Proceedings of the Board of Regents (1936-1939)

February Meeting, 1938
UNIVERSITY OF MICHIGAN,
ANN ARBOR, FEBRUARY 11, 1938
The Board met in the Regents' Room at 2:10 P.M.
Present, the President, Regent Beal, Regent Lynch, Regent Cook,
Regent Hemans, Regent Cram, Regent Shields, and Regent Crowley.
Absent, Regent Stone and Superintendent Elliott. There were also in
attendance Vice-President Yoakum, Dr. F. E. Robbins, Mr. H. G. Watkins, and the Secretary.
The usual financial reports were placed on file.
The minutes of the meeting of January 7 were approved as submitted to the members in press proof.
The minutes of the special meeting held February 7 were approved as submitted in typewritten form.
Regent Crowley reported for the committee appointed at the January meeting (p. 440) with respect to finishing the interior of the
Michigan Union building. After extensive discussion actions were taken
as follows:
RESOLUTION OF THE REGENTS OF THE UNIVERSITY OF MICHIGAN
AUTHORIZING FINANCING OF AN ADDITION TO THE
UNIVERSITY OF MICHIGAN UNION
WHEREAS, The Regents own and operate a building in the City of Ann Arbor,
Michigan, known as the University of Michigan Union, for social and extracurricular activities of students and as a meeting place for students, alumni and
members of the faculty, and for the entertainment of guests of the University
and students;
AND WHEREAS, The Regents have partially constructed an addition to said
building, and desire to complete and equip the same;
AND WHEREAS, The Regents deem it necessary and advisable to borrow, by
the issue and sale of University of Michigan Union Revenue Bonds, of the par
value of $550,000, the money necessary to pay a part of the cost of construction,
completion, and equipment of said addition to said University of Michigan Union;
AND WHEREAS, A Trust Agreement has been prepared between The Regents
of the University of Michigan and National Bank of Detroit, Trustee, providing
for the issue of such Revenue Bonds and security for the payment thereof out of
membership fees in, and net income of, the University of Michigan Union:
It is hereby Resolved, That The Regents of the University of Michigan
borrow the sum of $550,000 by the issue and sale of Revenue Bonds secured by
a pledge of all membership fees in, and net revenue of, the University of Michigan Union, or so much thereof as may be necessary to meet the payments of
principal and interest of said Revenue Bonds.
Resolved, further, That the Revenue Bonds to be issued under said Trust
Agreement shall be of an aggregate principal sum of $550,000, all to be equally
secured as therein set forth, and shall be issued in one series, to be designated
as "University of Michigan Union Revenue Bonds." Said bonds shall be dated
January 1, 1938, and shall consist of 550 bonds of the denomination of $1,000
each, numbered 1 to 550, both inclusive, and shall bear interest at the rate of
3X% per annum, payable semiannually on the first days of January and July
in each year. Said bonds shall mature serially as follows: