Proceedings of the Board of Regents (1936-1939)

SPECIAL AUGUST MEETING, 1938

637

now bear interest at 3'2 per cent per annum, and one hundred and ten of which,
to a total of $110,000 now bear interest at the rate of 4 per cent per annum; and
WHEREAS, The said The Regents have, according to the agreement then
made, retired Certificates of Indebtedness to the amount of $8,000 and interest
thereon at the rate of 3V2 per cent per annum; and
WHEREAS, There now remains a total of $177,000 in Certificates of Indebtedness unpaid; now, therefore, be it
Resolved, That the unpaid Certificates of Indebtedness, amounting to $177,000
be merged with the issue of revenue bonds to be sold for the purpose of obtaining
funds for the construction of dormitories, making a total revenue bond issue of
$1,477,000, all at 3'2 per cent per annum, due serially over a period of thirty
years, and be it further
Resolved, That Mr. Earl H. Cress be authorized to complete the sale of
$177,000 of revenue bonds at par and accrued interest.
The above resolution, in effect, gives to Mr. Cress the authority
to sell to the two local Ann Arbor banks and to the University such
portion of the $177,000 revenue bonds as they may want to purchase,
and the balance to The First of Michigan Corporation, all at par and
accrued interest.
Mr. Cress reported on the progress thus far made toward securing
options on the properties needed for the dormitory expansion and
parking space adjacent to the Michigan Union and Allen-Rumsey
House. The Regents approved the purchase of all properties at the
option prices. This action includes purchase of all properties except
one on which no option can yet be had because the owner is at present
abroad. The' Board voted authority to purchase the property in question for approximately $16,000 if satisfactory arrangements can be
made with the owner. On this basis the total cost of the properties
to be purchased will be $251,712.
As a basis for action in the event that the Ann Arbor Trust
Company can come to no mutually satisfactory agreement with the
owner of the one property on which no option has been obtained, the
following resolution prepared by Burke and Burke, counsel for the
Regents, was adopted:
FORM OF RESOLUTION ON CONDEMNATION
WHEREAS, The Regents of the University of Michigan, a Constitutional
Corporation of the State of Michigan, desires to secure, for the necessary use of
the University of Michigan, land adjacent to land now owned by The Regents of
the University of Michigan, and particularly as a site for buildings, structures,
and grounds for the erection of a dormitory for the housing of students of the
University of Michigan, which in the judgment of this Board is and should be
an integral part of a broad program of education, and the said corporation does
not hold title to sufficient real estate for such purpose, and the following described
real estate situated and being in the Township of Ann Arbor, Washtenaw County,
State of Michigan, has been selected by The Regents of the University of Michigan
as a necessary portion of the most available site for such purpose:
The west 87 feet in length of lot 7 in block 5 south of Huron Street, Range 8
east in the Ann Arbor Land Company's Addition, according to the recorded plat thereof,
subject to the conditions and reservations in two certain quit claim deeds recorded in
Liber 146 of Deeds on Pages 432 and 433, and
WHEREAS, Said corporation now owns lands immediately adjoining the above
described land, and
WHEREAS, Said corporation has endeavored to purchase said above described
land from the owners thereof and is unable to do so at a price which is commensurate with its value.
Now, therefore, be it Resolved, That the taking of the above described land
and property be and is hereby declared necessary for the public use of said University and of The Regents of the University of Michigan, and that the Attorney
General of the State of Michigan be requested to institute legal proceedings by
law to condemn said property and that the Vice-President and Secretaiy of The
Regents of the University of Michigan be authorized and directed to sign and