Proceedings of the Board of Regents (1963-1966)

APRIL MEETING, 1966

1363

TRUST INDENTURE
THIS INDENTURE, made and entered into as of the first day of October, A.D., 1965, between REGENTS OF THE UNIVERSITY OF
MICHIGAN, a body corporate, created by and existing under the
Constitution of the State of Michigan, hereinafter referred to as "Borrower." having charge and management of the University of Michigan,
a public educational institution of higher learning, located in Ann Arbor,
Michigan, hereinafter sometimes referred to as "University," party of
the first part, and THE DETROIT BANK AND TRUST COMPANY,
a corporation organized under the laws of the State of Michigan and
qualified to do a trust business, hereinafter sometimes referred to as
"Trustee," party of the second part.
WITNES SETH:
WHEREAS, The Borrower, in the exercise of its constitutional and
statutory duties, has determined that it is necessary and expedient to
construct, furnish and equip, on the campus of the University of
Michigan:
A. Five new dormitories to provide housing and appurtenant facilities for approximately 602 upper-class and graduate students, commonly
known as "Cedar Bend Houses," and
B. A complex consisting of four dormitories interconnected with a
food service center building and two buildings for common use to provide housing, dining and appurtenant facilities for 600 men students,
580 women students, 8 directors and 6 assistants, commonly known as
"Bursley Hall"; and
WHEREAS, The Borrower, by proper resolution has duly determined
to issue and sell University of Michigan Dormitory and Dining Hall
Bonds of 1965, of the face value of Eight Million ($8,000,000.00)
Dollars, to provide funds to be used, together with other available
funds, for the purpose of paying project costs, hereinafter defined; and
WHEREAS, The Trustee is duly authorized and empowered and is
willing to execute this Trust Indenture and to accept the obligations
herein imposed;
Now, Therefore, In consideration of the premises and the sum of
One ($1.00) Dollar and other good and valuable consideration, the
receipt whereof is hereby acknowledged, the Borrower has covenanted
and agreed, and by this agreement does hereby covenant and agree with
the Trustee, for the equal and proportionate benefit of the several
holders of University of Michigan Dormitory and Dining Hall Bonds of
1965, as follows:
ARTICLE I
SECTION 1. BOND TERMS. Unless the purchaser or purchasers
shall request the issuance of one or more definitive bond or bonds, as
herein authorized, the bonds to be issued hereunder shall be in coupon
form, shall be dated October 1, 1965, shall be in the denomination of
Five Thousand ($5,000.00) Dollars each, shall be numbered from 1 up