Proceedings of the Board of Regents (1936-1939)

720

SECOND OCTOBER MEETING, 1938

transfer on such books shall have been made to bearer, in which case it shall
pass by delivery as before registration. Registration of this Dormitory Revenue
Bond shall not affect the payment of interest hereon or the negotiability of the
coupons hereto attached which shall at all times pass by delivery and be payable
to bearer.
No recourse shall be had for the payment of principal or interest on this
Dormitory Revenue Bond or any claim based thereon against the state of Michigan, the Obligor, or any member of the Obligor, or any officer or agent thereof,
or as individuals, either directly or indirectly, and the liability of the Obligor, as
a body corporate, shall be limited to the gross rents received from rooms and the
net income to be derived from the operation of the two new dormitories to be
erected by the Obligor to house students of the University of Michigan, when
completed and placed in operation, as defined in Section 1 of Article V of the
Trust Agreement; all other liability, except as expressed in said Agreement, being
by the acceptance hereof and as a part of the consideration for the issue hereof,
expressly waived.
This Dormitory Revenue Bond shall not become valid or obligatory for any
purpose until authenticated by the signature of the Trustee to the certificate
hereof.
It is hereby certified and recited that all acts, conditions, and things as
herein required to be done, to happen, and to be performed precedent to and in
the issuance of this Dormitory Revenue Bond, have been done, have happened,
and have been performed in due time, form, and manner, as required by law.
In Witness Whereof, The Regents of the University of Michigan, has caused
this Dormitory Revenue Bond to be signed for it and on its behalf by the President and attested by the Vice-President and Secretary, and the corporate seal to
be hereunto affixed, and the coupons to be executed and authenticated by the
facsimile signature of the Vice-President and Secretary, all as of the fifteenth day
of October, 1938.
THE REGENTS OF TIlE UNIVERSITY OF MICHIGAN
B y......................................
President
A ttest...................................
Vice-President and Secretary
The form of interest coupon shall be as follows:
No.......... $17.50
On the fifteenth day of April (October) 19.... unless the Dormitory
Revenue Bond hereinafter mentioned shall have been previously redeemed, The
Regents of the University of Michigan promises to pay to bearer, from gross rents
received from rooms and the net income to be derived from the operation of two
new 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, the
sum of Seventeen Dollars and Fifty Cents, lawful money of the United States of
America, at Ann Arbor Trust Company, at Ann Arbor, Michigan, being the
semiannual interest then due on University of Michigan Dormitory Revenue
Bond, Series II, dated October 15, 1938, No.........
Vice-President and Secretary
The form of authentication to be used by the Trustee shall be as follows:
This is to certify that the within Dormitory Revenue Bond is one of the
University of Michigan Dormitory Revenue Bonds, Series II, described in the
Trust Agreement herein referred to.
ANN ARBOR TRUST COMPANY
Ann Arbor, Michigan
B y......................................
Authorized Agent
(Registration)
Date of Registra- Name of Registered Signature of
tion or Transfer Owner Trustee
ANN ARBOR TRUST COMPANY........................................ B y..............................................................................