Proceedings of the Board of Regents (1969-1972)

JULY MEETING, 1969

45

THIS Is To CERTIFY that the within bond is one of the University of Michigan Graduate Library Bonds, described in the
Trust Indenture herein referred to.
THE DETROIT BANK AND TRUST
COMPANY, Detroit, Michigan
By.....................................
Authorized Agent
(Registration)
Date of Signature of Trustee
Registration Name of The Detroit Bank
or Transfer Registered Owner and Trust Company
A single, fully registered bond, without coupons, shall be
initially issued to the United States of America, United States
Commissioner of Education, the purchaser of the entire issue,
pursuant to the provisions of the Loan Agreement, said purchaser having exercised the option of taking said single, fully
registered bond in lieu of the coupon bonds heretofore described.
Such single, fully registered bond shall be in the principal
amount of Two Million ($2,000,000.00) Dollars, payable in installments corresponding to the maturities hereinbefore set
forth, shall be numbered R-l, shall bear interest at the rate of
three per cent (3%) per annum, payable on April 1, 1970, and
on the first day of October and April in each year thereafter until
the principal amount of said bond is paid in full. The form of
such single, fully registered bond to be issued shall be substantially as follows: