Proceedings of the Board of Regents (1939-1942)

DECEMBER MEETING, 1941 833
provision for redemption, and to be executed in the same manner as the Revenue
Refunding Bonds hereinbefore described, but bearing interest as follows: Bonds
numbered 213 to 309 inclusive, at the rate of two per cent (2%) per annum;
bonds numbered 310 to 436 inclusive, at the rate of two and one-quarter per
cent (2 %) per annum. Such Revenue Second Refunding Bonds shall be secured hereby, equally with the other outstanding bonds of the issue hereinbefore
described, in the same manner and to the same extent as the bonds refunded
thereby. In lieu of the preparation and execution of new Revenue Second Refunding Bonds, The Regents may cause the Revenue Refunding Bonds numbered 213
to 436 inclusive, to be re-issued, by execution of a notation across the face thereof
by rubber stamp or printing reading as follows:
NOTICE
This Revenue Refunding Bond was called on January 1, 1942, and is hereby
re-issued as a Revenue Second Refunding Bond in accordance with an agreement
dated December...., 1941, amending the original Trust Agreement, and shall
continue to be of like force and effect as when originally issued, except that this
bond shall bear interest at a lower rate as now endorsed on the coupons attached
hereto.
THE REGENTS OF THE UNIVERSITY OF MICHIGAN,
Maker
B y.........................................
President
B y.........................................
Secretary
This is to certify that this bond is one of the University of Michigan Union
Revenue Second Refunding Bonds described in the agreement mentioned in the
foregoing notice.
NATIONAL BANK OF DETROIT, Trustee
B y.........................................
Authorized Officer
The interest coupons on bonds numbered 213 to 309 inclusive, shall be impressed with a rubber stamp or printed with a notation reading as follows:
Interest Rate Reduced
to 2% per Annum
Valid for no more than Ten Dollars
The interest coupons on bonds numbered 310 to 436 inclusive, shall be impressed with a rubber stamp or printed with a notation reading as follows:
Interest Rate Reduced
to 2 4% per Annum
Valid for no more than Eleven and 25/100 Dollars
The proceeds of the sale of such Revenue Second Refunding Bonds shall be
deposited with the Trustee and used only for the redemption of bonds numbered
213 to 436 inclusive, of the original issue of Revenue Refunding Bonds.
Resolved, Further, that the University purchase as investments for its trust
funds or deposit accounts Two Hundred Twenty-four Thousand Dollars ($224,000) of par value of said reissued University of Michigan Union Revenue Second
Refunding Bonds maturing as follows:
$31,000........ January 1, 1947
32,000........ " 1948
34,000........ 1949
35,000........ 1950
36,000........ " 1951
37,000........ 1952
19,000........ " 1953
at the par value thereof plus the premium of Twenty-two Hundred Forty Dollars ($2,240.00), together with accrued interest to the date of delivery.