Proceedings of the Board of Regents (1936-1939)

730

SECOND OCTOBER MIEETING, 1938

The Board adopted the following:
RESOLUTIONS RELATIVE TO SALE OF BONDS
WIIEREAS, The Regents of the University of Michigan has authorized the
issuance of Dormitory Revenue Bonds of the face value of One Million Five
Hundred Thousand Dollars ($1,500,000.00) which when sold will provide a sum
which when taken together with funds to be available from Federal Emergency
Administration of Public Works grants will be sufficient:
a) To pay all costs incidental to the constructing, furnishing, and equipping
of a new dormitory which when completed will be suitable and adequate in size
to house approximately three hundred and fifty (350) female students attending
the University of Michigan,
b) To pay all costs incidental to the constructing, furnishing, and equipping
of a new dormitory which when completed will be suitable and adequate in size
to house approximately four hundred (400) male students attending said University,
c) To pay the purchase price for such additional land as must be purchased
to provide a building site for said girls' dormitory and the purchase price for a
building site for said men's dormitory,
d) To pay all costs incidental to enlarging and expanding the present heating
and power plant of the University so the same will be adequate to meet the
requirements of the University, including the furnishing of light, heat, and power
to the two new dormitories hereinbefore mentioned when the same are completed
and placed in operation;
Now, therefore, be it 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 to enter into a contract for the sale of
and to execute, sell, and deliver said Dormitory Revenue Bonds of the face
value of One Million Five Hundred Thousand Dollars ($1,500,000.00) at a
price of not less than the face value thereof, plus accrued interest.
The Board adopted the following:
RESOLUTION RELATIVE TO THE EMPLOYMENT OF ANN ARBOR TRUST COMPANY
AS TRUSTEE
WHEREAS, The Regents of the University of Michigan, a body corporate, has
this day authorized the execution of a Trust Agreement with the Ann Arbor
Trust Company incidental to the issuance and sale of Dormitory Revenue Bonds
in the sum of One Million Five Hundred Thousand Dollars ($1,500,000.00) which
when added to Federal Emergency Administration of Public Works grants will be
sufficient: '
1. To pay all costs incidental to the erecting, furnishing, and equipping of a
new dormitory suitable and adequate in size to house approximately three hundred
fifty (350) female students attending the University of Michigan,
2. To pay all costs incidental to the erecting, furnishing, and equipping of a
new dormitory suitable and adequate in size to house approximately four hundred
(400) male students attending the University of Michigan,
3. To pay the purchase price necessary to acquire additional lands to provide
a building site for said girls' dormitory and the purchase price to provide a
building site on which said men's dormitory may be erected, and
4. To pay all costs incidental to the enlarging and expanding of the present
heating and power plant of the University of Michigan which is necessary to
make the same adequate to provide the needs of said University, including the
furnishing of light, heat, and power to the dormitories hereinbefore referred to;
and
WHEREAS, The Regents desires to fix the compensation to be paid said Trust
Company as Trustee under said Agreement;
Now, therefore, be it Resolved, That Alexander G. Ruthven, President of
The Regents of the University of Michigan, and Shirley W. Smith, its VicePresident and Secretary, be and they are hereby authorized and directed to
execute an Agreement on behalf of The Regents of the University of Michigan
with Ann Arbor Trust Company, a copy of which is hereto attached, which
fixes the compensation to be paid by The Regents to said Trust Company for
performing the services to be performed by it under the Trust Agreement this
day authorized.