Proceedings of the Board of Regents (1963-1966)

952

JULY MEETING, 1965

by and between The Regents of the University of Michigan and the United States
of America is hereby in all respects approved;
2. That the said Agreement shall be incorporated in the minutes of this
meeting;
3. That W. K. Pierpont, Vice-President, is hereby authorized and directed to
execute the said Loan Agreement in behalf of The Regents of the University of
Michigan and the Secretary or the Controller is authorized to attest the execution
of the said Loan Agreement and to affix the corporate seal of The Regents of the
University of Michigan to as many copies of the said Loan Agreement as may be
required by the Government.
4. That the said W. K. Pierpont is hereby authorized to furnish two executed
counterparts of the said Loan Agreement to the Housing and Home Finance Agency,
together with such other documents relative to the approval and execution of the
said Loan Agreement and to the adoption of this resolution as may be required by
the Government.
Form Approved
Budget Bureau No. 63-R1001
CFA-521 (2-64)
Project No.: CH-Mich-89 (D)
Name of Borrower: University of Michigan
Address: Ann Arbor, Michigan
Contract No. H(402)-2568
LOAN AGREEMENT
THIS LOAN AGREEMENT, dated as of July 1. 1965, by and between The
Regents of the University of Michigan, a public educational institution of higher
learning located in Ann Arbor, Michigan (herein called the "Borrower"), and the
United States of America (herein called the "Government"), WITNESSETH:
SECTION 1. AMOUNT, PURCHASE PRICE, AND PURPOSE. Subject to the Terms
and Conditions (Form CFA-520 dated 4-63)* attached hereto and made a part
hereof as Exhibit A, and the provisions of this Agreement, the Borrower will sell
and the Government, acting by and through the Housing and Home Finance
Administrator (herein called the "Administrator"), will purchase $8.000,000 aggregate principal amount of the obligations of the Borrower described below (herein
called the "Bonds"), or such lesser amount thereof as the Administrator estimates
will be required, together with the Borrower's funds provided from other sources,
to pay the development cost of the Project (estimated to be $10,350,000), hereinafter described, at a price equal to the principal amount thereof plus accrued
interest, the proceeds of the sale of such Bonds to be used solely for the development
of the said Project.
SECTION 2. DESCRIPTION OF BONDS. The Bonds which the Borrower agrees to
sell and the Government agrees to purchase are described as follows:
(a) Designation: University of Michigan Dormitory and Dining Hall Bonds of
1965.
(b) Date: October 1, 1965.
(c) Principal Amount: $8,000,000, being all of an authorized issue.
(d) Denomination: $5,000; however, until such time as the purchasers of the
Bonds request(s) the preparation of the definitive Bonds, a single Bond
or Bonds shall be issued in an amount equal to the Bonds contracted for
by said purchaser or purchasers.
(e) Type: Negotiable, serial, coupon bond.
(I) Interest Rate: 334% per annum, payable semi-annually on April 1 and
October 1 in each year, first interest payable April 1, 1966.
(g) Maturities: October............., in years and amounts as follows:
Year Amount Year Amount
1968-71......... $100,000 1992-94......... $250,000
1972-77......... 125,000 1995-97......... 275,000
1978-81......... 150,000 1998-99......... 300,000
1982-85......... 175,000 2000-2001....... 325,000
1986-88......... 200,000 2002-2003....... 350,000
1989-91......... 225,000 2004-2005....... 375,000
* As amended by Supplement One, CFA 520-1 (6-64).