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."

tf;

January  11,  1937

12 S 5

1.  (Continued)

Michigan State College of Agriculture  and Applied Science Dormitory Revenue Bonds
shall be dated February 1, 1937, and shall consist of seven hundred fifty  (750) bonds
of the denomination of One Thousand  ($1,000*00) Dollars each, numbered one  (1) to
seven hundred fifty  (750),  both inclusive*

Dormitory Revenue Bonds numbered 1 to 325, both inclusive, shall bear interest at
the rate of three  [3% ) per cent, per annum, and shall mature serially as follows:

Refinancing
Mary Mayo
Hall and
construction
of new dormi-
tory unit.

•August 1,
February
August 1,
February
August 1,
February
August 1,

1958
I, 1939
1939
i, 1940
1940
1, 1941
1941

§40,000.00
23,000.00
23,000.00
24,000.00
24,000.00
25,000.00
25,000.00

February
August 1,
February
August 1,
February
August 1,

1,

1,

1,

1942
1942
1943
1943
1944
1944

$25,000.00
25,000.00
26,000.00
.27,000.00
27,000.00
11,000.00

Dormitory  Revenue  Bonds  numbered  326  to  575,  both  inclusive,  shall  bear  i n t e r e st
at  the  rate  of  three  and  one-half  [r5jf/o)  per  cent,  per  annum,  and  shall  mature
serially  as  follows:

August 1
February
August 1,
February
August 1,

1,

1,

1944
1945
1945
1946
1946

£16,000.00
27,000.00
28,000.00
29,000.00
29,000.00

February
August 1,
February
August 1,

1,

1947
1947
1948
1948

$30,000.00
30,000.00
31,000.00
30,000.00

Dormitory  Kevenue  Bonds  numbered  576  to  750,  both  inclusive,  shall  bear  interest
at  the  rate  of  three  and  three-quarters  (3-x$)  per  cent,  per  annum,  and  shall
mature  serially  as  follows:

February  1,  1949
August  1, 
1949
February  1,  1950

$32,000.00
33,000.00
53,000.00

August 1,  19^0
February 1, 1951

$33,000.00
44,000.00

All interest shall be payable semi-annually on the first day of February and the
first  day of August in each year.

Any and all Dormitory Revenue Bonds shall be subject to redemption at the option
of the Board on any interest payment  date.  Each and all bonds redeemed on or before
February 1, 1944, and prior to maturity,  shall be redeemable on payment of the face
value thereof, together with the amount of all matured interest coupons and a
premium of two  (2%) per cent, of the face value thereof.  Each and all bonds
redeemed  after February 1, 1944, and prior to maturity,  shall be redeemable on
payment of the face value thereof, together with the amount of all matured in-
terest  coupons and a premium of one  {!%} per cent, of the face value thereof.

BE IT FURTHER RESOLVED, that Robert S, Shaw, President  of Michigan

State  College of Agriculture and Applied Science, and John A. Hannah, its
Secretary, be and they are hereby authorized, empowered  and directed, in the
name of The State Board of Agriculture  and as its  corporate act and deed, to
execute  and enter into  the aforementioned  Trust Agreement between the said
Board  and the 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 State Board of Agriculture
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 to pledge the net income from the
operation of said dormitories, including the rental of rooms, income from the
dining rooms and other service charges, or so much  thereof as is necessary to
secure and pay the installments of principal and interest above provided for;
and to perform all acts and execute all instruments and documents  necessary,
expedient  and proper in connection with  the borrowing of said Seven Hundred
Fifty Thousand  ($750,000.00) Dollars, 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 State Board of Agriculture
and as its corporate act  and deed, to make, consent to, and  agree to any
changes in the terms or conditions of 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 no such amendments shall change the provision therein
for the amount to be borrowed, the interest to be paid thereon, the, maturities
of the Dormitory Revenue Bonds, or of the security to be pledged; and 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 State Board of Agriculture, or on any
member or officer of said Board, or any of their successors, other than to
pledge the net income of said dormitories for the payment of said Dormitory
Revenue Bonds, as herein set forth.

•

•

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12 96

January 11, 1937

BE IT FURTHER RESOLVED,  that  said officers be and they are hereby  authorized and
empowered,' for and in the name of The State Eoard of Agriculture  and as its corporate act
and deed, to perform all acts, give such notices, and execute  such instruments as are
necessary to terminate all obligation on the part of the State Board of Agriculture to the
Detroit Trust Company relating to Mary Mayo Kail, arising  through or by virtue of any
leases or agreements, trust or otherwise, executed or entered  into in connection with the
financing and construction of said dormitory, and to perform  such other acts and deeds as
are necessary, expedient  and proper to retire any existing  indebtedness  created in
connection with the construction of said Mary Mayo Hall.

; 

BE IT FURTHER EbSOLVH), that  should it develop that Robert S, Shaw, as President

of Michigan State College of Agriculture and Applied Science, through illness*
iil-n-esjs, absence or otherwise, should be unable to perforai the acts that he is herein
I  authorized,  empowered and directed  to perform, then, in that  case, Charles 0. Wilkins,

Treasurer of Michigan State College of Agriculture and Applied Science, is hereby
authorized, empowered and directed to perforai any and all acts and deeds herein authorized
and directed to be performed  oy said Robert S. Shaw; and any action so taken by said Charles 0.

;  Wilkins  shall be binding on The State Board of Agriculture as if performed  by said Robert S.
;  Shaw.

| 
[ 

3E IT FURTHER RliiSOLVlID, that  should it develop that John A* Hannah, as Secretary of

Michigan State College of Agriculture  and Applied Science, through illness, absence or
otherwise, is unable to perform, ohe acts that he is herein authorized, empowered and
directed  to perform,  then, in that  case, said Charles 0» Wilkins, Treasurer of Michigan
State College of Agriculture and Applied Science, is hereby authorized, empowered  and directed
to perform.any and all acts and deeds herein authorized and directed  to be performed  by said
John A. Hannah: and any action so taken by said Charles 0. Wilkins shall be as binding on The
State Board  of Agriculture as if performed  by said John A. Hannah.

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

Resolution of:2.
Board author-
izing  transfer
of a sum not to
exceed
S1303000 to  ;
the Ann Arbor
Trust  Company

Resolution of the State Eoard of Agriculture  authorizing the transfer of a sum not to
exceed £130,000 to ~he Ann Arbor Trust Company, etc*

WHEEILAS,  the State Board of Agriculture has this day entered into a Trust Agreement

with the Ann Arbor Trust Company relative to the issuance of Seven Hundred Fifty Thousand
(^750,000*00) Dollars par value of Dormitory Revenue Bonds to be used in discharging present
obligations  issued on Mary Mayo Hall and in constructing a new Dormitory for women,
described as Dormitory No. 2, to be hereafter named; and

VvHSREAS, additional  funds will be required to complete the erection of the new

Dozmitory,

M)W, THEREFORE, BL IT fiiSOLVED BY THE STATE BOARD OF ACSICULTURE, that the

Treasurer be and hereby is authorized  and directed  to transfer to the Ann Arbor Trust
Company, Trustee, the sum not to exceed $130,000.00  (One Hundred Thirty Thousand  Dollars)
to be held by said Trust Company, Trustee, as trust funds, and disbursements made in
accordance with and for the purposes set forth in the Trust Indenture this day
authorised and executed.

jl.

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

He solution
authorizing
President,
Secretary  &
Treasurer or
any two of
them to enter
into contract:
for sale of  :
bonds.

Resolution of
Board 
\
approving con-
tracts for
Trustee's 
services,
rendered in
connection
with bonds,
etc.

;

3.  Resolution of the State Board of Agriculture  authorizing  the President, Secretary and
Treasurer, or any two of them, xo enter into contract for the sale of bonds, etc.

WHEREAS, The State Board of Agriculture has authorized  the issuance

of Seven Hundred Flizy Thousand  ($750,000) Dollars par value Dormitory Revenue Bonds,
and it is necessary to sell and dispose of such bonds,

NOW, THEEoj?GRE, BE IT RESOLVED, that the President, Secretary and Treasurer,
or any two of them, be and are hereby authorized to enter into a contract for the sale
of and to sell and deliver said Dormitory Revenue Bonds at not less than ninety—seven
(9 7%) per cent, of their par value, plus accrued  interest.

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

4c  Resolution of the State Board of Agriculture  approving  contracts for Trustee1s  services

rendered in connection with bonds, etc.

ASj The State Board of Agriculture has this day authorized the execution

of a Trust Agreement with the Ann Arbor Trust Company of Ann A_rbor, Michigan as Trustee,
and it is desired to fix the compensation of said Trustee,

NOW, THEREFORE, 3S IT Ri&OLVED, that the President and Secretary be and hereby

are authorized  to execute on behalf of this Board an agreement, herewith  submitted,
covering the compensation to be paid  by The State Board of Agriculture to the Ann Arbor
Trust Company, as Trustee, under the Trust Indenture  this day authorized.

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

January II, 1937

5.  Resolution of the State Board of Agriculture to furnish heat and light for two dormitories*

VffiEREAS., The State Board  of Agriculture is desirous of refunding and retiring
the existing indebtedness created by and resulting from the construction of Mary Mayo
Hall; and

WHEREAS, 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

WHEREAS, under the plan contemplated for the refunding or retirement of said

existing indebtedness and  the construction of said new dormitory, it is necessary to
borrow the sum of Seven Hundred Fifty Thousand  ($750,000.00) Dollars through the issuance
and sale of Dormitory Revenue Bonds, and to Dledge as security therefor the net income of
said dormitories, or so much thereof as is needed to meet  the payments of principal  and
interest on said Bonriitory Revenue Bonds in accordance -.with the terms of their issuance;
and

WHEREAS, it is the desire of said Board that the purchasers of said Borcaitory Revenue
Bonds be given the maximum security and assurance that all interest payments on the same will
be paid and that  said bonds will be retired,

NOW, THEREFORE, BE, IT RESOLVED BY THE STATE 30AJRL OF AGRICULTURE,  that so long as

any of the Dormitory Revenue Bonds above referred to remain outstanding, that in making up
the annual budgets of said College, the procedure  shall be to pay the water, heating and
lighting costs of Mary Mayo Hall and said new dormitory to be constructed, from such funds,
other than the income from said dormitories, as may be legally used for that purpose.

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

6.  Resolution of the State Board of Agriculture authorizing the letting of the contract  for
general construction of Dormitory iSio• 2 to the H*  G. Christrnan, Lansing Company, etc.

1WHEEEA3, the State Board of Agriculture has advertised for bids for a new Women's

Dormitory to be known as Dormitory No. 2, to be hereafter named; and

1MHEEEAS, the H. G. Christman-Lansing Company has submitted the lowest responsible bid

for the general construction contract, in accordance with plans and specifications hereto-
fore prepared, and it being desirable to proceed with the construction of said Dormitory,

NOW, THEREFORE, BE IT RESOLVED, that the Fresident  and Secretary  be and hereby are

authorized to enter into a contract on behalf of the State Board of Agriculture with, the
H. G.Christman Lansing Company for the general construction of said Dormitory, and also to
execute and enter into  such other contracts with sub-contractors and material men as may
be approved by the architects for the completion of the Dormitory in accordance with plans
and specifications now on file, or as may be approved by the architects, and to make  such
purchases of furniture, equipment  and furnishings as may be necessary to properly furnish
said Dormitory when completed.

On motion of Mr. Daane, seconded by Mr. Brody, it was voted to approve -the above resolution.

7.  Resolution of the State Board of•Agriculture authorizing the letting of all contracts

on Dormitory No. 2.

WHEREAS,  the State Board of Agriculture has advertised for bids for the new

women's dormitory to be known as Dormitory No. 2 to be hereafter named and

WHEREAS,  the architects have recommended that construction contracts be

negotiated with the following bidders,

NOW, THEREFORE, BE IT RESOLVED that the President and Secretary be and hereby
are authorized  to  enter into construction contracts on behalf of the State Board of
Agriculture with the following bidders for the following amounts:

Resolution
to furnish
heat and
light for two
dormitories.

^Resolution
jletting con-
(tract for
| general con-
struction of
Dormitory
; So • 2

•Resolution
letting of
ail con-
, tracts on
Dormitory
|]fo. 2.

-  H.  G.  Christman,  Lansing  Company

General  construction 
Plumbing,  heating,  etc.  -  Ed  Gibbons,  East  Lansing
-  Ed  Gibbons,  East  Lansing
Mechanical  services 
-  Hayes  Electric,  Lansing
Electric  wiring 
Electrical  services
to  the  building 

-  Hayes  Electric,  Lansing

#298,530
55,000
13,260
21,290

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

The meeting adjourned  at 9:50  P.M.

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