Proceedings of the Board of Regents (1936-1939)

752

SECOND OCTOBER MEETING, 1938

of the University of Michigan in relation to the construction hereinbefore referred
to and the acquiring of lands for a building site shall be carried, requiring among
other things that said accounts shall be established in the name of The Regents of
the University of Michigan, with such added wording as shall properly designate
the purpose for which said accounts or deposits shall be used; and
WHEREAS, Ann Arbor Trust Company, as Trustee under said Trust Agreement, is obligated to retain control of the moneys borrowed by The Regents
of the University of Michigan as aforesaid in order to assure the purchasers of
bonds issued and sold to provide said funds that the funds will be used solely
for the purposes for which they are borrowed;
Now, therefore, be it Resolved, That Ann Arbor Trust Company as Trustee
for the bondholders who shall or have purchased bonds to furnish funds for
the projects above enumerated, may deposit the funds when borrowed, to be
used to pay costs incidental to the erecting, furnishing, and equipping of said
Health Service and to pay the purchase price of such additional land as shall
be necessary to provide a building site for said building in the following manner:
"The Regents of the University of Michigan
P. W. A. Project Docket No. Mich. 1691-F"
or such deposits may be made in such other manner as shall be mutually agreeable
to Alexander G. Ruthven, President of the University of Michigan, and Shirley
Wr. Smith, its Vice-President and Secretary, the Federal Emergency Administration
of Public Works, and Ann Arbor Trust Company, using the name of The
Regents of the University of Michigan, together with such descriptive terms as
may be necessary to clearly designate the purpose for which said deposits shall
be used.
Be it further Resolved, That said funds so deposited shall be withdrawn and
only withdrawn by check drawn and signed by Shirley W. Smith, Vice-President
and Secretary of the University of Michigan, J. C. Christensen, Controller and
Assistant Secretary of the University of Michigan, Herbert P. Wagner, Chief
Accountant of said University, J. Fred Maulbetsch, Assistant Purchasing Agent
of said University, or Alice B. W. Root, of the University Accounting Department; which are. countersigned by Earl H. Cress, Executive Vice-President of
Ann Arbor Trust Company, Homer L. Heath, its Secretary, or L. A. Tappe,
its Assistant Treasurer.
The Board adopted the following:
RESOLUTION AUTHORIZING EMPLOYM-ENT OF ANN ARBOR TRUST COMP.\NY AS
FISCAL AGENT
WHIEREAS, The Regents of the University of Michigan, a Constitutional Corporation, is desirous of constructing, furnishing, and equipping a strictly modern
building to be used as a hospital and dispensary and to provide offices and other
facilities for the Health Service of the University of Michigan and desires to
purchase such additional land as is necessary to provide a building site for said
building; and
WHEREAS, It is necessary and expedient that said Regents borrow through the
issuance and sale of Health Service Bonds the sum of Two Hundred and Twentyfive Thousand Dollars ($225,000.00) which together with an additional Seventyfive Thousand Dollars ($75,000.00) to be furnished by The Regents and a
Federal Emergency Administration of Public Works grant in the sum of Two
Hundred and Thirteen Thousand Seven Hundred and Fifty Dollars ($213,750.00)
will be sufficient to pay all costs incidental to the constructing, furnishing, and
equipping of said building to be used by the Health Service and to pay the
purchase price of such. additional land as shall be necessary to provide a building
site for said building; and
Now, therefore, be it Resolved, That Alexander G. Ruthven, President of
The Regents of the University of Michigan, and Shirley W. Smith, its Vice-President and Secretary, be and they are hereby authorized and directed to enter into
an Agreement with Ann Arbor Trust Company on behalf of The Regents of
the University of Michigan employing said Trust Company as Fiscal Agent to
negotiate a loan of Two Hundred and Twenty-five Thousand Dollars ($225,000.00)
to be used in connection with an additional sum of Seventy-five Thousand
Dollars ($75,000.00) to be furnished by the said Regents and with a Federal
Emergency Administration of Public Works grant of Two Hundred and Thirteen
Thousand Seven Hundred Fifty Dollars ($213,750.00) for the purpose of erecting, furnishing, and equipping a strictly modern building to be used as a hospital