Proceedings of the Board of Regents (1939-1942)

SECOND AUGUST MEETING, 1939

7

June 1, 1966.........$19,000.00 June 1, 1968.........$89,000.00
December 1, 1966......... 85,000.00 December 1, 1968......... 91,000.00
June 1, 1967......... 87,000.00 June 1, 1969......... 92,000.00
December 1, 1967......... 87,000.00
University of Miichigan Dormitory Revenue Bonds, Series A, may not be
redeemed prior to June 1, 1944, but any or all of said bonds may be redeemed
on said date or on any subsequent interest payment date, and all bonds redeemed
prior to the date of maturity shall be redeemable on payment of the face value
thereof, together with the amount of all matured interest coupons and a premium
of one per cent (1%) of the face value thereof.
University of Michigan Dormitory Revenue Bonds, Series B, may be redeemed
on any interest payment date prior to maturity, and all bonds redeemed prior to
maturity shall be redeemable on payment of the face value thereof, together with
the amount of all matured interest coupons.
Be it further Resolved, That Alexander G. Ruthven, President of the University
of Michigan, and Herbert G. Watkins, Assistant Secretary, be and they are hereby
authorized, empowered, and directed, in the name of The Regents of the University of Michigan and as its corporate act and deed, to execute and enter into the
aforementioned Trust Agreement between said Regents and Ann Arbor Trust
Company.
Be it further Resolved, That said officers be and they are hereby authorized,
empowered, and directed, in the name of The Regents of the University of Michigan and as its corporate act and deed, to execute, sign, and countersign the Dormitory Revenue Bonds hereinbefore provided for, in such manner as is prescribed in
the aforementioned Trust Agreement, and the coupons appertaining thereto shall
be authenticated by the facsimile signature of Shirley W. Smith, the Vice-President
and Secretary; and to pledge the net income to be derived from the operation of
said dormitories for the purpose of securing and paying all payments of principal,
interest, and reserves for depreciation provided for in said Trust Agreement; and
to perform all acts and deeds and execute all instruments and documents necessary,
expedient, and proper in connection with the borrowing of said Three Million Five
Hundred Fifty Thousand Dollars ($3,550,000.00), the issuance and sale of the
Dormitory Revenue Bonds, and the pledging of the net income from said dormitories.
Be it further Resolved, That said officers be and they are hereby authorized
and empowered, for and in the name of The Regents of the University of Michigan
and as its corporate act and deed, to make, consent to, and agree to any changes
in the terms or conditions of the said Trust Agreement which they may deem
necessary, expedient, or proper, prior to or at the time of the execution of said
Trust Agreement, but that no such amendments shall change the provisions therein
for the amount to be borrowed, the interest to be paid thereon, the payments
required to be made therein, or the security to be pledged. Provided, however,
nothing herein contained shall be construed as limiting the right of said officers
to alter or change the date of issue of said bonds or date for payment of interest
or the dates fixed for payments to the Trustee as provided in said Trust Agreement. Said officers, either in said Trust Agreement or by the issuance of said
Dormitory Revenue Bonds, shall not pledge the credit of or create any liability on
the part of the State of Michigan, The Regents of the University of Michigan,
or any member or officer of said Regents, or any of their successors, other than
to pledge the net income from the operation of said dormitories for the payment
of said Dormitory Revenue Bonds, as herein set forth.
Be it further Resolved, That said officers be and they are hereby authorized,
empowered, and directed, for and in the name of The Regents of the University of
Michigan and as its corporate act and deed, to perform all acts, give such notices,
and execute such instruments as are necessary to call and redeem all University of
Michigan Dormitory Certificates of Indebtedness of Mosher-Jordan Halls, Series A,
University of Michigan Dormitory Certificates of Indebtedness of Mosher-Jordan
Halls, Series B, University of Michigan Dormitory Revenue Bonds, and University
of Michigan Dormitory Revenue Bonds, Series II; and they are hereby authorized
and directed to call said Certificates of Indebtedness and Bonds in accordance with
the provisions of the various Trust Agreements pursuant to which said Certificates
of Indebtedness and Bonds were issued and sold, and to perform such other acts
and deeds as are necessary, expedient, and proper to retire any existing indebtedness created through the issuance and sale of said Certificates of Indebtedness and
said Bonds.