Proceedings of the Board of Regents (1936-1939)

FIRST OCTOBER MEETING, 1938

683

with interest at 3 2 % per annum, payable semiannually on January 1st and
July 1st of each year, and with the option of redemption of any or all bonds
maturing on or after January 1, 1947, on any interest-payment date, at 101%
of their par value, in inverse order of maturity.
3. The Regents shall, by resolution, provide for the segregation from the
fees charged and collected from each full-time male student in the University of
Michigan, an annual membership fee of $7.50 for the use of the University of
Michigan Union Building, and a like fee of $1.50 from each full-time male
student in the Summer Session, and for pledging such fees to the payment of
principal and interest of such Revenue Bonds.
4. The Regents shall, by resolution, provide for the furnishing of heat,
light, power, and hot water for the University of Michigan Union from the
heating and lighting facilities of the University of Michigan, and that the cost
of such heat, light, power, and hot water shall not be treated as an operating
expense of said Union in computing the net income pledged to the payment of
said Revenue Bonds.
5. The Regents shall procure an opinion of the Attorney General of Michigan
that they have legal power to issue such Revenue Bonds and to pledge the
membership fees in, and net income of, said Union for their payment, and that
said bonds, said Trust Agreement, and the resolutions hereinbefore described are
legal and valid.
The Secretary filed the annual report of investment of trust funds
and deposit accounts as of June 30, 1938 (p. 379).
The Secretary filed the annual report of the condition of student
loan funds as of June 30, 1938, as prepared by the Cashier and the
Controller (p. 369).
The following contracts, supplemental contracts, and purchase
orders made or accepted by the Department of Engineering Research
were placed on record (p. 607):
Contracts
With the Driver-Harris Company, Harrison, New Jersey, for investigation of the
creep characteristics of heat-resistant alloys; at an estimated cost of $300
With the Dow Chemical Company, Midland, for investigation of dry cleaning
solvents; at an estimated cost of $5,000
With the Bethlehem Steel Company, Bethlehem, Pennsylvania, for research in the
field of machinability of ferrous metals, "Machinability Agreement No. 1";
at an estimated cost of $3,750
With the Bethlehem Steel Company, Bethlehem, Pennsylvania, for research in
the field of machinability of ferrous metals, "Machinability Agreement No.
2"; at an estimated cost of $1,250
Patent trust agreements are also filed herewith in connection with the two contracts with the Bethlehem Steel Company contracts
Supplements
With the International Nickel Company, for vacuum fusion research on steels,
Project M168; at no additional cost, but only an extension of time (p. 486)
With the Eaton Manufacturing Company for continuation of work on Project
M105-3 covering determination of the carbon-dioxide content of carbonated
water (p. 195); at an estimated cost of less than $150
With the Pure Oil Company, for continuation of work on Project M132 covering
work on cutting oils; at an estimated cost of $150 (p. 355)
With the Stearman Aircraft Division of Boeing Airplane Company for continuation of work on Project M190 covering work on Stearman Model X-100; at
an estimated cost of not less than $500 or more than $750 (p. 607)
With the Sodium Silicate Manufacturing Institute for continuation of work on
Project M173 covering research on use of codium-silicate adhesives; at an
estimated cost of $1,000 (p. 486)
With the Dow Chemical Company for continuation of work on Project M 165
covering work on development of a nonaqueous heating medium to replace
high-pressure steam; at an estimated cost of $800 (p. 462)
With the Dow Chemical Company for continuation of work on Project M1 51
covering work on theory of evaporator design; at an estimated cost of
$2,000 (p. 433)