Proceedings of the Board of Regents (1963-1966)

954 JULY MEETING, 1965
SECTION 4. DESCRIPTION OF THE PROJECT. The Project shall consist of five
new dormitories to provide housing and appurtenant facilities for approximately 602
upper-class and graduate students; also
A complex consisting of four dormitories inter-connected 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 (herein called the "Project").
SECTION 5. GOVERNMENT FIELD EXPENSE. The amount of the fixed fee for
Government field expense referred to in Section 30 of the attached Terms and Conditions shall be $15,000.
SECTION 6. SPECIAL CONDITIONS. The Government's obligation to purchase
the Bonds of the Borrower is also subject to the Special Conditions attached hereto
and made a part hereof as Exhibit B.
SECTION 7. CIVIL RIGHTS ACT. This contract is subject to Title VI of the
Civil Rights Act of 1964 (P.L. 88-352, approved July 2, 1964) and the rules and
regulations (24 CFR, Subtitle A, Part I), issued by the Housing and Home
Finance Agency pursuant thereto.
IN WITNESS WHEREOF, This Agreement has been executed in the name of
The Regents of the University of Michigan by the undersigned official, and under
its official seal, attested by its................, and in the name and on behalf
of the United States of America, Housing and Home Finance Administrator, Community Facilities Commissioner, by the undersigned official.
THE REGENTS OF THE UNIVERSITY OF \IICHIGAN
B y..............................................................................
(Title)
(SEAL)
Attest:................... ( e.........(..Title)
UNITED STATES OF AMERICA
Housing and Home Finance Administrator
Community Facilities Commissioner.................. B y...................................
(Date) Regional Director of Community Facilities
EXHIBIT B
Project No.: CH-Mich.-89(D)
The following Special Conditions are made a part of the Loan Agreement for
the above-numbered project, as specified in Section 6 of the Loan Agreement:
(a) The Borrower covenants and agrees that as soon as any portion of the
Project becomes revenue-producing, all rentals, charges, income and revenue arising from the operation or ownership of the Project shall be deposited to the credit
of a special fund, to be known as the "1965 Revenue Fund Account" and held in
the custody of the Treasurer of the Borrower, separate and apart from all other
funds. Such 1965 Revenue Fund Account shall be maintained, so long as any of
the Bonds are outstanding, in a bank which is a member of the Federal Deposit
Insurance Corporation and shall be expended and used by the Treasurer only in the
manner and order specified below.
(b) Current Expenses of the Project shall be payable, as a first charge, from
the 1965 Revenue Fund Account as the same become due and payable. Current
Expenses shall include all necessary operating expenses, current maintenance charges,
expenses of reasonable upkeep and repairs, properly allocated share of charges for
insurance and all other expenses incident to the operation of the Project, but shall
exclude depreciation, all general administrative expenses of the Borrower and the
payment into the "1965 Repair and Replacement Reserve Account" hereinafter
provided for.
(c) The Borrower shall establish with the depository to be designated in the
Trust Indenture, and maintain so long as any of the Bonds are outstanding, a separate account or accounts (herein collectively called the "1965 Bond and Interest