Proceedings of the Board of Regents (1939-1942)

14

SECOND AUGUST MEETING, 1939

Section 3. The Trustee covenants and agrees that it will hold the funds
deposited with it under the provisions of this Article to pay the costs incidental
to the redemption of the Certificates of Indebtedness and Dormitory Revenue
Bonds above named; and that it will perform such acts and give such notices as
shall be required by the respective Trust Agreements pursuant to which said
certificates and bonds to be redeemed were issued, in order that:
a) University of Michigan Dormitory Certificates of Indebtedness of MosherJordan Halls, Series A, and University of Michigan Dormitory Certificates of
Indebtedness of Mosher-Jordan Halls, Series B, shall be called for redemption on
December 1, 1939;
b) University of Michigan Dormitory Revenue Bonds shall be called for
redemption on September 15, 1939;
c) University of Michigan Dormitory Revenue Bonds, Series II, shall be
called for redemption on October 15, 1939;
and that it will furnish to the purchasers of Dormitory Revenue Bonds to be
issued hereunder satisfactory evidence that it has performed the necessary acts
and given the required notices to redeem the certificates and bonds above named
on the dates above set forth.
Article IV
Section 1. The Obligor covenants and agrees that on or before the twentyfifth day of September, 1939, barring strikes, fire, cyclone, or other acts of God,
it will cause to be completed upon real estate owned by the Obligor, in accordance
with plans and specifications on file with the Trustee, dormitories to be known
as: Robert Mark Wenley House, Michigan House, Henry Carter Adams House,
Chicago House, Alfred Henry Lloyd House, Alexander Winchell House, George
Palmer Williams House, and Victor C. Vaughan Residence; and that it will
furnish and equip the same in sufficient time to make the same available for
occupancy at the beginning of the first semester of the 1939-1940 scholastic year
of the University of Michigan.
The Obligor further covenants and agrees that it will maintain at the National
Bank of Detroit, a National Banking Association of Detroit, Michigan, its construction account designated as "The Regents of the University of Michigan,
P.W.A. Project Docket No. Michigan 1559-F," which account was established
pursuant to the rules and regulations of the Federal Emergency Administration of
Public Works, and in which there are sufficient funds, which when taken together
with a Federal Emergency Administration of Public Works grant and a contingency fund on deposit with the Trustee, to pay all costs incidental to the erecting,
furnishing, and equipping of said dormitories, subject to being withdrawn in payment of said costs by check drawn by the Obligor and countersigned by the
Trustee.
The Obligor covenants and agrees that the funds in said construction account
and in the contingency fund on deposit with the Trustee shall not be diverted or
used for any purpose other than the payment of costs and expenses which are incidental to the constructing, furnishing, and equipping of the dormitories named in
Paragraph 1 of this Article IV, until all such costs and expenses have been paid
in full.
Section 2. The Obligor covenants and agrees that on or before the fifteenth
day of January, 1940, barring strikes, fire, cyclone, or other acts of God, it will
cause to be completed upon real estate owned by the Obligor, in accordance with
plans and specifications on file with the Trustee, a dormitory to be known as
"Madelon Louisa Stockwell Hall"; and that it will furnish and equip the same
in sufficient time to make the same available for occupancy at the beginning of
the second semester of the 1939-1940 scholastic year of the University of
Michigan.
The Obligor further covenants and agrees that it will maintain at the National
Bank of Detroit, a National Banking Association of Detroit, Michigan, its construction account designated as "The Regents of the University of Michigan,
P.W.A. Project Docket No. Michigan 1695-F," which account was established
pursuant to the rules and regulations of the Federal Emergency Administration of
Public Works, and in which there are sufficient funds, when taken together with
a Federal Emergency Administration of Public Works grant and a contingency
fund on deposit with the Trustee, to pay all costs incidental to the erecting, furnishing, and equipping of said dormitory, subject to being withdrawn in payment
of said costs by check drawn by the Obligor and countersigned by the Trustee.