Proceedings of the Board of Regents (1963-1966)

APRIL MEETING, 1966

1397

The Regents reserves the right to reject any and all bids. and to
waive any irregularity or informality.
The successful bidder will be furnished, without cost, the executed
bonds accompanied by the unqualified opinion of Miller. Canfield.
Paddock and Stone, bond counsel. of Detroit, Michigan. It is the
opinion of counsel that the bonds. when issued. will be legal and binding
obligations of the Regents of The University of Michigan, payable
from ''Net Income' as defined in the Trust Indenture and that said
bonds are exempt from all taxation in the State of Michigan and the
interest thereon is exempt from Federal income taxes under existing
statutes. regulations and court decisions. Further information may be
received from Mr. W. K. Pierpont. Vice-President. Regents of The
University of Michigan. 2008 Administration Building. 500 South
State Street, Ann Arbor. Michigan.
W. K. PIERPONT
Vice-President
REGENTS OF THE UNIVERSITY OF MICHIGAN
RESOLUTION
APPROVING ADVERTISEMENT AND SALE OF
UNIVERSITY OF MICHIGAN DORMITORY AND
DINING HALL BONDS OF 1965 AND PROVIDING FOR
THE AWARD AND DELIVERY OF SAME TO THE
SUCCESSFUL BIDDER THEREFOR
Be It Resolved, BY THE REGENTS OF THE UNIVERSITY OF
MICHIGAN. as follows:
SECTION 1. The Official Notice of Sale and Statement of Essential
Facts relating to the advertisement and sale of University of Michigan
Dormitory and Dining Hall Bonds of 1965. in the principal amount
of $8,000,000.00 to be advertised for sale pursuant to the requirements of the Loan Agreement with the United States of America dated
July 1. 1965. is hereby in all respects ratified and approved.
SECTION 2. W. K. Pierpont. Vice-President of the Regents: is
hereby authorized, empowered and directed, in the name of and
under the seal of the Regents. to open and tabulate the bids received
for said bonds at the time and in the place stipulated in the Official
Notice of Sale approved in Section 1 hereof and to submit the same
to the Regents within twenty-four (24) hours after receipt of the
bids for award to the responsible bidder or bidders therefor whose bid
or bids result in the lowest average interest cost. but in accordance,
nevertheless. with the terms and conditions set forth in said Official
Notice of Sale and in accordance with the procedural rules of the
Department of Housing and Urban Development governing such
awards.
SECTION 3. The Regents hereby authorize, empower and direct
NW. K. Pierpont, Vice-President of the Regents, or G. L. Lee. ControlleI