Proceedings of the Board of Regents (1864-1870)

On motion of Regent Willard, it was
Resolved, That the sum of $85 be appropliated to the Library
for the purchase of books for the Sedical Del)artnlent.
Ayes —2Reg[ents iWilard, Gilbert, KihtKn1, alnd S'v eezey.
President H1aven presented the fllo:iowg zeport fromn the
Executive Commmittee:
The Executive Committee, in pursuance of the resolution of
the Board'passed at the last meeting, advertised for sale the
University Lct, so called, in Detroit. A number of bids were
made for the property, and t'he Committee sold the same for
the sum o' $22,010 to Jacob S. Farrand and Alanson Sheley,
$6,010 cown,,and balance on five years' time, with annual interest, with the privilege of paving at anv time in sums of $1,000
or over, secured by mortgage upon the property.
The purchasers have sold a portion of the rear of said lot,
and wish to pirocure a release of the same fromn their mortgage
on paying to ithe -University the whole amount for which they
sell the same. There is no objection to granting this request,
as there will be nbundant security left in the hands of the University. WVherefore your Committee would recommend the
passage o e the ollowing resolution:
Resolvecd, That the President and Secretary are hereby authorized to dischargoe the mortgage of Messrs. Farrand & Sheley on the University lot in Detroit, when the same shall be paid
in full, and also to discharge from said mortgage a portion of
said lot, upon a partial payment thereon, at their discretion,
without in their opinion endangering the security of the remaining debt.
The report was accepted, and the accompanying resolution
adopted.
President Haven made a statement in relation to the great
inconvenience experienced on account of charging an admittance fee of those who desire to see the statue of Nydia, and
recommended that the balance due on said statue be paid out
of the University funds, and that no admittance fee be charged
in future.
On motion of Regent Gilbert, the consideration of said subject was postponed for the present.