Proceedings of the Board of Regents (1936-1939)

SECOND OCTOBER MEETING, 1938 719
October 15, 1954.........$26,000.00 April 15, 1962........ $33,000.00
April 15, 1955......... 26,000.00 October 15, 1962........ 34,000.00
October 15, 1955......... 26,000.00 April 15, 1963......... 34,000.00
April 15, 1956........... 27,000.00 October 15, 1963......... 35,000.00
October 15, 1956......... 28,000.00 April 15, 1964......... 36,000.00
April 15, 1957......... 28,000.00 October 15, 1964......... 36,000.00
October 15, 1957........ 28,000.00 April 15, 1965......... 37,000.00
April 15, 1958......... 29,000.00 October 15, 1965......... 37,000.00
October 15, 1958......... 29,000.00 April 15, 1966....... 38,000.00
April 15, 1959......... 30,000.00 October 15, 1966......... 39,000.00
October 15, 1959......... 31,000.00 April 15, 1967......... 40,000.00
April 15, 1960......... 31,000.00 October 15, 1967......... 40,000.00
October 15, 1960......... 31,000.00 April 15, 1968........ 41,000.00
April 15, 1961......... 32,000.00 October 15, 1968......... 23,000.00
October 15, 1961......... 33,000.00
All interest shall be payable semiannually on the fifteenth day of April and
on the fifteenth day of October in each year.
Section 2. Said Dormitory Revenue Bonds shall be substantially in the following form:
State of Michigan
UNIVERSITY OF MICHIGAN DORMITORY REVENUE BOND
Series II
No.......... $1,000.00
Know all men by these presents that The Regents of the University of Miichigan, a body corporate, created by and existing under the Constitution of the State
of Michigan (hereinafter sometimes called "Obligor") for value received, promises to pay to bearer, or if this Dormitory Revenue Bond be registered, to the
registered owner thereof, solely from gross rents received from rooms and net
income derived from the operation of two dormitories to be erected by the
Obligor, one of which shall be adequate in size to house approximately three
hundred fifty (350) female students attending the University of Michigan and
the other to be adequate in size to house approximately four hundred (400) male
students attending said University, One Thousand Dollars, on the fifteenth day of........................ A.D. 19...., unless sooner redeemed at Ann Arbor
Trust Company, Ann Arbor, Michigan (hereinafter sometimes called "Trustee")
with interest thereon from the date hereof at the rate of three and one-half
per cent (32 %) per annum, payable semiannually on the fifteenth day of April
and the fifteenth day of October in each year, in accordance with and on presentation and surrender of the interest coupons hereto attached. Both principal and
interest are payable in lawful money of the United States of America.
This Dormitory Revenue Bond is one of an issue of an aggregate principal
amount of One Million Five Hundred Thousand Dollars ($1,500,000.00), designated as "University of Michigan Dormitory Revenue Bonds, Series II," all issued
under and pursuant to a Trust Agreement executed by the Obligor and the Trustee
as of October 15, 1938, to which Trust Agreement reference is hereby made for
a description of the nature and extent of the obligations and security, and the
rights of the holders of the Dormitory Revenue Bonds and the Trustee in respect
to such security.
The Obligor and Trustee reserve the right to redeem this Dormitory Revenue
Bond on any interest payment date, providing the Trustee shall give notice to the
holder of their intent to redeem this Bond, by publication at least twenty (20)
days before the date of redemption in a newspaper of general circulation in the
City of Detroit, Michigan; and in addition thereto, should this Bond be registered with the Trustee, by giving notice of such redemption by mailing written
notice of the same to the registered owner hereof at least two (2) weeks before
said date of redemption.
Each and all bonds redeemed prior to 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.
If called for redemption and if sufficient funds shall have been deposited for
the payment hereof, this Dormitory Revenue Bond shall cease to bear interest
from and after the date fixed for redemption, and the coupons maturing thereafter shall be null and void.
This Dormitory Revenue Bond may be registered by the holder hereof at the
office of the Trustee, and if so registered the principal hereof shall be payable
only to the registered holder; and when so registered this Dormitory Revenue
Bond shall pass only by transfer upon the books of the Trustee, unless the last