Proceedings of the Board of Regents (1936-1939)

406

DECEMBER MEETING, 1937

appropriation plus an additional sum of $30,000 from the University
Hospital reserve to provide the Hospital with certain quarters in lieu
of those of which the Hospital will be deprived by reason of the connecting passageway to the Psychiatric unit.
With the understanding that the proposed location would be agreeable to Mr. R. P. Lamont, the original donor of the ground, and to
other interests concerned, the Board approved the location proposed
for the Michigan Children's Institute Building, as shown on a blueprint prepared by the Buildings and Grounds Department and filed
at the meeting. The President and the Secretary were authorized to
make a proper lease for a nominal consideration, or other suitable
arrangement, to accommodate the building.
The Regents declined to consider the suggestion of the Common
Council of the City of Ann Arbor that the Regents at this time make
an appropriation toward the cost of a down-river sewer constructed
some years ago by the City with Federal aid (R. P. 1929-1932, p.
937).
Regent Beal was appointed a committee of one to confer with
representatives of other universities in regard to a proposal by the
Association of Governing Boards of State Universities and Allied Institutions for a cooperative arrangement between universities in the
matter of regional distribution of activities (p. 375).
The Board approved and ratified actions of the Finance Committee
as follows (p. 377):
PURCHASES
BONDS
2M Michigan, State of, Highway Improvement, 4%, dated August 1, 1924, due
August 1, 1944. Purchased at 109, to yield 2.53%. Moody's rating "Aa."
2M Michigan, State of, Refunding, 4%, dated May 1, 1925, due May 1, 1940.
Purchased at 105, to yield 1.96%. Moody's rating "Aa."
MORTGAGES
Fund Mortgagor and Property Rate Appraisal Amount
CONSOLIDATED Ruel and Ruby S. ChurENDOWIMENT chill, two-story, sevenroom frame dwelling 5% $ 5,600 $3,100
for 3 yrs.
John L. and Rosa Lowry
Law, two - and - one -
half-story, eight-room
dwelling, brick veneer 5% S16,000 $8,000
for 3 yrs.
George Y. and Sofie
Rainich, two - story
frame dwelling, eight
rooms............ 5% $12,000 $5,800
for 3 yrs.
OLDER FACULTY Walter J. and Dudley
MEMBERS' SUP- Emmons, two-and-onePLEMENTAL half-story frame
ANNUITY dwelling, eight rooms 5% $10,000 $2,500
for 3 vIrs.
SALES
BONDS
10M Allen's Creek Drain District, Washtenaw County, Michigan, 5%, dated
October 1, 1925, due April 1, 1940. Sold at 104, to yield 3.26%. Not rated.