Proceedings of the Board of Regents (1936-1939)

SPECIAL DECEMBER MEETING, 1936 123
estate in addition to the real estate now owned by it on which to construct said
units; for the construction cost of said units; the equipment thereof; to complete
and equip the dining rooms now under construction in the addition being built
to the present Michigan Union Building, to be used as the dining rooms for
said dormitory units; and other expenses incidental thereto; and
WHEREAS, Ann Arbor Trust Company of Ann Arbor, Michigan, has submitted for the consideration of said Regents a Trust Agreement whereby the
funds necessary for the purposes above set forth may be borrowed through the
issuance and sale of the Certificates of Indebtedness heretofore mentioned,
Now, therefore, be it Resolved, By The Regents of the University of Michigan, that it borrow the sum of One Hundred Eighty-five Thousand Dollars
($185,000), through the issuance and sale of Certificates of Indebtedness in the
aggregate principal sum of One Hundred Eighty-five Thousand Dollars
($185,000), all to be equally secured by a pledge of the net revenue derived from
the operation of said dormitory units to be constructed and the dining rooms
operated in conjunction therewith, or so much thereof as is necessary to meet the
payments of principal and interest of the Certificates of Indebtedness to be
issued under said Trust Agreement. Said Certificates of Indebtedness shall be
issued in two series, and be designated as "University of Michigan Dormitory
Certificates of Indebtedness, Units 'E' and 'F,' Series A" and "University of
Michigan Dormitory Certificates of Indebtedness, Units 'E' and 'F,' Series B."
University of Michigan Dormitory Certificates of Indebtedness, Units "E"
and "F," Series A, shall be dated January 1, 1937, and shall consist of Seventyfive (75) Certificates of Indebtedness, of the denomination of One Thousand
Dollars ($1,000) each, numbered 1 to 75, both inclusive, shall bear interest at
the rate of three and one-half per cent (32A%) per annum, payable semiannually
on the first day of January and July in each year, and shall mature serially as
follows:
July 1, 1938.............$8,000 July 1, 1942.............$5,000
January 1, 1939............. 4,000 January 1, 1943............. 4,000
July 1, 1939............. 4,000 July 1, 1943............. 5,000
January 1, 1940............. 4,000 January 1, 1944............. 5,000
July 1, 1940............. 4,000 July 1, 1944............. 5,000
January 1, 1941............. 5,000 January 1, 1945............. 5,000
July 1, 1941............. 4,000 July 1, 1945............. 5,000
January 1, 1942............. 5,000 January 1, 1946............. 3,000
University of Michigan Dormitory Certificates of Indebtedness, Units
"E" and "F," Series B, shall be dated January 1, 1937, and shall consist of One
Hundred Ten Certificates of Indebtedness (110) of the denomination of One
Thousand Dollars ($1,000) each, numbered 1 to 110, both inclusive, shall bear
interest at the rate of four per cent (4%) per annum, payable semiannually on the
first day of January and July in each year, and shall mature serially as follows:
January 1, 1946.............$2,000 July 1, 1950.............$7,000
July 1, 1946............. 6,000 January 1, 1951............. 6,000
January 1, 1947............. 5,000 July 1, 1951............. 7,000
July 1, 1947............. 6,000 January 1, 1952............. 6,000
January 1, 1948............. 6,000 July 1, 1952............. 7,000
July 1, 1948............. 5,000 January 1, 1953............. 7,000
January 1, 1949............. 6,000 July 1, 1953............. 7,000
July 1, 1949............. 6,000 January 1, 1954............. 7,000
January 1, 1950............. 6,000 July 1, 1954............. 8,000
Both series of the Certificates of Indebtedness shall be subject to redemption at the option of The Regents of the University of Michigan on any interest
payment date at par and accrued interest.
Be it further Resolved, That Alexander G. Ruthven, President of the University of Michigan, and Shirley W. Smith, its Vice-President and Secretary, be
and they are hereby authorized, empowered, and directed, in the name of The
Regents of the University of Michigan and as its corporate act and deed, to execute and enter into the aforementioned Trust Agreement between the said Regents
and the Ann Arbor Trust Company, as Trustee.
Be it further Resolved, That said officers be and they are hereby authorized,
empowered, and directed, in the name of The Regents of the University of Michigan and as its corporate act and deed, to execute, sign, and countersign the