Proceedings of the Board of Regents (1969-1972)

JULY MEETING, 1969

59

Fees for the payment of the following outstanding obligations of
the Regents payable from Student Fees:
1. Michigan Union Revenue Bonds
Dated October 1, 1955
Amount outstanding (June 30, 1968) - $904,000.00
Maximum annual payments - $157,074.00
2. University Events Building Bonds
Dated February 1, 1966
Amount outstanding (June 30, 1968) - $5,575,000.00
Maximum annual payments - $328,385.00
3. Administrative Office Building Bonds
Dated April 1, 1967
Amount outstanding (June 30, 1968) - $1,835,000.00
Maximum annual payments - $253,882.00
4. North Campus Commons - Term Loan
Dated April 1, 1965
Amount outstanding (June 30, 1968) - $405,259.00
Maximum annual payments - $80,000.00
5. Michigan League Remodeling - Term Loan
Dated June 1, 1968
Amount outstanding (June 30, 1968) - $400,000.00
Maximum annual payments - $80,000.00.
Section 5.05. Debt Service Reserve Fund. The Borrower
covenants and agrees that it will deposit with the Trustee prior to
delivery of the bonds of this issue out of available funds of the
Obligor the sum of One Hundred Four Thousand Seven Hundred
Fifty ($104,750.00) Dollars, being the maximum annual debt
service requirements on the bonds, to be held by the Trustee
in a separate fund or account for the sole purpose of meeting
any payments of principal of and interest on the bonds authorized by this Trust Indenture, which may be necessary by reason
of deficiency on the part of the Obligor in meeting its obligations
as provided in Section 5.02 of this Trust Indenture.
Withdrawals from the Debt Service Reserve Fund shall be
promptly replaced from the first Student Fees received thereafter
which are not required to meet the allocations for payment of
principal and interest required by Section 5.02 hereof, or for
paying the principal of and interest and other requirements for
the outstanding obligations described in Section 5.04 hereof,
or for meeting the principal and interest requirements for additional obligations of equal standing with the bonds herein
authorized which may be hereafter issued and which are payable
out of Student Fees.