Proceedings of the Board of Regents (1936-1939)

642 SPECIAL SEPTEMBER MEETING, 1938

Rumsey House, now in operation, and said Medical School Dormitory and Union
Dormitory Units, when constructed and placed in operation, and to be secured
by a pledge of said net income.
Said Dormitory Revenue Bonds shall be issued in one series, and shall be
designated as "University of Michigan Dormitory Revenue Bonds."
Said Dormitory Revenue Bonds shall be dated September 15, 1938, or such
later date as shall be approved by Alexander G. Ruthven and Shirley W. Smith,
respectively the President and Vice-President and' Secretary of the University of
Michigan, and shall consist of fourteen hundred seventy-seven (1,477) bonds of
the denomination of One Thousand Dollars ($1,000.00) each, numbered one (1)
to fourteen hundred seventy-seven (1,477), both inclusive.
Said Dormitory Revenue Bonds shall bear interest at the rate of three and
one-half per cent (32 %) per annum, payable semi-annually on the fifteenth
day of March and the fifteenth day of September in each year, and shall mature
serially as follows:
March 15, 1940 $15,000.00 September 15, 1954 $25,000.00
September 15, 1940 15,000.00 March 15, 1955 26,000.00
March 15, 1941 16,000.00 September 15, 1955 26,000.00
September 15, 1941 16,000.00 March 15, 1956 26,000.00
March 15, 1942 16,000.00 September 15, 1956 27,000.00
September 15, 1942 16,000.00 March 15, 1957 27,000.00
March 15, 1943 17,000.00 September 15, 1957 28,000.00
September 15, 1943 17,000.00 March 15, 1958 28,000.00
March 15, 1944 18,000.00 September 15, 1958 29,000.00
September 15, 1944 17,000.00 March 15, 1959 29,000.00
March 15, 1945 18,000.00 September 15, 1959 30,000.00
September 15, 1945 19,000.00 March 15, 1960 30,000.00
March 15, 1946 18,000.00 September 15, 1960 31,000.00
September 15, 1946 19,000.00 March 15, 1961 32,000.00
March 15, 1947 20,000.00 September 15, 1961 32,000.00
September 15, 1947 19,000.00 March 15, 1962 32,000.00
March 15, 1948 20,000.00 September 15, 1962 33,000.00
September 15, 1948 21,000.00 March 15, 1963 34,000.00
March 15, 1949 20,000.00 September 15, 1963 34,000.00
September 15, 1949 21,000.00 March 15, 1964 35,000.00
March 15, 1950 22,000.00 September 15, 1964 35,000.00
September 15, 1950 22,000.00 March 15, 1965 36,000.00
March 15, 1951 22,000.00 September 15, 1965 37,000.00
September 15, 1951 22,000.00 March 15, 1966 37,000.00
March 15, 1952 23,000.00 September 15, 1966 38,000.00
September 15, 1952 24.000.00 March 15, 1967 39,000.00
March 15, 1953 23,000.00 September 15, 1967 39,000.00
September 15, 1953 25,000.00 March 15, 1968 40,000.00
March 15, 1954 24,000.00 September 15, 1968 17,000.00
Any and all Dormitory Revenue Bonds shall be subject to redemption on
any interest payment date, and all bonds redeemed prior to the date of maturity
shall be redeemable on payment of the face value thereof, together with the amount
of all matured interest coupons and a premium of one per cent (1%) of the face
value thereof.
Be it further Resolved, That Alexander G. Ruthven, President of the University of Michigan, and Shirley W. Smith, its Vice-President and Secretary, be
and they are hereby authorized, empowered, and directed, in the name of The
Regents of the University of Michigan and as its corporate act and deed, to
execute and enter into the aforementioned Trust Agreement between said Regents
and the Ann Arbor Trust Company.
Be it further Resolved, That said officers be and they are hereby authorized,
empowered, and directed, in the name of The Regents of the University of Michigan and as its corporate act and deed, to execute, sign, and countersign the
Dormitory Revenue Bonds hereinbefore provided for, in such manner as is prescribed in the aforementioned Trust Agreement; and to pledge the net income to
be derived from the operation of said Allen House and Rumsey House, Medical
School Dormitory, and Union Dormitory Units, for the purpose of securing, and
paying all payments of principal, interest, and reserve for depreciation provided
for in said Trust Agreement; and to perform all acts and deeds and execute 'all
instruments and documents necessary, expedient, and proper in connection with the
borrowing of said One Million Four Hundred Seventy-seven Thousand Dollars
($1,477,000.00), the issuance and sale of the Dormitory Revenue Bonds, and the
pledging of the net income from said dormitories.