Proceedings of the Board of Regents (1936-1939)

126 SPECIAL DECEMBER MEETING, 1936

on the first day of January and the first day of 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 of Units "E"
and "F," Series B, shall be dated January 1, 1937, and shall consist of One
Hundred Ten (110) Certificates of Indebtedness 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 the first day of 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 Obligor on any interest payment date at par and accrued
interest, in the manner and order provided for in Sections 2, 3, and 4 of Article
II of this indenture.
Section 2. The said Certificates of Indebtedness shall be in substantially
the following form:
UNITED STATES OF AMERICA
STATE OF MICHIGAN
UNIVERSITY OF MICHIGAN
DORMITORY CERTIFICATES OF INDEBTEDNESS OF UNITS
"E" AND "F" SERIES........
No......... $1,000
Know All Men by These Presents that The Regents of the University of
Michigan, a body corporate, created by and existing under the Constitution of
the State of Michigan (hereinafter sometimes called "Obligor"), hereby acknowledges itself to be indebted and for value received promises to pay to bearer, or,
if this Certificate of Indebtedness be registered, to the registered owner thereof,
out of the net income from dormitory units for male students at the University
of Michigan, heretofore designated as Units "E" and "F," and the dining rooms
to be operated in conjunction therewith, One Thousand Dollars ($1,000), on the
first day of........................... 19....... unless sooner redeemed
at the Ann Arbor Trust Company of Ann Arbor, Michigan (hereinafter sometimes
called "Trustee"), and to pay interest hereon from the date hereof at the rate
of........................ per cent per annum, payable semiannually on the
first days of January and July in each year, in accordance with and on presentation and surrender of the interest coupons hereto attached. Both principal and
interest are payable in lawful money of the United States of America.
This Certificate of Indebtedness is one of an issue of an aggregate principal
amount of One Hundred Eighty-five Thousand Dollars ($185,000), issued in
two series, designated as "University of Michigan Dormitory Certificates of
Indebtedness of Units 'E' and 'F,' Series A" and "University of Michigan Dormitory Certificates of Indebtedness of Units 'E' and 'F,' Series B," all issued
under and pursuant to a Trust Agreement executed by the Obligor and the
Trustee, dated..................... 19..., to which Trust Agreement refer