Proceedings of the Board of Regents (1969-1972)

MAY MEETING, 1971

1017

which produces an average interest rate of 6.242% and a net interest cost of
$1,797,415.00, is hereby determined to produce the lowest interest cost to
the Regents and is further determined to comply with all of the requirements
of the notice of sale, and the proposal of First of Michigan Corporation and
Associates is hereby accepted and said bonds are awarded to First of Michigan
Corporation and Associates in accordance with the terms of their proposal.
The bids of all other bidders for said bonds are hereby rejected.
3. The action of W. K. Pierpont, Vice President of the Regents, in opening and tabulating the bids received, is hereby ratified and confirmed.
4. The Regents further authorize, empower, and direct the said W. K.
Pierpont, Vice President of the Regents, and C. W. Matthews, Controller of
the Regents, or either of them, to endorse for and in its behalf any and all
checks made payable to Regents for payment of said bonds, including accrued
interest, and to make such deposits with The Detroit Bank and Trust Company, of Detroit, Michigan, Trustee under the terms of the Trust Indenture
securing said bonds, in the amounts and at the times that such deposits are
required to be made under the provisions of the aforesaid Trust Indenture.
The Regents authorized proceeding with the remodeling of Health Service
the Health Service building as recommended by Vice-President
Pierpont.
The Regents approved a Student Study Center in the Medical Medical Science
Science II Building and an agreement with the firm of William
Kessler and Associates, Inc. to work on the project.
Vice-President Pierpont indicated that funding for this project
would come from gifts and a federal grant.
Vice-President Pierpont recommended that the Regents con- Chancellors'
firm the purchase of houses in Dearborn and Flint for the chancellors of these two campuses.
Regent Lindemer moved that the purchases be confirmed. The
motion was seconded by Regent Robert Brown and passed unanimously.
The Regents authorized the purchase of the property at 431 Division Street
South Division Street, Ann Arbor.roper
Vice-President Pierpont reported that negotiations with Mc- Conductron
Donnell Douglas Corporation for acquisition of a part of the rpery
Conductron property had been reopened as a result of some new
developments in this area. He outlined the specific terms of a new
proposal for the acquisition of a part of the Conductron property
which the Regents approved (pp. 895, 809 and 733).
Vice-President Pierpont presented a further report of the A. G. A. G. Becker
Becker Company on the Employees Retirement Fund investments
(p. 913).
Vice-President Pierpont presented the semiannual review of Investment Reviex
the investments of the major endowment funds, the Total Return
Fund, and the retirement funds. The Regents accepted the review
and approved the recommendations set forth in it.