December  17,  1936

1293

MISCELLANEOUS, continued 

. . . . ..

19*  Question having  arisen relative  to the interpretation of the actions of the State Board of 
Agriculture on June 11, 1934 and May 16, 1935.  The faculty committee on scholarships 
recommends the following  interpretation: 
That ten new students each year should receive Band scholarships and that those already holding
scholarships should  be eligible for continuance  so long as their work in both their college
studies and the band are satisfactory. 

i Clarification
; of  actions
^ taken relative

State Board

I Scholarships•

On motion of Mr..Daane, seconded by.Mrs. Wilson, it was voted to approve the above recommendation of
the faculty committee  on scholarships.

The Board adjourned at 4:00 P.M.  to meet  in special session on Tuesday, December 22, 1936 to further
consider the financing of additional dormitories.

(LJL

N

President

Secretary

Minutes of the
Special Meeting  of the State Board  of Agriculture
December 22, 1936

Present:  Mr. Brody  (Chairman), Mr. Daane, Mr. Downing, Mr. Halstead, Mrs. Wilson; President

Shaw, Comptroller Wilkins, Attorney Ballard and Secretary Hannah.

Absent:  Mr* Berkey, Dr. Elliott.

The special meeting was called  to order at 10:10 A.M.

Mr. Benjamin Harmon of Chicago conferred at length with the Board  and notified the

Board  that the Brown, Harriman Company were not interested in certificates of indebtedness cover-
ing the refinancing  of Mary Mayo Hall  and the financing of additional dormitories.

Board  and after discussion the following  resolutions were passed:

The Ann Arbor Trust Company were invited to have representatives  confer with the

1.  Whereas, The Michigan State Board of Agriculture  is desirous of refunding

the existing indebtedness on the Mary Mayo Hall, therefore

Be It Resolved, that the Michigan State Board of Agriculture issue certificates
of indebtedness in the amount of §355,000 to be paid out of the income from said
Mary Mayo Hall, such certificates to bear interest at a rate to be hereafter
agreed upon by the Board, and

Be It Further Resolved,  that the Ann Arbor Trust Company of Ann Arbor, Michigan, be
named  as trustee in the indenture securing  said certificates of indebtedness,- the
terms and  conditions of said trust indenture to be hereafter agreed upon and
approved by this Board and by its legal counsel.

Be It further Resolved,  that the Ann Arbor Trust Company is authorized  to represent
the State Board of Agriculture  in marketing  said  certificates of indebtedness -
their compensation not to exceed 2$ of the par value of the said certificates.

On motion of Mr. Halstead,  seconded by Mr. Downing, it was voted  to approve the above resolution.

2.  UShereas, The Michigan State Board of Agriculture is desirous of erecting a new dormitory

for women and has advertised  for bids therefor,

Whereas, it is necessary to finance the erection of said  building  through the issuance
of certificates  of indebtedness•to  be paid out of the income of said dormitory when
erected  now, therefore,

Be It Resolved,  that the Michigan State Board of Agriculture  issue  certificates of
indebtedness in a sum not to exceed  $500,000 at a rate of interest  to be hereafter
agreed upon by this Board - such certificates to be paid  from the income from the
operation of said dormitory,  and,

Be It Further Resolved, that the Ann Arbor Trust Company  is authorized  to represent
the State Board  of Agriculture  in marketing  said certificates of indebtedness -
their compensation not to exceed  2fo of the par value of the said certificates*

On motion of Mrs. Wilson, seconded by Mr. Downing, it was voted to approve the above resolution.

3.  Appointment of committee to work with Ann Arbor Trust Company-

i

•

i

i

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1294:

(Continued)*

December 22, 1936

On motion of Mr* Downing, seconded  by Mrs*  Wilson, it was voted  to approve the appointment of a
building committee composed of Mr. Daane, Mr. Halstead, Mr* Brody, Mr* IVilkins and Mr. Ballard
for the purpose of working with the Ann Arbor Trust Company to negotiate the terms and  conditions
of the various trust  indentures necessary by the foregoing  resolutions and to report  back to
the State Board of Agriculture.

The Board  adjourned  at 2 o'clock  P.M.

Resolution
authorizing
refinancing  \
of Mary Mayo '
Hall and con-
struction of
new dormi-
tory unit.

Minutes of the
Special Meeting  of the State Board of Agriculture
January 11, 1937

Present:  Mr* Brody  (Chairman), Messrs• Daane, Downing, Halstead, Mrs,, Wilson; Dr. ulliott,

President Shaw, Comptroller Wilkins and Secretary Hannah.

Absent;  Mr. Berkey

The meeting was called to order at 7:30 P.M.  in the President's Office  after the Board had met
for dinner in the Union Building*

Mr. Earl H. Cress  and Mr. Hugh Wilson, representing  the Ann Arbor Trust  Company,

and Mr* Byron Ballard, the college attorney, were present  to report on the suggested  plans
for financing the women's  dormitory no* 2.  Various plans  and possibilities were presented  by
Mr. Cress and upon recommendation of Mr. Ballard, representing  the Board, the following  actions
were taken:

1.  Resolution of the State Board of Agriculture  authorizing refinancingcf Mary Mayo Hall

and construction of new dormitory unit.

WHEREAS, The State Board of Agriculture is desirous of refunding  the

existing obligations  resulting from  and  created  "oj the  construction of Mary
Mayo Hall by borrowing-such  sums of money as are necessary to make  funds
available to call for redemption and  retire all outstanding Michigan State
College of Agriculture  and Applied  Science Dormitory Trust Certificates, Series 1,
in accordance with  the provisions in said Certificates  and the existing Trust
Agreement  between said Board  and the Detroit  and Security Trust Company  (now
Detroit Trust Company), dated August  22, 1930: and

FHERiAS, said Board  desires to construct a new dormitory unit  for the

housing of female  students of Michigan State College of Agriculture  and Applied
Science, to be known as Dormitory No.- 2, to be hereafter  named, on property now
owned  by the State Board of Agriculture; and

it is necessary  and  expedient  that said Board  borrow, through

the issuance and  sale of Dormitory pLevenue Bonds, the sum of Seven Hundred Mi'ty
Thousand  (§750,000.00) Dollars, to be used  in the retirement  of the afore-
mentioned Dormitory Trust Certificates  and  the construction of said  new dormitory;
. and

IVHEREAS, the Ann Arbor Trust Company of Ann Arbor, Michigan, has submitted
for the consideration of said Board  a. Trust Agreement whereby the funds necessary
for the redemption and  retirement  of all outstanding Michigan State College of
Agriculture and Applied  Science Dormitory Trust Certificates, Series 1, and the
funds necessary to construct  said new dormitory may  be borrowed  through the
issuance and sale of the Dormitory Revenue Bonds heretofore mentioned*

NOW, THEREFORE, Eh, IT RESOLVED BY THE STATE BOARD OF AGRICULTURE, that it

borrow  the sum of Seven Hundred Fifty Thousand  (3750,000,00) Dollars, through
the issuance and  sale of Dormitory Revenue Bonds in the aggregate principal  sum
of Seven Hundred  Fifty Thousand  (8750,000*00) Dollars, all to be paid from and
equally secured  by a pledge of the net revenue derived  from the operation of
said Mary Mayo Hall  on and after April 1, 1937, and Dormitory No. 2, to be here-
after named, when completed  and placed  in operation, or so much thereof as is
necessary to meet  the payments of principal  and interest of the Dormitory Revenue
Bonds to be issued under said Trust Agreement  as hereinafter provided.  Said
Dormitory Revenue Bonds to be issued  in one.series9  and to be designated  as
"Michigan State College of Agriculture  and Applied Science Dormitory Revenue
Bonds."

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