Proceedings of the Board of Regents (1936-1939)

Special September Meeting, 1938

UNIVERSITY OF MICHIGAN,
ANN ARBOR, SEPTEMBER 8, 1938
The Board met in special session at the call of the President in the
Regents' Room at 3:10 P.M.
Present, the President, Regent Beal, Regent Shields, Regent Stone,
Regent Lynch, Regent Cook, and Regent Hemans. Absent, Regent
Cram, Regent Crowley, and Superintendent Elliott. There were also
in attendance Vice-President Bruce, Vice-President Yoakum, Dr. F. E.
Robbins, Mr. H. G. Watkins, Provost E. Blythe Stason, Mr. Earl
Cress, Professor L. M. Gram, and the Secretary.
The Board took up matters involved in the financing of a dormitory for men medical students and a dormitory for other men students,
being "Public Works Project Michigan 1559 F" (p. 636).
The Board adopted the following:
RESOLUTION OF THE REGENTS OF THE UNIVERSITY OF MICHIGAN RELATIVE TO
BORROWING FUNDS TO RETIRE OUTSTANDING UNIVERSITY OF MICHIGAN DORMITORY CERTIFICATES OF INDEBTEDNESS OF UNITS "E" AND "F" AND FOR THE
CONSTRUCTION OF MEDICAL SCHOOL DORMITORY AND UNION DORMITORY UNITS
WHEREAS, The Regents of the' University of Michigan desires to construct,
furnish, and equip a strictly modern dormitory for housing approximately one
hundred forty (140) male students of the University of Michigan Medical School,
hereinafter referred to as "Medical School Dormitory" and to be hereafter
named, on property now owned by said Regents; and desires to construct, furnish,
and equip strictly modern dormitory units for housing approximately eight
hundred fifty (850) other male students of the University of Michigan, hereinafter referred to as "Union Dormitory Units" and to be hereafter named, on
property, part of which is now owned by said Regents and part of which will
need be acquired by purchase; and
WHEREAS, The Regents of the University of Michigan desires to refinance
the University of Michigan Dormitory Certificates of Indebtedness of Units "E"
and "F," which were issued and sold to provide funds to be used for the purpose
of constructing, furnishing, and equipping two dormitory units for housing male
students attending University of Michigan, which dormitory units have been constructed and placed in operation and are known as "Allen House" and "Rumsey
House"; and
WHEREAS, It is necessary and expedient that said Regents borrow, through
the issuance and sale of Dormitory Revenue Bonds the sum of One Million Four
Hundred Seventy-seven Thousand Dollars ($1,477,000.00), part of which is to
be used to refinance said Dormitory Certificates of Indebtedness of Units "E"
and "F," and the balance of which is to be used, together with a Federal Emergency Administration of Public Works grant, in acquiring certain real estate in
addition to the real estate now owned by said Regents, on which to construct
said Union Dormitory Units, and to pay all costs incidental to the construction,
furnishing, and equipping of said Union Dormitory Units and said Medical
School Dormitory; and
WHEREAS, Ann Arbor Trust Company, of Ann Arbor, Michigan, has submitted for the consideration of said Regents a Trust Agreement whereby the
funds necessary for the purposes above set forth may be borrowed through the
issuance and sale of the Dormitory Revenue Bonds heretofore mentioned;
Now, therefore, be it Resolved by the Regents of the University of Michigan
that it borrow the sum of One Million Four Hundred Seventy-seven Thousand
Dollars ($1,477,000.00) through the issuance and sale of Dormitory Revenue
Bonds in the aggregate principal sum of One Million Four Hundred Seventyseven Thousand Dollars ($1,477,000.00), all to be paid solely from gross room
rents and net revenue derived from the operation of said Allen House and