, 1987
135,000 April 1, 1973 235.000 April 1, 1988
140,000 April 1, 1974 245.000 April 1, 1989
145,000 April 1, 1975 255,000 April 1, 1990
150,000 April 1, 1976 265.C00 April 1, 1991
155,000 April 1, 1977 275.000 April 1, 1992
165,000 April 1, 1978 285.000 April 1, 1993
170.000 April 1, 1979 295,000 April 1, 1994
175,000 April 1, 1980 305.000 April 1, 1995
180,000 April 1, 1981 265.000 April 1. 1996