Proceedings of the Board of Regents (1936-1939)

448 FEBRUARY MEETING, 1938
$23,000 Due January 1, 1939 $32,000 Due January 1, 1948
24,000 " January 1, 1940 34,000 " January 1, 1949
25,000 " January 1, 1941 35,000 " January 1, 1950
26,000 " January 1, 1942 36,000 " January 1, 1951
27,000 " January 1, 1943 37,000 " January 1, 1952
28,000 " January 1, 1944 39,000 " January 1, 1953
29,000 " January 1, 1945 40,000 " January 1, 1954
30,000 " January 1, 1946 42,000 " January 1, 1955
31,000 " January 1, 1947 12,000 January 1, 1956
Bonds maturing on and after January 1, 1947, shall be redeemable at the option
of The Regents, on any interest-payment date, at 101% of their par value, in
the inverse order of maturity, the bond of highest number in each maturity to
be first retired.
Resolved, further, That the aforesaid Trust Agreement be approved.
Resolved, further, That Alexander G. Ruthven, President of the University of
Michigan, and Shirley W. Smith, Vice-President and Secretary, be, and they are
hereby, authorized and directed, in the name of The Regents of the University
of Michigan, to execute the aforesaid Trust Agreement between the said The
Regents and National Bank of Detroit as Trustee.
Resolved, further, That said officers be, and they are hereby authorized and.directed, in the name of The Regents of the University of Michigan, to execute,
sign, and countersign the Revenue Bonds hereinbefore provided for, in the manner
prescribed in said Trust Agreement, to pledge the membership fees and net income of the University of Michigan Union, or so much thereof as is necessary to
secure and pay the installments of principal and interest above provided for, and
to perform all acts and execute all instruments and documents necessary and
proper in connection with the borrowing of said sum of $550,000, the issuance and
sale of the Revenue Bonds, and the pledging of the membership fees in and net
income of the University of Michigan Union.
Resolved, further, That said officers be, and they are hereby, authorized and
directed, for and in the name of The Regents of the University of Michigan, to
make, consent, and agree to any changes in the terms or conditions of said Trust
Agreement which they may deem necessary or proper, before, or at the time
of the execution of said Trust Agreement; but no such amendments shall change
the provisions therein for the amount to be borrowed, the interest to be paid
thereon, the years of the maturities of the Revenue Bonds, or the security to be
pledged; and said officers, either in said Trust Agreement or by the issue of the
Revenue Bonds, shall not pledge the credit of or create any liability on the part
of the State of Michigan, The Regents of the University of Michigan, or the corporation known as The Michigan Union, or of any Regent or any officer or
employee of The Regents of the University of Michigan or of the Michigan
Union individually, except to pledge the membership fees in and net income of
the University of Michigan Union.
Resolved, further, That should it develop that Alexander G. Ruthven, as
President of the University of Michigan, through illness, absence, or otherwise,:should be unable to perform the acts that he is herein authorized, empowered,;and directed to perform, then, in that case, Shirley W. Smith, Vice-President and:Secretary of the University of Michigan, is hereby authorized, empowered, and
directed to perform any and all acts and deeds herein authorized and directed
to be performed by said Alexander G. Ruthven; and any action so taken by:Shirley W. Smith shall be as binding on The Regents of the University of Michigan as if performed by said Alexander G. Ruthven.
Resolved, further, That should it develop that Shirley W. Smith, as Secretary
of the University of Michigan, through illness, absence, or otherwise, is unable
to perform the acts and deeds that he is herein authorized, empowered, and
directed to perform, or should it be necessary for him to act in the place of
Alexander G. Ruthven in performing any of the acts herein authorized and
directed, then, in that case, John C. Christensen, Controller and Assistant Secretary of the University of Michigan, is hereby authorized, empowered, and
directed to perform any and all acts and deeds herein authorized and directed
to be performed by said Shirley W. Smith; and any action so taken by said
John C. Christensen shall be as binding on The Regents of the University of
Michigan as if performed by said Shirley W. Smith.