Board of Trustees Meeting Minutes

              Central Michigan University
BOARD OF TRUSTEES MINUTES
August 27, 28, 29, 1964
It 'NaJI moved, seconda1 and carried that a~roval be given the program for
financing and the construction of the 3rd and 4th residence balls of the
Southeast Qu!drangle Complex and that the Ann Ar bor Trust Company,
actt. as Trus tees, be a uthorized to work out and submit a specific finan­cing
pr ogr am with the unde r standing that the length of the financing program
not be in excess of 40 years.
It was moved, seconded and carried that a contract be awarded to ColUnson
Construction Company for the construction of the West Food Commons
Add ition lor $57 ,0 10 and s separate contract to Chrysle r and Koppin Company
for .$24, 890 for refrigeration equipment.
It was moved, seconded and carried that the following plan. relative to finan ­cing
the addition to the West Food Commons Building be approved:
From:
1. Self-liquidating Rese IVe for Future Expansion,
approximately
2 . Unpledged earnings from prior perioos, approximately
3 . Unenoumbered balance in Self-liquidating Construction
Account for Beddow Hall aid South Food Commons
(T rus t 4542)
4. Une ncumbered balance in Self-liquidating Account , Thorpe
Hall , South Food Commons an:! Washington Apartments
(Trust 4636), approximately
Total
$33 , 750
8,620
16,866
23,000
$82,236
A motion was made, seconded and carried that permission be g ranted to use
all or 88 much as Is necessary of tbe plant expansion funds bud geted this
year ($79,875) in order to acquir e the two parcels of land wbich ws now
have un:ie r option and to negotiate on other c ritical parcels that will be
made available.
It ",·as moved, seconded and ca rried that the following Resolution, "Cert1fied
Copy of Resolutions of the Board of Trustees," autbor ldng N. C. Bovee to
process checks, d rafts o r other negotiable instruments t hrough tbe National
Bank of Detroit, he approved:
'0
CERTIFIED COPY OF RESOLUTIONS OF THE BOARD OF TRUSTEES
or
Cent ral Michigan Unive rsity • Public corporation .
"RESOLVED :
1. That th~ NATIONAL BANK OF DETROIT, Detroit, Michillan (hereinafter referred to a. the Bank)
be and it hereby il d •• i, n.ted al a depolitory of thi. corpotation, and t hat the Bank be and it he.eby il authorized
to a"cept in aecordance with the ruleo and regulatiON of the Bank for credit to the account of this eo.poratio~
and/o. for coll~etien, any and .n eheck., draftl, net~ , and other n~lIctiable inltrumentl when endon ed in the
name of thil corporation. in w.it inll, by rubber stam.p, or otherwise, with or without a delillllltion of the p ... ty
makin, l l1(h end<:nement.
2. That any and all funck nandln, to the credit of th;' COl"pOnltion with the Bank in oaid acwunt or ~tI
mlY be ~id out or withdr.wn upon checlra, draft .. not .. , ord .... or other in.truments for the payment of money,
when . i,ned in the name of thi. corpora tion by any-----;C;;:;;-:;;:-;:;C;;;:;:;-;;:;::;::;:;--- - - -
of t he followinll : (inltrt one, or other numbero)
Name
N. C, Bovee
Title
Vice- P resident-Business and Flnance
Treasurer- Central Michigan University
"Board of Trustees
wbose . iltll-ltur .. thall be duly certified to the Bank. and the Bank hereby illuthoriud to honor and pay any I nd
all chttlra, draft .. not .. and orden 10 ei&ned, witbout inquiry as to the circumstaneeo of ;"ue or the di&poa:ilion
of the prOCffd. thereof. wbeth .... drawn to the indivM!ual order, or t endered in payment of individual obligationl,
or for depoait to the individual accountl, of the offi~ ... . bev. named or ether office ... of thll corporation. or
otherwise.
3. That thete rClolutionl and tile authority h~r.by conferred .hall remain in full force and .ffeet until notice
to the centr ... y in wr;tln, "'all be re<;:eived by the Bank. and that the .ec.eta.y and any director of thi. corporation
be and each of them h .... by ;. diteeted and authorized to C'Ortify th..., rnolutionl to the Bank under the ..,al of
thiI CDfl)Otation, or without . uch ..,al. and witb like effeet in either tate."
TO NATIONAL BANK OF DETROIT :
I, the undetlis;ned, do hereby certify that I am the duly elected and qualified .. eret .. y of' _____ _
=CC=:c::::::=:::::::-:c=:::;::;;::::-",,,,:o:::c::c:::-:o:c:::::;:o:;:;;::::::::c:;- , that the for"1I0inl! ;1 a complet e,
true.nd eorr~cl copy ofrellOlutionl duly adopted by the board of dlreeto" of .... id corpora tion III meeting held on
the dRy of , 19 _ _ • ot which meetinll a quorum of •• id
boacd. was prestnt and voted in favor of .... id reoolutionl: that .... id re8Dl.utionl do not in any , .. pect conllict with
or contrave..., the by·laws of .... id corporat ion; and that .. 1d rn olutiona have not been in any way altered. antenlkd
or repealed and ... e now in full f= and efleet. unrevoked and unrescinded u of thio date.
In Witne ... Whereof, I (or) We have hereunto .. t our h. nds and hi ve cauled the Ital ofth . .... id corporation
to be affiud thil-____ _ day of' _ _ _ ___ _ _____ • ,, _ _ ,
r
(Seal)
L .J
If the Secretary i, de. igoated to l ign on thi, account, thi. Certificate shall be furlher . igoed by an
add it i:>nal Officer.
Sia:nature Title
II
" . .. n ..... '~
It was moved, seconded and carried that the fees be rais ed $25 per s emester ,
$50 per year {or resident students, double for out-oi- state students , e ffec­tive
September , 1965. (This will make fees $300 per year for res ident
students and $600 per year for out-o f- stale students.)
It was moved, seconded and carried that tbe following Terminal Leave Plan
be Implemented starting with the 1965- 66 fiscal year:
TERMINAL LEAVE PLAN
A. To be eligi ble to partic ipate In the pr ogram the individual must:
l. Separate from s chool service for retirement purposcl:I in
acc ordance with provisions of the Michigan School Employees
Retirement Fund.
2. Have served a minimum of ten years at Central Michigan
Unive r sity.
3. Have reached the age of 65 or accept prorated payment on
the bas is of full benefits at age 65. (If at age 60, 60/ 65 of
ful l possible amount, at age 61,61/65, etc.)
B. Amount t.o be paid is for either two-thirds of the hrllvldual's
unused s ick leave, or a maxiImlm of 120 days, whichever Is the
lesser as of the effective date of separation. Such payments
shall be made at the employee's current rate of pay.
It was moved , s econded and carried that the general outlined program for
budget request be approved.
It was moved , s econded and carried that the following recommendations
as prese nted by President Foust be approved:
Res ignations:
Dr. Hor ace B. Pease, M. D. , Director of Health Services , effective
July 17 , 1964.
Mr. Norman Delventhal , Assistant ProCessor, Department of
Indus trial Arts , eHective as of June 13, 1964.
Mrs . Joanne Machuta, Bookkeeper Jr. C-4, Public Services, effec ­tive
as of July 17, 1964.
Mr. Will1amJnkad, Associate Professor, Education and Field
Services, effective August 7, 1964.
12
Resignations continued -
T emporary Groundsmen:
Daniel Aunget
George H. Orth
Anastacio Martinez
Willie DeLaCruz
Effective as of;
July 13, 1964
J uly 10, 1964
J une 26, 19 64
June 26, 1964
Mr . William Burgess, Student Maintenance Supervisor , Housing,
effective as of July 4, 1964.
Appointments:
Dr. Mary M. Wills, Professor, Depart ment o f Eaglish, Chairman
of Hono r s Council for Fall and Spring Semesters .
l'IIiss Carol Ann Peters, Instructor, Departme nt of Englis h, effec­tive
September 1,1904 .
Mr. John B. Slater, Instruc tor, Department of Industrial Arts,
effective September 1, 1964 .
Miss Judith Gray, Bookkeeper J r . C-4, Public Services, effective
J uly 14 , 1964.
Mr. Richard Kline, Instructor (Temporary) , Department of Art,
one year appointment, effective September 1, 1964.
Mr . Rober t C. Graham , Student Malnlenance Supervisor , Housing,
effective July 5, 1964.
Mr . James L. Mead, Assistant Professor , Department of Speecb
and Drama , o ffective Scptcmoor 1, 1964 .
Dr . Leonard X. Magn lHco, Associate P rofessor, Department of
Educ ation, effective Scptember 1, 1964 .
Mrs . Lilyan M. Alspaugh, TemlX\rary Instruc tor for one year,
Department of Commerce, effcc tive September 1 , 19 64.
Mr. Richard w. Sweet, St>ckl"Oom Attendant, M-1, Brooks Hall,
effective September 1, 1964 .
Dr. Karl R. LIndfor s, Assistant Pro fessor, Chemistry Department,
effective September 1, 1964.
Miss Yv ette Birs, Instruc tor , School of Health, Physical Educat ion
and Rec reation, effective Septembe r 1, 1964.
13
Appointments continued -
Mr. Samuel Freeman, Instructor, Department cf English, effec­tive
September 1, 1964.
Mr. Leslie Gruber, Assistant Profesaor, Depar tment of Speeeh
and Drama, e ffective as of Scptember 1, 1964.
Mr. William E. Valle, instructor , Department of Speech aOO Drama,
effective September 1, 1964 .
Mrs. Mary Lou Robinson, Part-time Instructor , Department of
Mus ic , effectl ve September 1, 1964.
MisS Lee Ann Flke, Typist Sr. C-l , P resident's Office, e ffe ctive
August 31, 1964.
Temporary Groundsmen -
Effective: Effectiv e:
Melvin L. Young - July 13, 1964
Daniel n. Aungst - July 7, 1964
Robert E. Kil patrick - July 6, 1964
Emmett Caltrider - July 6, 1964
William J. Salchert - "
Justin Young - J uly 1. 1964
Harold M. Love' - "
Walter Burkett - "
Leo Brokaw - "
Norman Buchel - "
Donald Courtney - "
Charles DeBols - "
Donald Earl - "
Larry Morgenstern - "
Larry McDonnld - "
George Orih - "
Robert Powell - "
Transfers -
Herbert Spragg -
Dick Sheets -
Donald Haney -
Homer Neff ­Bruce
HamUton -
Arthu r Sch rock -
J ohn. Anderson -
July 1, 1964
"
"
"
"
"
"
Willie DeLaCruz - "
Anastac lo Martinez - "
Arthur David - .,
Jim Dillman -
Fred Rodenslk - "
Verlln Lapham - "
Foster E. Hall - "
Clyde Thatcher - "
Thomas Conr oy -
Darrell Parka - "
Mr. Keith All en, Instr uctor, Department of Education, to Instructor,
Department of Education aOO Department of Field Services, 12 months
basis, effective beginning August 10, 1964.
From Temporary GrouOOsmen to Custodian M-l in the New Science
Building effective July 1, 1964:
Morris Whitmore
Raymond I. J ennings
Cbarles McDonald
14
Charles Eme ry
Caslme r Mankowski
RecommeTYJ approval of adjustments In tbe P er sonal Service P ayr oll , 1964 -65,
approved at the June 24 Meeting, for the following as submitted:
Michael O'Connor _ Professor , Economics (on leave with half pay)
James E. Hayes _ Associate Professor, Eduoation
Elt7.abeth Wheeler - Professor. Healtb Eduoatlon
Orville Eaton - Head, Library Department
Lee Polley - Director of Housing, A-VI
Walter Stulble - A- II, IBM
E. Vann Grimley - A- I
Iva Huffman - A- I, Food Services
Frank Tefft - TV, Engineer, Part- time
Marilyn De mlow - Nurse A-I
Rosemary M. Saunders - Nurse C-5
Wilma Schrock - Nurse C-5
Edna Wood - Steno Jr. C-2
Ruth Laidley - Clerk J r . C-O
RecommeOO approval of Corrected Summer School Payroll, as suhmltted.
Recommend approval of acceptance of gifts:
Portrait of Charles T. Grawn by Artist Roy C. Gamble from Mr. and
Mrs. Carl B. Gr awn of Grosse Pointe Park, subject to a non-trans­ferable
life inter est reserved by said donors , valued at $2100 with
frame.
A grant of $1000 from The Dow Chemical Company to be used for:
Assistance to students dropping college for financ ial reasons - $500
Dow employees aOO their cblldren - - - - - - - - - - - - - $500
From the Board of Directors of the Elk-Skegemog Lakes AssociatiOn,
a contribution of $150 to the Biology Department.
Reccmmeoo approval and acceptance of gifts to the General Library and
the Clarke Historical Library as follows:
GIFTS TO LIBRARY;
From: Dr. J ohn Hepler, English Department, a two-volume set of The
Letters of Henry J ames. Estimated value - $10.00
GIFTS TO C LARKE HISTORICAL LIBRARY;
From; Mrs. Gordon M. Smith, 500 West Cedar, Gladwin, Micblgan, a
collection of old books. Estimated value - $50 .00
Mr . Ray H. Cook, 11 04 50th Avenue Dr ive, Bradenton, Florida, a
1858 map of Calhoun County, the map of Bailie Creek, and tbe
collection of old farm journals. Estimated value - $87.00
15
GIFTS TOCLARKE HISTORICAL LIBRARY, Contimed
From: Mr. A. C. Grim, The Shepherd Argus, Shepherd, Michigan, three
bOlmd volumes of the cld Shepherd Republican. Estimated value -
$45.00
J udge Herman Dehnke, 200 Huron Street, Harrisville, Michigan , a
colleclion of books. Esti mated value - $25.00
Miss Catherine O'ConneU, Central Michigan University Library,
Newspapers in the Oiinois State Historical Library,
Mrs. H. D. Chubb, Route ' 2, Dox 75, BudlingLon, Wisconsin, The
Book Of Mormon , An Essay on Its Claims ani Prophecies by
Wingfield Watson , publisboo in 1884.
Mr. Albert F. Butler, 2138 West 107th Street, Chicago 43, U1inols,
bound files of Harper's Weekly. Estimated value - $40.00
Mrs. Charles VanSaw, Coion, Miohlgan, hlstoricnl notes and
reminiscences of the community of Claricn.
Miss Gladys Melocbe aoo Mrs. C. R. Acly , 3906 Manitou Way,
Madison, Wlaconsin, a coUection of photographs of the White
Family of Boyne City ani of tbe lUmbering, railroading and
shipping operatiollS of this family.
Mrs . E. A. Davidson, 6515 7th Avenue, N. W. , Bradenton,
Florida , a gift of bocks, old newspapers, and picture post cards.
Estimated value - $25.00
Recommeni spproval of the gift of a used Variable Capac itor. valued at
$75 - $100 from The Dow Chemical Company.
Recommeni approval cf the Fall Schedule Off-Camp.ls, 1964, as submiUod.
Recommerd approval of list of degrees and certificates for July. 1964,
as submitted.
On motion, the meeting adjourned at 12:00 P. M .• August 27.
l6
Mrs. Doris L. Crippo
Secretary
Central Michigan University Board of Trustees
Meeting of August 27,26,29, 1964
Beaver fsland
Members present: Willis Campbell, Lawrence D. Rahilly, Walter W. Wightman,
Lloyd M. Cofe r , John W. Sivler, E. Allan Morrow, Mrs. Katharine C. Ho.fstod,
President J. W. Foust. Also: Dr. N. C. Bovee, Treasurer, Mrs. Doris L.
Crlppo, Secretary, Mr. Eorl Cress, Mr. Henry Allen.
Members absent: Mrs. Jean Backus.
It was moved, seconded and carried that the June 24, 1964 Minutes, with
the following correction, be approved:
Page 2 _ 1s t line - add to Members Present: Mrs. Jean Backus
It was moved, secondod and carried that the following corrections be made
in the February 24, 1\:164 Minutes;
Page 10 _ 12th line - delete "Tuition and"
14th line _ delete "State Tuition and Local Fees"
It was the concensus cf opinion that consolidation of Public Services financial
operations with the regulor University financ ial operation should be done as
soon as pOSsible but not later than July 1, 1966.
It was moved, seconded and carried that we continue to have 0 private concern
audit our funds each year.
It was suggested that perhaps a program building inspection could be placed on
a revolving basis. The concensua of opinion was that some sort of a rotating
i nspection of all build ings should take place so that periodically this report
will come to the attention of the Board.
It was moved, seconded and carded that the following three resolutions be
approvoo:
1. Resolution of Central Michigan University Board of Trustees authorizing
arxi approving the issuance and sale cf Central .l\fichigan University
Dormitory Bcnds, Series 1963, in the principal amount of $3,200,000.
RESOLUTION
OF THE CENTRAL MICHIGAN UNIVERSITY BOARD OF TRUSTEES AUTHOR­IZING
AND APPROVING THE ISSUANCE AND SALE OF CENTRAL MICHIGAN
UNIVERSITY DORMITORY BONDS, SERIES 1963, IN THE PRINCIPAL AMOUNT
?~ $~,:~,~O_O._OO _ _ _ ___________________ _____ _
WHEREAS, the Central Michigan University Board of Trustees (being the
constitutional and statutory board of control for Central Michigan University),
2
in the exercise of its constitutional and statutory duties, has determined that
it is necessary arxl expedient to construct, furnish arxl equip a project on the
campus of Central Michigan University, located in Mount Pleasant, Michigan,
consisting of two new 4-story dormitory bJ ildings and a 2-story food service
build ing (presently designated as Residence Halls E and F, Southeast Quad­rangle
Group and Southeast D1nllll' Commons), to provide housing am dining
facilities for approximately 688 s tudents , arxl a 2-story, 16 family apartment
bul1dlng (presently designated as Building No. 11, Washington Court Group),
all he r einafter sometimes collectively referred to as the "Project"; am
WHEREAS, this Board has:
1. Made and entered Into a Loan Agreement with the United States
of America, hereinafter sometimes called "Government," dated os of
August I, 1963, and First Amendatory Loan Agreement dated as of June I,
1964 (both being hereinafter collectively referred to as "Loan Agreement"),
relating to the issuance arxl sale of Central Michigan University Dormitory
Borxis, Series 1963. hereinafter sometimes referred to as "Bonds ." in the
face amount of Tllree Million Two Hundred Thousand ($3,200,000.00) Dollars;
which Bonds shall conform to the terms and corrlitions set forth in said Loan
Agreement.
2. Let the required contracts for the constructicn of said Project.
3. Established a Construction Account with National Bank of DetroH,
Detroit, Michigan, a member of the Federal Reserve System. into which
account shall be deposited the proceeds of the sale of the Bonds authorized
by this resolution, except accrued Interest to dahl of delivery, which moneys
shall be used to pay costs Incidental to the construction of the Project
including l'epayment of any advances or interim loans made for such purpose;
,"d
WHEREAS, the Board has deposited Into the Construction Account the sum of
Forty Thousand ($40,000.00) Dollars, being the difference between the prin­cipal
amount of the bond Issue arxl the estimated development costs of the
Project; and
WHEREAS, this Board has deposi ted in a separate account established with
the Ann Arbor Trust Company, of Ann Arbor, Michigan, the Trustee In the
Trust [ndentul'e hereinafter referred to, from funds which it may legally
use, for the purpose of paying costs Incidental to the furnishing of the Project
and fcr providing movable equipment therefor, the BUm of Two Hundred Thlrty
Thousand ($230,000.00) Dcllars, and for the purpose of paying landscaping
costs and Project contingencies, the sum of Thirty Thousan:! ($30,000.00)
Dollars; and
WHEREAS, this Board deems it necessary and expedIent to borrow, through
the issuance an:! sale of Central Michigan University Dormitory Borxis,
Series 1963, the sum of Three Million Two HundrEd Thoosand ($3,200,000.00)
Dollal's, to be used, tcgether with other funds, for the plrpDse of paying
3
costs Incidental to the construction of the Project, or repayment of interim
construction loans made therefor , including costs of construction work at the
Project site, costs of fixed equipment , costs of necessary arch itectural aOO
engineering serv ices, legal, administrative and c lerical costs, necessary
travel expenses, costs Imposed by the Government to reimburse it for Its
field expenses, Interest during construction and othe r necessar y miscellaneous
expenses, all as determined by the Government; and
WHEREAS, the Loan Agreement wIth the Government, through the Housing
and Home Finance Agency Administrator, expressly prov ides that the
Government will loan this Board up to the sum of Three :Million Two Hundred
Thousand ($3,200,000, 00) Dollars th r ough the p.1rchase of Boms issued by
the Board, providing and on condition the Bonds cannot be sold to the public
under the terms set forth In the Loan Agreement with the Government; and
WHEREAS, Ann Arbor Trust Company, a Michigan corporation, of Ann
Arbor, Michigan , has submitted for the consideration of this Board a form
of Trust Indenture which Is s ubstantially in the form necessary to meet tho
requirements set forth In the Loan Agreement with the Government and
under the tel'ms of which the BoOOs herein authorized may be Issued; aoo
WHEREAS, It Is the desire of this Board that the p.1rchaser or purchasers of
said Bonds, whether the Government or otherwise, be given the maximum
security and assurance that the principal of the Bonds, together with the
Interest which shall accrue thereon, shall be paid when due, In accordance
with the terms set forth In the Trust Irdentu re p..Irsuant to which said Donds
are to be Issued;
NOW, THEREFORE, BE IT RESOLVED BY THE CENrRAL MICHIGAN
UNIVERSITY BOARD OF TRUSTEES that it bor row the sum of Three ~Ulllon
Two Hundred Thousand (S3,200,000.00) Dollars, th r ough the Issuance and
sale of Central Michigan Univer s ity Dormitory Bonds, Series 1963, under
the terms and com It Ions more speCifically set forth In the Loan Agreement
hy and between this Board and the Government; which Loan Agreement Is
Incorporated herein by re fe rence, with the same force and effec t as If fu lly
set forth herein,
BE IT FURTHER RESOLVED that the Trust Indenture between this Board and
Ann Arbor Trust Company, as Trustee, to be dated as of April 1, 1963,
which conforms to the terms and cond itions set forth in the Loan Agreement
and pursuant to which said Bonde may be issued am sold, be and the samo
Is heroby approved as to content and form, substant ial ly as set forth In the
draft hereto attached aTd made a part of this resolution ,
BE IT FURTHER RESOLVED that the Boms to be issued shall be in the aggregate
principal amount of Three Mill ion Two Hundred Thousarrl ($3,200,000, 00)
Dollars, all to be equally and ratably secured, as hereinafter set forth, shall
be In coupon form or fully registered form, or part in coupon form and part
In fully registered form, as provided in the Trust Indenture, and deperding
on the results of the publio sale to be held pursuant to the terlll8 of the Loan
•
Agreement, shall be dated April 1, 1963, shall be In the denomination of
One ThousaOO ($1,000,00) Dollars each or mul tiples thereof, at the option
of the original purchaser (except In the case of a fully registered hand),
and shall be issued In one series, designated "Central Michigan University
Dormitory Bonds , Series 1963,"
If a single fully registered Bond is Issued for all , or part, of the entire
Issue, it shall spec ifically provide that the same is exchangeable , at the
sale expense of the Board, at any time, upon ninety (90) days ' notice, at
the r equest of the r egistered owner thereof, and uJXln surrender of said
Bond to the Board at the office of the Trustee, for negotiable coupon Bonds,
payable to bearer, registrable as to prtncipal only, of the denomination
of One Thousard ($1,000.00) Dollare each, in the aggregate principal amount
equal to the unpaid pr incipal amount of the single fully registered Bom:!
s urrender ed, and In the Corm and with maturities corresponding to the
unpaid principal installments of such single Bord. The printing of text of
such single Bond ehall be of type composition on paper of sufficient weight
and strength to prevent deterioration throughout the l ife of the loan, The
single Bond s hall conform In size to standard practice am shall contain
the terms and conditions as set forth in the Trust Indentur e, including the
approved maturity scbedule for payment of principal , ard with sufficient
space attached thereto for recording of transfer erdorsements, payments
of In terest and principal at maturity, and principal installments on which
payments have been made prior to the due date .
Interest on the Bonds shall be payable semi-anl1lally on the first days of
April and October in each year until maturity, and both the principal of am
Interest on the Bonds shall be payable at the office of the Trustee, In Ann
Arhar, Michigan , or at the option of the holder thereof at Chemical Bank
New York Trust Company, In the City and State of New York, or at the places
designatEd in the s tngle Bond, In such coin or currency of the United States
of America, as may be, on the respectlvedatee of payment ther eof, legal
temer for the payment of debte due the United States of America.
Bonds issued as herein autho rtzed s hall be subject to redemption, which
includes the right to prepay cor responding principal installments of the
eingh! Bond, upon the follOW ing terms and condttlons: Bonds maturing
April 1, 1966 through April 1, 1973, Inclusive , shall be uncallable, Bonds
maturing April 1, 1974 through April 1, 2013, Inclueive, shall be callable
at the opUon of the Borrower prior to the stated maturities thereof, In whole
or in part and in Inverse order of maturity, and by lot within a maturity, on
any Interest payment date after April 1, 1973, upon at least thirty days'
prior notice at the principal amount ther eof, plus accrued interest to the
date of redemption and a premium for each Bond as follows;
3 % if redeemed October 1, 1973 through April 1, 1978 , inclusive;
2- 1/2% if redeemed October 1, 1978 through AprU 1 , 1983, inclusive;
2 % If redeemed October 1, 1983 through April 1, 1988, inclusive;
1-1/ 2% if rEdeemed October 1, 1988 through April 1 , 1993, inclusive ;
1 % if redeemed October 1, 1993 thr ough April 1, 1998, inclusive ;
Par if redeemed after April I , 1998,
5
BE IT FURTHER RESOLVED that any two of the following, to wit: E. Allan
Morrow, Chairman of the Board of Trustees of Central Michigan University,
Norvall C. Bovee, Treasurer of tbe Board of Trustees of Central Michigan
University, or J udson W. Foust, President of Central Michigan University,
be and they are hereby authorized, empowered and dlrscted, in the name of
and under the seal of th is Board, to execute and enter Into the Trust Indenture
between this Board and Ann Arbor Trust Company , as Trustee, governing
the Issuance of Central Michigan University Dormitory Bonds, Series 1963,
In the aggregate principal amount of ThreeMlll ion Two Huoored Thousand
($3,200,000.00) Dollars , and the expending of funds Inoidental to the Project
Costs ;
BE IT FURTIfER RESOLVED that any two of the above-named officers, be aoo
they are hereby authorized, empowered and directed, In the-name of an::! under
the seal of this Board aTXI as its corporate act and deed, to execute, sign and
countersign the Bonds herein authorized, in the manner prescribed In the
aforementioned Tru st IOOenture, and to facil itate the same a re authorized to
use their Initials In lieu of tbelr christian names; and the coupons aA>erta1nlrtr
to sald coupon Bonds shall he executed by the facs imile signature of the
Treasurer of the Board cf Trustees of Central Michigan University; and said
officers are hereby authorized to pledge and assign the Net Income , as defined
in the Trust Indentu re , for the purpose of securing and pe.ying all payments of
principal , interest and reser ves provided for in saJd T rust Indenture, and to
perform all acts and deeds and execute all Instruments and documents necessary,
expedient and prcper in connection with the borrowing c f1hree Mlllion Two
Hundred Thousand ($3, 200,000. 00) Dollars, the issuance and sale of Central
Michigan University Dormitory Bonds, Series 1963, and the pledging aOO
assigning of the Net Income.
BE IT FURTHER RESOLVED that said officers be and they are hereby author·
lzed, empowe red aTXI directed , for and in the name of this Board and as Its
corporate act and deed, to make, consent to and agree to any changes in the
terms am conditions of sai:l Trust Indenture which they may deem necessary,
expedient am proper, prior to or at the times of the execution of said Trust
Indenture, and to Incoq:orate therein the neces sary language to reflect tbe
results of the pJblic sale of the Bonds, but no such amendments shall cha~e
the provisions therein for the amount to be borrowed, the Interest to be paid
thereon, the payments to be made to the Trustee or ths security pledged.
BE IT FURTHER RESOLVED that said ofIlcers, either In said Trust Indenture
or by the issuance of Central Michigan University Dor mitory Bonds, Series
1963, s hall not pledge the cr edit of or create any liability on the part of the
State of Michigan, the Central Michigan University Board of Trustees, or any
member or officer of this Board or any of their successors, other than to pledge
the Net Income, as herein contemplated.
BE IT FURTIf ER RESOLVED that upon the execution of the Bonds, as ber ein
autborized, and upon cer tification of tbe same by the Trustee, as provided In
the Trust Indenture, the same shall be delivered to the respective purchasers upon
the r eceipt of the agreed purchase price , In accordance with the resolution of
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this Board autllor izlng the sale of said Bonds.
BE IT FURTHER R~OLVED tbat this Board s hall , from time to time, so
long as any Bond Issued berewxler sball remain unpaid, establish such parietal
rules and regulations as shall be r equired to assure maximum occupe.ncy and
use of the facUities and services offered by the Project; aM shall charge and
use its best efiorts to collect room rentsl and board charges from the students
r esiding In the Project sufficient to meet the obligations of the Board as set
forth In the Trust Indenture aM In the Booos Issued hereunder.
BE IT FURTHER RESOLVED that this Board does hereby ratify and confirm
the Loan Agreement made and e ntered Into by and between this Board and the
Untted States of America, dated as of August 1,1963, and the First Amenda­tory
Loan Agreement between the same parties dated as of June I, 1964
(being heretofore referred to collectively as "Loan Agreement") .
BE IT FURTIfER RESOLVED that this Board does hereby ratify and confirm
all proceedings relative to tbe public sale of the Bonds bereln authorized to
be held on September 28, 1964, including the Official Notice of Sale and
Statement of Essential Facts hereto attached and made a part of th is r esolution.
2. Parietal Rules am Rate Resolution:
PARIET AL RULES AND RATE RESOLUTION
WHEREAS, the Central Michigan University Board of Trustees made am
entered into a certain Trust IOOenture with Ann Arbo r Trust Company, of
Ann Arbor, Michigan, dated ae cf April 1, 1963, p.lrBuant to which Central
Michigan University Dormitory Bonds, Series 1963, of the face value of
Three Million Two Hundred Thousam ($3,200,000. 00) Dollars, were Issued
and sold; am
WHEREAS, tbe Central Michigan University Board of Trustees desires to
as sure the p.lrchasers of the bonds that it wUl enact and maintain, through
the life of the loan, sucb par ietal rules, rental rates, and board charges for
tbe use of the dormitory buildings constructed, fumlshed aM equipped In
accordance with the terIIl8 cf the Trust Indenture, to secure maximum OCCU·
pancy thereof and produce sufficient net revenue which, together with the Net
Income from the apartment building also constructed with the proceeds of
said loan, will meet payments of Interest and principal on the boms as the
same shall accrue and become payable, and to create the reserves to be
established and maintained under the terms of the Trust Indenture;
NOW, THEREFORE, BE IT RESOLVED that the fonow l~ rules and regula­tions
shall apply in the operation of the new dormitorltjs, to provide housing
and appurtenant facilities for approximately six hund red elghty-eigbt (688)
students attending Central Michigan Unlvers ity , uOOer the terms of the Trust
IndenbJre dated as of April I , 1963, above referred to:
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L That as soon as the new dormitories are placed in operation,
it will keep the same In operation while the University is In session, except
during the summer session, when the same may be operated or closed, in its
discretion, providing the closing shall not Jeopardize the payments to be made
to the Trustee under the terms of the Trust Indenture.
2. That it will at all times charge and use Its best efforts to collect
room rental rates, rates for board and other service charges from students
residing in the new dormitories which, together with the Net Income from
the apartments to be constructed with part of the proceeds of sale of the bonds,
wUl produce Net Income, as defined in the Trust Indenture, sufficient to meet
all payments to be made to the Trustee uOOer the terms hereof.
3. That students will be sssigned rooms on a regular school year
baSis .
4. That the minimum regular term rate for room rent and board to
be charged to each student residing in the new dormitories shall be as
follows:
One Hundrcd Twenty-six ($126.00) Dollars per 18 week term
for room
Two Hundred Twenty-nine and 50/100 ($229 . 50) Dollars per
17 week term for board.
5. That if more rooms shall be available In the dormitories oper~
ated at Central l'I-lichigan University, than there are students who may be
assigned to them , then students shall first be assigned to the dormitories
on which there Is outstanding indebtedness, and the same shall be filled
first to the maximum extent feaS ible, and assignments of students to such
dormitory shall be made in such manner that the debt service on the Project
shall be met.
6. These rules may be amended from time to time to adjust the charges
for room and board to meet:
(a) Rising costs of operation, am
(b) To Insure maximum occupancy of the new dormitories
referred to.
3. Resolution approving adv'ertisement and sale of Central Michigan Univer­sity
Dormitory Bonds, Series 1963 , and providing for the award and
delivery of same to the successful bidders the refor:
RESOLUTION APPROVrnG ADVERTISEMENT AND SALE OF
CENTRAL MICHIGAN UNIVERSITY DORl\lITORY BONDS, SERIES
1963 AND PROVIDING FOR THE AWARD AND DELIVERY OF SAME
TO THE SUCCESSFUL BIDDERS THEREFOR.
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I
I,
BE IT RESOLVED BY CENTRAL IIHCffiGAN UI\'!VERSITY BOARD OF
TRUSTEES (the constitutional and statutory board of control for Central
lIIich igan University), as follows:
SECTION 1. The Official Notice of Sale and Statement of Essential Facts
relating to the advertisement and sale of Central IVlichigan Universi ty Dorm­itory
Bords, Series 19G3, in the princ ipal amount of $3 ,200, 000 . 00 to be
advertised September 11, 1964 for !J.Iblic sale on September 28, 1964, is
hereby in all respects approved .
SECTION 2. A committee, consisting of any two of the following three
persons, the Chairman of this Board, the President of Central Michigan
University and the Treasurer of this Board, is hereby authorized, empowered
and directed, in the name of and under the seal 01' this Board , to open and
tabulate the bids received for said BoOOs at the time and in the place stip­ulated
in the Offic ial Notice of Sale and Statement of Essential Facts approved
in Section 1 hereof and to award said Bonds that same day, namely September
28, 1964 , to the responsible bidder or bidders therefor whose bid or bids
r esults in the lowest average interest cost, but in accordance, nevertheless,
with the terms and conditions set forth in said Official Notice of Sale aOO
Statement of Essential Facts and in accordance with the procedural rules of
the Housing and Home Finance Agency governing such awards.
SECTION 3. This Board hereby authorizes, empowers and directs Judson
W. Foost, President of Central Michigan University, Norvall C. Bovee,
Treasurer of this Board and Henry C. Allen, Supervising Engineer of the
Universities Self-Liquidating P r ojects Office, or anyone of them, to deliver
said Central Michigan University Dormitory Bonds, Series 1963, to the
purchasers thereof at such time and place as shall be determined by the
Hous ing and Home Finance Agency, unless said Agency shall not be .among
the successful bidders, in which case the time and place of delivery shal l
be determined by the su::cessful bidders, to accept payment for said Bonds
from said purchasers in accordance with the terms of their respective bids
and to execute any and all certificates , receipts, or other instruments
incidental and proper to the delivery of the Bonds and acceptance of payment
on behalf of this Board.
SECTION 4. This Board further authorizes, empo.vers and d irects the said
Judson W. Foust , Norvall C. Bovee aoo Henry C. Allen, or anyone of them,
to endorse for and in behalf of this Board any and all checks made payable to
this Board in payment for said Bonds, including accrued interest, and to
deliver the same to Ann Arbor Trust Company, of Ann Arbor , Michigan ,
Trustee under the terme of this bond issue, as represented by a qualified
officer thereof , or to such person, firm or cor poration as said Ann Ar bo r
Trust Company or its authorized repr esentative may direct; to execute any
and all cer tificates, receipts or other instruments incidental and proper to
the delivery of the Bonds, the clos ing of the loan, the acceptance of payment
for the Bonds and the proper depos it and/or transfer of said payment as may
be required by the purchasers, the Trustee and any bank or banks requ ired to
complete the transactions, a ll to be in accordance with the Trust Agreement by
and between this Board and Ann Arbor T rust Company, of Ann Arbor, Michigan,
as Trustee, dated as of April 1, 1963 .
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