Board of Trustees Meeting Minutes

              Central Michigan University
BOARD OF TRUSTEES MINUTES
October 20, 1967
veuity and Tre .. urn o f tht. Board h he .. eby luthoYiu4. etlP""r-.i and
diucte4 to perfotlll any In4 I II leU . nd dud. herdo .uthor1o.4 and
tlken by u id Norvl ll C. Bov .. ' hI ll be AI blndin, .,., the BOlrd of Con-tro
l of Cantu! MichlKan lIrIivGrolty .. if pe r f or u d by Idd Judlon II.
r"",n; . n4
8E IT nJIlTIIER RESOLVED t~t . hould H develop thlt Junne F.
CoIUnl . Secretuy of the Board of Control o f Central M1chi,an lJnlv.ratty .
thr"",gh 111n .... , obI'''''' Or oth . .... i .. b .. unable to p.do .... the .cta Ih.
h heuin .... horiud, .......... red and directed '0 p .. rfo ..... then In th.t
cue John DeCarlo, VicI P .... l d.nt for Public ~rvical o f Central IHchl,ln
lIrIlv ... i.y ia hueby luthorhld, ... powered .~d dlncted to plrIor .. any
. nd all actl .nd deed. herein authorhed and dineted to bt p. rfonaad by
lhe .. id Jeann. F . Colll~1 and ~~y act10n 00 Uken by .. ld John D. Corlo
.hl ll be u bindlnl on tho Boor4 of Control of C.ntral MlcMs. n univero -
Ity U If fHOdoraood by the .. Id J elnn e f. Collin. ; and
BE IT FIJlt.THEll R~SOLI'f:D tt.. t prior to t .... eUcutlon of t he
"l!.r_t N. Uon" Bonk of Dltro l t ..,d Ann Arbor T ....... eoap.ny b •• nd
h .. ",by aU .utloo r\ud to .. lyon thl "ondnuln, . ff.ct ot the .. r .. ol,, -
don. unttl r""dpt by .. ch of .101. of notlu In .".itln, fro. thla Board
HtH execution of t he Iolr .... nl no .t.ot.don or ."",nd""'"t of thue
HOOS ING HV!;NlIE FINANCING
AND SECURITY AGREEMENT
TIllS ACRfEMnIT .... de ~nd ""tered lnto 41 ot the Hret
da, 0 f Novelab er, 1967. bet ..... en tha BOIolUl or (XINTROI. or CElfTItAl.
IHOItGAN UlIIVERSITY , ._ct.et .... 0 .... II the BOJoRl) or TRUSTEES
of ClNl1V.L KtCHICloN IJN IVEI!.S ITY (bdn, the c""oUtution and I .. tutory
board of control of C.ntul Klchlaan Unlve ra ity I nd h.ulnatter ClUed
lh. "Un(vero l.y"), NA.TlONAI. l ANK or DETROIT. a nattonal bank in, ""0-
<:t a tlon of Detroit, Mlcht!ln, (herdnafter c . ned the "~ I nk") . nd
ANN ARBOR nUST CQHPANY, a Mlehl8. n corporation, of Ann Arbor, Mlchl-
8.n, (h.nln a r .. r clllad thl "TTu.te e") .
W IT NESSETH,
WllEREAS, 0 ... , .. 1 Htchl,ln lfnlvu .tt y it an !tIltltutl"" of
hl,t.u educ. tI"" ut.blhhed by I.v ","vln, authority to gunt bacca_
laural" d .. Br .... ; and
10
\/KE1l£AS. tha Board of CaDtrol o f Centnl Michil"" lJniV41nhy.
aity, a body cor!>Orat. cruUd by and .. b tlnl un4u the ConotU .. Uon
of the SUU of Mlchil"n and hl vln, full c"" .. ltutlonal authority Ov'r
and lenoral . upervilion of l aid c<ntul Mlchlll n lIrIiv .. oity and the
control and direction of I II expen d1turu ,."'" .. Id Central Mlc h lgln
Unlverllty ' o fundI . h .. de t l r .. lnld th.t It h n. " .... ry I nd for tha
bu t InteuIU of Central Mlchi,an lIrIlvau lty, ltl .. udent l and per-
(.) Conltruct • ne .. red d",nc", holl c .... I'" known II South ..... -e
Qu.dransh on t ho _in "ampua of Central tUchl,.n Univ.roHy. loc I .ed
tn Ht. Ph ... nf. Hlol>I,oo. to pravld. hou.tn,. dlninl and a ppurtenan t
hotllthl for opprod ... t oly 1,5004 Hudent • • ""ieh r .. lde"" . hall "ill
Coot a ppro~i .... tely $5,OBO.OOO ( all o f .. hich I , h .... ftu r efer nd to
II Project - von I); . nd (b) in ordor to provtde for the t er", . and
prov10 10n. it de .... bu t to 10 fln.ne . Proj ect _ Port 1:, to Pl Y In full
and r etin bondo du lgrl l ted 41 "sun Board of Educ. tion, Cent .. l
Klchl,ln Un ive ... ity, Dor .. ttory IIond . of 1958", dated S'puoob .. I. 1958
.. hteh ....... or181nlUy 1 .. "e4 1n • prtncipa! "U"'''''' .......,nt of $B94,ooo
to th.t the Inc ..... nd rev~nu .. of Trout Hall (which ..... pr .. ently pled,­.
d to repay laid bond.) will be .... aihblt to . .. hl in th .. repay .... nt of
the within flnandng (d l of ""Iell 10 lIe .... ftn referred to .. ProJ .. n
Part II); and (e) "onotruct 41'1 apart,..nt c ""'Pln to b. kno"" .. North_
"'.It Iop.rtlllentl Ph .. e I .. hi"h wttl hl v, g6 u p.ute apart ... n .. on the
oampul of Cantro! Mlchiaan Univeralty in Mt. P1UUnt . MiChigan, .. hlch
co~ lt ruceton h .. already b",sun; and
\IIIEll£AS, th", h nd '0 b. u .. d for "ld ProJ...,t _ Part I v ..
.cqulred n no COlt to the ..... ; and
WIlEIl£A S . thit IIolrd will ba <>butn lnl .... t 1 ... than .h . .... of
$1 . 680.000 t o p.y t .... colt of .aid Proj.ct _ Port I and PrOj""t _ Put
III frOfll a nv.nu. finan<:tng .. cur ed by p.y .... nt. to be recdved JI<lrlU-Int
to I Lean Alre", •• nt .. 1.t. the Unit.d SUe .. Gov .. n"",nt , Dep . ....... nt
o f Houl lnl and Urb.n Developmen t , pr ... ntly In tt.. proc ... of negotia ­tion;
and
\IIIEIl£AS. in the opinion of thit loud, 1t i. nece,,"ry .nd
""padlent that the UdveroHy obt.in I Ius not to ucaed $6.000,000 to
ply pan ot thl co.t of conatructlnl. furnhh lnl and equi pptng Project
put I and ProJac~ - Plrt Ul.nd to c .... 1.t ... Id ProJ lct _ Part II; Ind
","EI\U.S. th . .. a h .. be." ... "-heed for the c""ald ... tI"" IIf .hh
11
Board a propolad licullng Reve ..... e Flnln<:lng .nd Secur ity .... r .... nt .... u .. _
by • I .... not to uce.d $6,000,000 will b~ obtained (rOOl t>ulond hnk
of Detroit, a national b ... kln, ... ocl.tton of Detroit, Hlehlg.n; Ind
WHF.lU'.AS, prior t. tho ct.e of tho conl ld.utlon of the "Ithln
r u olutlon an Inquiry Val "",dl of all ..... ben of thh Beard and I II
offlcer. of Centn l H{chllan Unlverl ity as well .. a ll Ito "'''ploy.''
who are or will be ensa,.d in Or connect ed with the Huncing heuin­after
approved er the Project Partl I . nd II ... repruentUlv", or
agent of thb Board or Cl ntul Hichlgan Unlvenity, and thl loll""lnl
_en of thil Board, luch officen Ind luch ..,pIOYleo , fully dilcloled
to this Boord that hi er Ihe .... I dluctor or _loy .. (including
pr u ldent, ,eneral ... n.ger Or other It.ilar eUcu t lvl oHlen), Or
otockhelder directly or Indirectly of; Ann Arbor Trutt C-plny.
lIatlonal Bank of Detroit; Ann Arbor Bank . Union Sink I> Truat COOIpaoy.
Cltiteno Cooncrchll> Sivinill Bank , FUnt, Hichl,an; Second Nl tlonal
Bank of Slgln.w: Peoplu National Sank and Tru .. Co"'pony of Bay CUy;
and City Bank I< Tn .. ~ Co., Nuional AII""iatlon, J aC klOn , Hlchlgln ,
or thae It. or ohe had 0 direct Inter .... In .. ld {(n""e1nl'
WII£RUS, the Unlvul U y , by pr<>pu r uolutlon do • • d
O<tooer 20, 1967, h .. d .... · .. ln." to obt"Ln by "", ,,n. of . Houl;nl
RQ~enue Fin.ndng • ou .. not to e~ceed $6 ,000 ,000 trOOl Notiou l Bl nk
of Detroit, to b. u .. d to al lo" lh. Uni .... rsity lo proceed I"""",d lately
wUIt Project _ Pan 1, Project - Port II ond Proj ooc _ Port lI f ;
.~
WHERtAS, the Bank '" willi ... to furnhh the ofor_ntloned
fundi rl'pe('t.lvoly for the uld pu r pol" "pon the U ",I ond conditlonl
.., .. fully let forth hlrlln~ ond
W!I~S, the TrUIt •• II .. Ill ing to accl pt thl tl'Ult ond
all""'" the dutl .. .. 1'TultU f er the Idd ""rpo .. 1 up .... tho t l r .. , ond
condhon. ,""u Cully Jet forth hl .. ln ;
NOlI", rHER~FOR!, 1n conlident lon of tn. pr_i, .. and thl
.... ual a,n.-ntl heuin centltnod, the po r tln ho .. 'o do hUlby
_sue .... followo:
( 0) Ag .. ,...."t ef hnk.
SECTION I
~~
Th' hnk alu" to u ke a ... al.lobt. to thl 1Jn1vl .. ity and thl
Unl .... .. lty .,rul to obtain frOOl tho B.nk on thl dU. en which thi.
Hou o1n[l Revenue rinanelng "nd S~c u rlty Agree .. ent (herdnaftu re.
!erred to 01 tho "Agree.,ent") Ihlll bo lignad ond ddivered . the I U," 0' , _______ _ [thi. U,un not to .... c."d $6,000,OooJ.
Such flnonc l ng Ihall b .. evidenced by th41 Note of thl Unl"" .. ity, (Ln
the for. annued .. Eahlblt A) and It Iholl beu int ..... t .. provided
In .. Id txhlblt A. It . hall be payable l olety frOOl th" funds or bondl
In thl """,nar henln Hlpulatod (o.ld NOto 10 ho roln .OCIIIU .... rlf .. r­ed
to II the "Nete").
(b) Ag .... <Mn. of Tr"ot.l.
Th. Trultee fer itlelf and ito ' uccclion ogre .. to accept the
truot and OIl" ... tho dutl.,. II Truotee .. icpoted in the U M H houln
ltipul Ol.d on d ... dau II o f w!tlc~ thia Ag"'_M Ihall bl Itgned.
(c) Lt.lt .. l"" of ObIi&lU"""
No obU&ltlon hereunder shall evar » or bocOlle 0 charge "gainst
the ,ene .. 1 filth Ind credit of the Stue of Kiehl"", or t he Univcuity .
nor Iholl thl lue bee","" a Ihn "" or .. curad by &ny property reol ,
pcuonal or Ill..,d of th .. Sta t e of Hichig.n or tht Unlvuo1ty , but oil
l uch obllgatlono , Including prindpal ond interelt, ohall b. payable
l olBly Cr01l. the 'oureeo descrIbed herain. The Obligation . , 1I0b illty
and pay ... "tl tw.reWldor au hereby ude punu""t to and are subj ect to
th .. provlolona of Settlon 8 of Aet 110. 48 of tht I'UbHc Aeto of Hlchi­,
aD of 1'63 (2nd E><uo Siulon) , .. _ded.
SECTION 2
PErJNITlO~S
Barnard Ruidencl Hall : The terc "hrn .. d Rll idano . Holl" s ha ll
.. u n the rllidenco holl of t hb name (but not tho dining focl lltlel
contl ln~d ch ... ln), whLch .... con'truetl d In 1940 I nd h .. . uted copa­city
of 148 Huden ...
~, The tlrlll "' B<>I.rd" U .. ud herol" I hlll _on the IIo.ord of
Control ot Central KlchlgaD Univlrllty , 10000t!ae1 kn ...... 01 thl Boa rd
of TI'UH' " of Contral Klch i gan Unhlrdty.
~: The t .... "_dl" l hall ..... n certdn revlOu. bondl o f
12 13
Centrd lIic hi!.n Univeuity which ' h aU be in I pdncipal 1000000t "'IY I I
eo III ynpa1<1 Int .... t I n<l prindpal henund. r on the d.te of
de ttvuy th. nof punul nt to thl option contain .. <1 in the Convertib i l
Not e ; which 'hI ll ... tun on lIovembu 1, 1986; which . hl U bur int .... t
.. 6\ per Inn""'; which lhalt be secured by • fLrot ll..., upon and Ihall
b. l oldy ,lYlbh ftOOl the HOUltn8 lIet Inc_ ; which I h.oU bl Iyb ... n·
thUy In the tor .. of, and . h.oll contain ,ubnantia lly the 1_ pro­,,(
d oni " .ra in ,he 5_1. lland . nixed hereto .. E><hlblt C; whtch
"ill be In dl no_ in. ,lonl ot $5 ,000 or ~1 , 000 I t the option DC tho unk ;
and " hich Ihlll be dellvered to the llank "ithin 60 day • • rter it exe. ·
oil" Itl option to r..eatv. I yeh bond. in e1chan,,, for thl ConvI .dbla
liD'.' Thl .. bondl Ihall be paya ble in Iccordanu .,nh 1 TruH Agru.
Olent na,.lng AM Arbor Tru l t COIIlpl ny as Tty .... and contaidn. nb,,"n­Ually
tho 14 .... provio lon, 40 the "lthin agre",""nt exc opt ror tho
ch.ngQ in ,ho "'AturH y dHe . nd I"teren rate, the dlffennt prop.yOlent
p~o"t.lono .o t fort h In Exhibit C, and such . ddltlond provl . ion, 41
"'4Y b. n.e ..... y boe l " l . bonds ore involv.d .
Ccntul DLnlng c-no: The t erti "C~ntul 0ln1n8 eoc..onl" . hall
..... n 0 <lldng f . clllty prnently doollnated by thL. nl"" which II be ­lng
c onotrycted an4 whleh ""en c"""Pleted "ill u tvlce loW(lu No.1,
2, land 4 of lhe Sour """" t qul drangle, providing eati". Icc"'-aHons
[or 1, ~04 I tudent • . Thh hclllty .,111 be compleud on or befo. e
co,,,,e rtible Notl: The Utili "Conver tib l e lIotl" , hIll hav. n Clr·
IIIce to I con"ertible not" <>f the Oniveuity whieh Ihdl bl in • prin_
clpel I-",t equal to I II unpaid principal and intere .. undlr the
.,ithln flnondng on Hoved>er I, 1969; which . hlll bur Inurn t I t 6\
p<!r ~nn'" unttl Ito ... t"rl.,y, wh.[~h .hall be Nov"",,,er I, 1986, Ind 1\
tho r u ftor; which ,hall b" . ecured by ~ nd oololy payable !rOOl lIouling
NCt I nc"",,, .. dcft ~ ed (n thi. ,eetion; '-'IIl.ch will bl I vidlne,d by tha
Conv. rUbl. Hot. t" lou. AMHed to thla 'grce"",nt .. Exhibit B; wIIteh
.,111 b~ convlnlbil Into Bondi , .. ddin~d eta.wher. in thla n etion,
at tht option oC ,he Sank upon obty day. written notice 10 the Unl" .. -
. ity .. Iny tl"" prior to ooa,urity; and whioh . hl ll be del1v .. "d in
fully aucutld ond ",lrklUbll condltton togethar with an approving
opinion " to IIgo11ty by Dickins on, "'dsht, McKeon 6. OJdllp, Ittorney'
ol Detroit, lIichisan . lh1l convertible not e , In the event DC 1<1 de­livery,
to to b. lovlrn . d in Itl eMluty by thl t . r ... I nd conditlonl
o! t he .. ithin A ...... n t Ind ito execution I nd de llvuy , In the IVlnt t hil
14
be.""",," nec .... ry, I , fully l uthodud by tho r uol utl"" I dopted by the
Board of C<muol of Clntral Michigan Vnl" . .. Uy 00 October 20, 1967.
Dinll>l ruiHtlu, The ur. ''Dintn. FaciHt! ... " I hlll Olean t he
fol l o"ing,
(" All Of c.ntu l Olnln& o-oonl.
(b) Tbot ponlon of the tt.1t Food eo.-.>n. II the normal (uted)
totd •• pactty o f U rnard lul<lence lUll , Ronln l .. ldence lUll, ..,d
SI<NlD l .. Wencl MaU bun to t hl noraal (ratld) capac tty of all reol.
<I~c e halb being . a rviced by the ul<! !cal< Food c..-o. (no t to be
Included eKee pt Cor purpou. of Se.tlon. 9, 10, 11, U and 11 hareo!
until July I, 19H.)
(e) Th .. portion of the Io'u , food c..o.ou .. the no .... 1 (r ... d)
total clpacity of tanll .. R .. ld. nce ~111 and Robln l on Reo idencI Hali
be .. , to the nonu l ( .. tId) .apodty of all r .. id. nee boll, be ing .er­vicld
by the uld WoH food CooInonl (no, to b. i ncluded ~x oep, for
purpo ... of Soetion 9,10,11,12 and 13 hl n of until July 1, 1975).
(<I) That portion of the ..... t Food eo-on ... the nor .. d ( rated)
total capacity of TTout Ruid. n,," Hall bearl to tho nor .... 1 (ratld)
capacity of I II reo1dence hall l bl lng u . vlead by .. id lleat r ood
~ ..
£lot Food c:oa-on., Tho t .... "~Ut food eo-,.,I " .. used herein
s hall hlVI role .. nOI to tha dining fleU l tlu of thb n_ whLch _re
conl tructad i n 1 9~3 ' 1954, whteh h .. I no .... 1 (ra.ad) .apocity 01 873
•• udents, which .. rvieu Barnnd Rutd",,," Hdl. lIonan Re.lde"ce Hill,
Sloan R ... id.""e IUti .nd one oohn <.oldlneo hall, Ind which II I"""t ­ed
In thl Blrnard Ru toknc. lUll .
Piaul Yolt, Tha tao. "yO .. " II uled heraln Ih.oll hIve rde rence
to tho nlcol year """I oy.d by the lIniveraity in k<llpln. it. book. ot
oecount, lo-"It, the t ... Lva cO<>I.cutlve ullndor ... nth. c.-netng
July I and endln. J"". Xl, unlell othervt ..... tu,lly agrUd .
Hou l ln8 HI' tnc"" The teo. "~<>Ulin. Nit tne"","" lhall ""an
and Include,
( a) All of tho Inc""", recdvl d I nd to be received froOi the
operation of thl Ru td en". HIlll Ind Dining r l.ilIU .. inoiudlng, but
not ll .. 1ted to , charllll ror rln,al of rOOOl I and other u r vice chuS"
"",do ond collected in tho operation of th l dormitory hcUitle. and
I pa .. "",n u , all board or food ... vioe ohor, .. p'yl bll by any othar
. tuden ...... fac"lty ... OIbu YtlUzing thl dlnin, factllt1C1 of ..... t _
ever nltura In tho Dlnin. rldUt l .. and I II other "V .. nun derived
I r OOl thl op .... t l o<> o f the .. id IOIJrC .. Ifur deducting h _ t he
15
a &lrfllete t lwuof the I ctual up ... IU of """ut lon (Includlnl p.rt or
I II of thl coil. of lIgM, hut, ~r and .. a ter when I nd If .hlrled ,
In .. hola Or in pan , as an a.t uI I I xp en le of op aution) , Id.,lniltration
tootl (con l i i tent with hH no!on eatl bHlhed atcountinl pro.edurel,
bu. ududlnl dl ,enerd ad. lnlltu.tve upe",," o f the Un l~l< l tty),
ordlnuy ulntan. nc. Ind rep.tn oC the buUdlnl Ind rano~ulon . nd re_
phc_n. of thl furnl tuu Ind equlpiMnt t"-rein c ontdnl d I nd In aUo­cated
. hue of the I n l uunce p ..... lueu : but not to bilin for • • rt aln
units unttl the da t e oppo l lt l tha t .. pa .ti~e housinl unit or dining unit
lined In the deiinl tlo"s of "!linlnl F. dlitl .. " and of "ROI ld l n •• IIl n ."
(b) Arty Inc ,,",e reali zed trOll the deposit of lund_ obtdned here -
under in Inteun burinl I CcDUntl Or ob lig.tion, during ,he eonltr uc -
'ion of proJe .. _ Part r and Project - p. rt lit.
!.~"ftIQU R" ' id~nce IUoll: Th. tar", "Lu.lo<l Ro,ld_n" l HI U" ..
u"od hl reln 11'0. 11 .,un 'he <lllden • • hoU ol thil n_ !<hich w .. eon­Itruetld
In 19 ~6_U57 ond hal I ra ted c a pacity of 322 lCud. n' "
North_It A!,!rt~t l Pha .. tt, Tho t e .... "lIorth ..... Apln_ n ta
PhlU t1 " I h.ll ...,on unHI 8-1, 8-2 , C-2 a nd Col of ,hi Ipart_ " .. of
this n_ which aro cunen'ly undn "<>norrun i "" Ind tontlln forty
.. parah I pon ... "",
.!!2!!: Th l 'u. "lIo t·e" , hall _ I" and include the Notl to be
prepared 1n t h. Cona o" l ch..:! here to II E>h l blt A, ""I.h ,hall b" I"
, , , t e..,eo.ounto ,,__ _______ ___, ,," L• • "_- -" , ' to e"ceed
$6 ,000 ,000) and l hall b .. pOYllb lo t o National h nlt oC De tr o it , III In
accordonco with It. te ..... and the provllion s of the Agr u M nt,
FrIO ton Court Ap~r, ,,,ent _ : Tho teroo "Preston Court Apor t .. e"tl "
• 1'0011 .can unito A t hrough !l of the I PorU.O"to oC thh n, ,.e which were
.onot .... c t ed in t9H-1954 ""d contI In 48 tepoutl Ip . .. _ntl.
pro !.ct _ h rt I: The to r. "Project - Pitt I" Ihlll _In and
inc Iud. t he conatruct ion , furnllhl"g and ~uipplng of I n ... r ll id.nc.
hall c""'pln, pruently dui,utl d .. South ..... ' Qu.dranala, t o be l o­c
a ted On the .,,",pu. of con t rol Hichl,o" Unlvenity In Ht, Pi .... "t ,
Hichi.on, Ind which when c_heed will provl d& hou l ln8, dlnin8 _~d
oppurton. no h ciUU .. for I ppro.dlla.aIy 1 ,S()4 ",udentl l<lendlng . aid
U" tvenity. Sild <:"'"1'1 ... .. U l tonll .. of doraltory faelline l and I
f _ 1e .... 1 .. fac Ulty. (1t1 co ... truet! on wu .pproved by t INt Hlc hlpn
uglolltutl In Sena te Concurnnt Ru " l u ,lon lie. 87, I dopted by t he
S.nl " 00 May 21, 1967 and the llou .. on June 8, 1967),
16
Proj..,t _ Part 11: The Ur. ''Proj ect - P.rt It" _""11 _an I nd
Include the par-nt in full I nd tath_ent of bond. d .. llnl.ed ..
of 1958" da ted Septa lOb .. 1, 19,8, which were orl,ln'!ly h l ued in the
"Urol" t e osoun t of $S94,000, Thl leount necullry to c,,",ple t ely re -
fund IIld bond. eo oC No~e""er I, 1967 11 epp rod ... tdy $3:10,000 , .11
o f wh l eh w111 come from thh UnlnelnJ.
Project - Put HI: The u .... "Project - hrt HI" . hall .... n Ind
include the tonHructlon, furn i ' hlng ond equlpp lnl of .n oplrtmen' COOI!_
pI n '0 ba 1mown as lIorthwln ... part .... n .. Phlu r which ",111 provide
Ht. Pl .... nt, Mlcl'o1gln, The . onltruction of thl Hut J«>Up of build_
Ing" conti iniDI 48 apart ... nt unIto WII approved by thl MlchiSIn ulia-htu
.. In llou .. Concunent Ru olutl<>n No. 58 od"","d dorlng 'he J.e.lI _
h.un' . r~,ular . ... ion In 1964. The cons truction ol ,h ••• tond group
of t hue building. containing t hl r~","inin 8 48 .pUtmen .. w .. approved
by t he Hlchlgan Leglalature in S"". u Concu<rent Rn o l ution 110. 68,
Ru idencft Hol lo , The ter .. "Ru td..,c .. Hlth" Ihllt .. u" ."d Indu de
th. followinl I~dlvidud r u idence 1'01111 , r u ldencI hl U tompluu or
aput,... ntl In.luding , when 10 dUIgn. ted, o"y food .. rvlce fa .iltt l ••
t heroin,
(a) rrlJUt ReBid"nce 1I0U;
(b) South"",u Quodtl n&te, Including only T".,., , " No. I .Dd No.2;
(c) lIort""". t Aput ... n .. , Phlle It;
(d) B.rnard III U, Lauhn llalt , Robluon IIIU , Ronln Hall and
5101" 11_11 (not to be I nc l uded , exc. pt for purpo u l of
Se.tion. g, 10, It , 12 I"d D henoC, until July I, 1975) .
( I ) ?ru ton Court Aport ... " .. and ..... Holton Court Aput1llen tl
(not '0 be includ. d , I "cept for Section. 9, 10 , ll, 12 and 13
henof, until July t, 1975) .
Rob in l on R.,.id=ce Ho U : Ttle t eno "Roblnlon Rll idence 11111" .hlU
_In the ruldr:n<:e hill of thll ,,_ , ""Ich "II c"" .. ruc .. d In 1953-
19S4 Ind h .. ..... d ~ apld,y of 250 Itud""tl .
Ron.n Ru ldencr: IIAll : Thl Urm "Rona" M .. lden c. lIall" , hall "un
the rnlden • ., hall of ,1'011 nbe , which " II conltru.ted In 1928 a nd bOl
a .. ted ,.pl cHy of 180 et"dl nte.
S l oon Ruidence Han, Ttla t orm "Sloon Rllld.., .. 11111" s hI ll .... n
the n lidence hall of thil n_ , ""ich VII .""" truce*<! In 1940 and h ..
• rated caPlcity of 148 Hud.., ...
South .... t Qu.duoa le: The ...... "South .. ut Quadungle" . hall ..... n
17
and i .. ~ luda To .... ' 110. I, T""'" 110. 2 and the r esidence hdl compln of
thlo ,,&1M puu "tly bet .. S ~en a [ructed (to be ''''"pieted on or hfou
_'Se"".,'. ...." '-',.,. ... 11•2 •'. L _ J). The too. l r eted houoinS rapadty of Toveu
110. 1 Old 110. 2 h 672 Uudentl.
T,out Ruldence HaU, no. u .... "Trout Ru l denu 11.01 1" ahd l_."
the rcold."". haU of thh n_ whith .. as conl tructed in 1958· 1959 end
h .. a ut..:l upadty of 296 nudenu.
\luhington Caul'< Aputaentl, Thc too .... ''IIu hingt on Court Apnt -
.. ntl" Ihd l ... n SuUdinSI H throulh Q of the apart..,,,tl of tll1l n. ..
>'IIlch ..... eonltructed in 19~6 - 19S1 and .""tain 144 .. puete a part .. nt •.
lin. F'uod Coom<Inl: no. teno. ''welt Food c-nl " .hall _.n the
dlnl,,& facU ity of chlo n.- .. hlch w .. conotructed i.n 1941-1948, .. hloh
h ... nor"d (r .. ed) oapadty of ll8a .. udento, and which ... vlce.
u.nhu R .. ld~n~ Hall , Robinlon Re .id ence Hall , Tr ..... t R .. ideMa Hall
and OnQ othar rcoidenco h.o1l.
SEctIOH
I'\t~PAYMEI!T OF THE NCYrE
Upon 15 day. ' ""teten notioe to tbe Trustee , a copy of which
I hall be deHver .. d to the Bank, th .. IInivcuity lIay at Iny tt'*', or ..
provided In Se<:tl"". 10 and n, pupay the Note in >'IIole (or In pl rt)
by prepay In, the princtpal ...,.,nt 1 0 to be prepaid, toaOCher "Ith
Iccr.,.d internt, to tbe Truatee, who . hall in turn dotllvcr the ...
fundi to the hnk. A prellh .. of 21of the principal balance 10
prepaid, .hall acc ....... "y 'ny prepayment 50 lllde prior to Nove ..... r i,
1968. In .. kl", any pupa_no. herdn p r ovided for, the IInlverolty
rnenn the riaht to ual any funds In it l po ..... l lon for th ..
purpole. II<> I""h prlpa_ot .lull red""e the amount of the fixed
principal .nd inter ... t i"l tall_ nU r e quired to be paid on the NOta
by tlu terlll thenot, all luch prepaY""'nt •• hall be I ppltld to
ln l tall ... "tl ot paY""'''tI on the ~ou io the inveroe ordlr of thllr
.,.turltlo l .
SEcttoN 4
AFFI!!t"TIvt CQVENAtlIS OF TilE UNIVERSITY
The IIniveraity covenantl , nd agreu II foll"" s:
(a) All f".dl obta ined hereunder Ihall be i .pr Ulad .. i th ,
t~u ... nd und, tos. thn with other fund. refe r red to heretofore,
for .he ""~po,, of a .. lIt1n, i n the payment of the conltr uct i o8,
18
furnhhins and eq~lppin, of Project - Part I and Project - Fart HI
and £Or the ,,,.pou of e_pleUnS project - Pan n .
(b) The balance ...... lntns unpaid on the NOte , toauher .. ith
acc ...... d iD .. ~ .. t thauon Ihdl be re,..id f~ ... the lpecHt. f und,
.... qulred and ducr lbed In Saction 7 heuoL
(e) It .. Ill h ..... , ,el l and del1\rtl~ not .. or bond, in principal
_nU .uHiciant to pay d l prl""lpd and [nterelt outlundins
undH d,h financtn, wh.eth .. r due yet or not , a"d deUver all o f the
proceed, fTOOI tlul .. i. On uid nOtei or bondl on or beforo II<>Ve.bH
I , 1969 ~o the Trultee for delivery to the hnk to r epay tho! &mOUnto
unpdd under thla Cinancins lnCludlng I ccru<!d interut thereon.
(d) In tha evant tha notel or bondl provided f or 1n &oJ b­pungraph
(c) h~uof cannOt bl lold before Novelllb. r l , 1969, then
the Un i verSity .hall take all Iteps a nd actions whioh ""' y b ~
nQc .... ry or reqUired to dal1ver to the unk in a Nrket.bl e fono
and condition togerh .... lth the log.1 approving opinlon of
DicHn. "", W<iBht, M<Kun & CUdllp, the Convortible Noto, a . defined
in Section 2 ftbove, in the to .... • ~d .. ith the provl,lon. cont. ined
in the Convertible Note, Exhibit ~, atuch~d hereto. Suoh dellvHy
.ha ll ocour on )IO""",bgr I, 1969.
(e) In the eve". the Sank exa~d ... tta Option to ncei.ve
bonda undH the Convenibl, Non, Onee It h dotHvcred, t hen the
Univeulty,,11 1 t.k .. all ltePI and .cUon ... hteh _y be nece .. a ry
or requind, i...,ludi", adoption of a re.olution authorizina i .. ulnce
and approvins . trUSt Indentuu, and the printing o f the bondl to
deUv ... to the bank ( .. ithin ~O daYI of recdpt of a writt. n nonce
a! the e Xlrdae of the Bank' i option) the Bondi .. defined In
leoti"" 2 a nd includlns the pr""illono on the I ... ple Bend (E~iblt
C hereof) In a Nrht.ble condition tog.ther .. ith an approving
opinlon ~. to 118d1<1 by DICkin.on , WdKht, H<:Kean & Cudl1p,
a tto~n.YI o f Oltroit, Michig.n.
(f) It hu eatt""'ted on the b .. !a of p .. t experience that the
R ... idonce Ha ll l and 01ninS '"c1l1t1u ,,111 at l e .. t produce . uff icient
Hou.ing Net InoOO>l to .... et the payment .ched ul~ .... forth in Section 9.
(I) It .. ill caHy ... ndard fom ti re a n<! ut .. nded covenge
lnl uranee, nntd vl lue ineurane., Ula end occup.ncy Inl urance , and
19
l~1e' . ""Ich poUd .. o~ u t l.f.ctoty ."lo~.nc. of In.unnce .h.!l
be depo. ited wHIl tho T~u. t u . od the pr<>ceed. of which (.xcept
fe. the public IhbllHy in. unnee) ,h.ll be p'y,bl. t e the
Tro .. "", all in aceor d'nc' .. 1<h $eetl "" 10 .nd II bel .....
(h) The !ollowln, r esldenc. h.ll. ore furnl .hod and equlpp.ed
ond ore pr eoently <>coupled, Barnard Re . ldence H. H, 1. ... " l er e R .. i ­donee
lIall, IlObln.on Retldenca lIan, Ron", , .. id.nee Holl, Sloan
, .. ide"ce llall, and Trout R .. ldence Ilat1.
(1) 1< .. I ll uqulre full dlldoou"" of 011 dlnct Or indi rec t
interesto of .II .... .me .. of tho Board, of all offlean of and
, .. ployee. of ~ncr ll Kleh1~o n univeUity, .. ho au or .. Ill be eng"led
In .ny eonltruction contnct, ,ub-controct o • • Iu .... nt entered into
fo~ t he p"rpo" o f conltructlna proj.et - Port 1 or Project - Pin
HI 41 an aSQnt or upresento tivQ of t he !oord of CcIntral ~l1e~ 15a n
University and any party cOntracted with includlnl banltlng, bonding
Ind inl utanC' o..poni ... Such dluct or lodinet inter .. t . ho\l
lnelude bel",. direc t o r . e'"Ploy" (includi"ll prooldent, ,en .. rd ... n­'
an or other II .. i lor u"euUVI oHicer ) , or , tockkolder d1~ectIJ or
i ndlreclly of . uch contracUng pArty.
(j) It will ... lntoln .nd op" .. t e , h. Ru ld enc. lIa l h and
Pining f.d 11 tho u r "'luired in S..,Uon 9 bel .....
( k) It .. HI, U "'''' ro_ Ih.o.ll b •• ".II.bh in I ..... idenc.
hollo th an ,her •• n .tudent. who uy b . ... Igned to ouch r eoldlnc.
hill. or dining lacilitl ... , Unt ... ign .tudentl to ouch r co id. nc.
h.Il . , incl .... :Hnl th .. lIe. iden • • Ho n . on<! Dl nlnl hcll ltlu .. defined
In Section 2 hereot. the r ev.nuU at which aU p l ,dged to> secure Hn­,
ne ingl , . nd ,uch r .. ldence 110 11 , Ind dln!n! faeili ti .. , Indudin8 tho
Ruldence 11. 11, and Dinin, flcill,! .... defined in Section 2 ho .. of,
, h. ll be fi rot !IlI. d to the ... xI"", .... tlnt f .... lbh . nd th. t . 11 luch
fEud.nt .... IIP''' .. " .. sholl be ... d. In .... ""er which .. I n u,ure that th ..
P'r-nt, reqU i ted to b. _do on luch out.tandlns flnanclnl' on IIld
Ro,idence Hdil Ind ptning r lc il!th • • holl be ... t.
It I. expuII ly . gued by t h Tru .... Ind the Unlve ro lt1
t h. t .11 fundi provided hnunder UClpt thol ' fer 'ecWll'lhhln&
p...,j..,t _ P.r t II wheth .. In t ho 1'0 ...... 1 .... of th .. frult.e or tho
Unlv .. , lty , Iholl be 1""' ..... d vith I trult . nd ,holl be u'ed
• 01ely for t~ , purpou of p.ylng co'" Inetd ~nt . l to the con . tr~etlen,
f~<niohlna .nd oqulpping o f th. Project - Pl rt I ond Pr .. j . .. - Pit '.
20
TI14I Uni". rolty ' gn .. th a t it will a t ,,,y tl .... upon tho
t equut of d ther the lank Ot tM Tru.tu .upply the fru.t.e vith
the Iht of .11 p._t ..... de by It lo . the con.UNction o f t he
Project _ Port I ,nd the fU'nhhln, and e quipping thereo f. tOloth. r
"'ith •• to t .... nt ef ,II coHo . nd . "pen.eo incuru d th l refer ond
net y ... po1d, . nd will upon .. qu . lt, procur . I nd turnhh to the
TN .... <I., c.rcHle.t . of t he lteM t.ct c.rtHhd .. te the ud-
.... ted .....,unt requ t r.d t o c "",,, let. the ptoj.ct, . nd .uch oth. r
. vld.nc. th .. the T.u .... or tho Bonk .... y r ' qul .. to .. t1ofy both
~h a t all con. trucUon .. y b. p. ld for . nd the n.c .... ty ' qulp_ nt
and furni.hlng •• oy be purch ... d .. c"" ...... lated by thi' Agr ..... nt
OUt of th" fund. trOll thl . c"" .. runt .... fin.nel", .nd other fundo
prgvlded or . rro"l.d f or by the Unluero H y. In tk. even t tha t It
. hould orp .. r to ch" Sonk and tho 'trultu that the .. Id fund. will
not be .uffleiont to complet~ th ~ con. <ruction of t ho Proj..,t
Put and to purchou 'he n~cu .. ry f"tnlohln,o ond equi"""nt then­fo
r , tho Trultee ,hdl not p.y out .ny f"nher fund. to th~ Un l v"rolty
until the hnk .nd the Tru. t u have received utlohctoty "'urono u
,h ~ ' the neceuory !und, t o .,"",plete .. Id conotruct l "" a nd '0 pureh ...
the n~c .. u.y (urnl.hlq' .nd oqulJ*Gnt hove been approved.
( 0) [urdu due eo .. In the .. I~ctlon bf a ll
agenU, gene .. 1 ebntroctoro ond . ub-e""tuctore
undlrtaktng t he construction o f t ho Project - P ....
(b) Ente. In t o .... Iy fixed p~lt .. cont uct. ,.ith
.11 . uch 'sont l , l enorol eontuotoro a nd , ~b-contr.
etor . ; and
(e) S ...... proper bond. (Ot require thot ,~h orl
ucuud) to ,u.rant .. tho pHfn ....... of dl ot
. uoh controet' , .. hlch bond, , h. ll includ. pedeu.­.
nee bond" poy ....... bondo In . «ordlnce .. ith . nd
.ubJeet to oll o f the provl.lon. Ind condlti"". of
Act Ko. 213 of the Ktchl,.n Public Act. of 1963, .nd
_inten.nce ond IUlunt .. bond •.
Tho UnlHU ity furthor .g .... thot It .. 111 dope, it .. lth
the fru. t e. , prior t o the e"".tNett .... , t ho architect ' ... tI ......
21
of the coHo of oonoHuction, eq~i»l'Oent and furnishi ng . for the
Project _ h rt rand th.t it ,,111 noe entor into any contract. lor
cono<ruotlon, equipment a nd furn ishing . In exce .. of the eo<iOlates .
Shoul d th~ University find it ~eceo .. ry to e~ter into
any conHa c t l for construceion, equlpll.ent or f~rnl . hlng o in Ho n o
of ~ he origi nal e .. t ima t n , it will fint obtain a ddition.r funds
oui f1cient to cover the exceU cootS . nd Mpooit ehe .a:oe with the
Trustee and eh@ Ba nk who "ill r evi.w the lncreau in coots with ehe
Univ ers ity, a nd upon helng u ti. tied of the neceu ity thHefor, may
approve the letting of . uch contracts.
The Univcnity . greu th. t .houl d any fund i obtained from
thh fin ancing r e ",a in un e"pe nd ed follo .. ing the complee1o ~ of tha t
portion of project _ Part I, Project _ Part II a nd Projec< - Part Ill,
.. ouch fund. we r e obt~in~d for, any . ~ch u , •. o.I n l ~g fu~d o will
I"""edi a t e ly bo al'plled by ehe Truatee toward the repay!>on t of the
... ithin financing in accorda nce wUh t he provl. ion. of S*oeion 3,
.bove , hut wUhout any p r epayment pe na lty .
SECTION 6
PLEDGE OF RFNENUES
Ho~. l ng Nee Income as def ined In SOH ton 2 above ~ . 1reovocab l y
pledg ed ... ecurit)" f or the paY"ont i n f~ll of th" No t . a nd a ccruod
;nto' .. t t ho,eon and for t he po rfo rOOlnco of the ooveMn to ho reln
fr OOl and a ft or tho d ~ t . "hen t he. Ag re em"nt .h~ ll t Ah ~ He~ t, and
the Unlvc<sity hereby assi gns and pledgo. to t he Trustee , a nd grants
to t ho Ttuotoe for th ~ h " n ~ fit of the Ba nk a •• curity i ntereo t in
sa i d Hous i ng Net I noOOle.
the Univers i ty IIlay, su bject to the requlrcmen t s of Section ~, 4 t
ony tirte a fter t h i s Agreo".nt takes e ffect u oe tho f ollowing to
,etlre <hl o H ~ a~c("g, ( .• nd t he Un iverolty coveMnto 1< w111 no t
u .. any of s uch f~nd s for any other purpou .... ntiL thi . fiMncing
Is r e tired):
(n) Any proceeds ..... Ieh ate received f r OOl the ule of
not .. o r bond, d u cribe d in Se otion 4(c) . bovo .
(b) Any In ouranoe p<oceed. whleh a re «oo'\ved a nd
requl.red eo be paid to ehe truoue purouant t o Section 10 Or 11
b olow .
22
(~) Th~ Convertible Note as ddl ned in Section 2,
above, "0 long U It 10 d e livered in a c c orda nce with
the r e qulr .... ene •• e, forth i n Se~t lo n 4(d).
(d) The 80nd . .. defined In S~ctlon 2, above , s o IMg
.. ~hoy are de livered in accordance with the require[llento
let forth in Se.:tion 4(~).
The Unlvu. ity _g reeo to e x ecute ond deliver t o the Tru <eu
u of the date on "'hleh the Note 1. dated and fund . d loburood ..
required ln Section 1(. ) hereof, • Financing Sta t e_nt or fin~ ncl ng
Stateillents covering ehe fo r.goln, ,ecu rtey in ouch forlll u . ha ll be
u tiofactory to the Trustee and en. Bank , and t he Ba nk 00.11 cauH
'h U rne to be filed In accorda nce with the provisions of the
Uniforlll C""",""cial Code as enacted in Mlchi,. n .
SECTION 7
PAYMENTS TO TRUSTEE
The Un lveuity agree. that 0 " long H a ny 201Ounto re""in to be
paid hereunder (or not • • or bond. reOlain to !)e delivered) It .. til Set
u ide a nd p a y ou t to the TruH ee all Hou o ing Net Income as pledged
hereunder, not le .. thnn fHeeen (15) days prior to the date. set forth
be low , pay"e nt . of interest and pritltipat (pay.,e n ts front .. hich are then
to bo paid by the Trultce to the Bonk In a ccordant< "ith Section 8 , bolo")
bue ~n nOe I e .. than t he ",,",unto and on t h datu .. e f orth In t h ~ fol _
lowing pay",ent .c hed~I " , to wle:
(a ) On May I , 1968 , Novero!)er 1, 1968 and each May 1,
and Novn.b~r I, t ho r u feer , .lOO\> ~ts sufficie n t t o ... ot
each .em.i· . nn ud inteuot pay"",nt when due until l1. y I ,
1976;
(b) Interut and princl.p&i p a YOlenu of $775,000 On
November I, 1976 . nd o~ n ch Novetllber 1 .. therea feer
until ",aeurity or unell this fin ancing i l rep old I.n fu ll;
laid p ayments eo be applied tirot on interu e and the bAl.nce On
pdnclpal on uch p~yOl""t d a t e . Wheu Houllng Nee inc"",,, is in exce .. of
the _ aunt nece u uy eo p ay Inte r ,," , prior to Noveml> er 1, 1969 the nce ..
oha ll he he ld by the truatu ... r nerve to pay the InU rnt pa Y"''''u
due On future d<ltu.
23
Central Michigan University Board of Trustees
Meeting of October 20, 1967
Mt. Pleasant, Michigan
Members present: Mrs. Jean E. Backus; Lloyd M. Cofer, Chairman;
Mrs. Katharine C. Hafstad; James M. Umphrey; Walter W. Wightman;
Judson W. Foust, President.
Also: Norvall C. Bovee, Treasurer; Mrs. Jeanne F. Collins, Secretary;
Earl H. Cress; John H. De Carlo, Vice President of Public Services;
Byron P. Gallagher, Legal Counsel; Wilbur E. Moore, Vice President of
Academic Affairs.
Members absent: Roger M. Busfield, Jr.; Lawrence D. Rahilly.
The meeting was called to order at 2:00 P. M. by the Chairman.
The Minutes of the Meeting of September 20, 1967, stand approved as
printed.
Chairman Cofer acknowledged the press and the representatives of the
Student Body. Mr, Steven Rison, President of the Student Body, appeared
before the Board.
In presenting a petition to the Board of Trustees, Mr. Rison stated:
We the Student Government, representing the Student
Body of Central Michigan University, do petition the
Central Michigan University Board of Trustees that
the Presidential Selection Committee should include
student representation because:
1. We operate under the inherent democratic theory.
2. The student Body is an intregal, Important, and
competent part of the Unive rsity,
3. The unique student viewpoint would benefit the
selection procedure.
4. As present students of this institution we will have
a continuing Interest in our Alma Mater.
The Student Body and the Board of Trustees are not on
opposite sides of the battlefield, our roles are supporting
roles. We only ask for the opportunity to contribute,
support and help to build Central Michigan University.
2
The students are involved in many University Senate committees
because of the importance of the student viewpoint. Further, the
students are an Integral, competent and important part of the
Univers ity as stated in the minutes of the Faculty Meeting of
May 17, 1965:
"Dean Steg on behalf of the University Senate
moved, seconded by Decker, the following
resolution: "Be it resolved that the faculty of
Central Michigan University has full confidence
in the Student Body as an integral , important,
and competent part of the Univer sity."
Because there arc over ten thousand students on campus, we feel
that they have a right to be included in the process of selecting a
President. "
Mr. Rison further stated that the position of the President of the University
cannot be divorced from policy making and university planning - students
should be involved in policy making, planning and the presidential selection.
He refuted the idea that the student lacks interest in this process because of
being considered a transient element of the Univers ity. Mr. Rison pointed
out that this idea could also apply to faculty. He felt thst the students had
a unique viewpoint to offer. Further, the fact that the students are benefited
by the education, the poliCies and whatever else comes out of the University,
as the recipients so to speak, they should be involved.
Mr. Rison felt a student could benefit the screenJng committee _ that one
student vote could not sway nine other votes. He pOinted out that the
responsibility of the University is to build responsible members of soc iety
and the University has faHed if trust cannot be put on a student member of
the committee.
Chairman Cofer reviewed the function of the Board as It is spelled out in
the State Constitution In the selection of a president. It was moved snd
seconded that the Board recommend to the screening committee that the
President of the student Body be invited to become a consultant to the
committee and to participate in the screening process.
Chairman Cofer indicated to Mr. Rison that if the President of the Student
Body could not serve In this capacity he is to report this fact to the
screening committee together with a recommendation for an alternative.
Chairman Cofer called for reports from the Standing Committees:
Presidential Selection Committee -- Mrs. Hafstad
Mrs, Hafstad reported that seventy-fivc names have been
submitted ss candidates, approximately one- third have
3
The lJI'Oi~eTl1ty .guu th .. it wtll deliver to TnUUe the
proc: .. dl ot the nOt .. or bondl referred to in Seotion ~ (0) .bov. ,
""ieh it inte!>d. to ull on or before November 1, 1969 , and thlt
Oth . ..... l .. it .. ill with thl a .. latlnee of tho Trunu ' I k. I PJ>roprht l
nepl t o .... un thet the Convenlbh 1I0te h r eady for delivery to
t ho Bank on Nov"".r I, 1969.
SECTIOII 8
TIUfSTEl;' S PAYKEIf'f TO IIA.'lK
n.e Trlllt .. "a'." tMt all fund i paid to tt for paY""'nt to
tho S.nk AI provlded i n the preeed1nl "'cHon or ehewhere hQ •• ln
ahall be hQld in tru .. and uoed solely to pay to the I14nk the
prln.'pol • ..,..,nt evidenced by the Not. and inte. oot .eer~.d th.u"",
"hieh pay ... n~ 1 ' hd l be ",.do In the "'"-""nto and on tho due d .... uo
forth In tho Note . nd which ",",,,.m t •• hall be applh d £tut to
accrued i n tetell a nd chon to prindpd .
SECTIOII 9
lJIIIVERS!TY TO M.\INTAIN AND OPER.ATE
fROJECT • PART I All!) EXISTING RES!OThC[ HAI.LS
The Univul ity .,ro .. that i t will .... intain e nd op ..... thl
R .. ldcnc. Hdh end Dining r . ,11itl .... folIo", :
••
.uter t(Mllplatl"" it .. 111 "'"p tM lIorthweat Apa.t_nt. Pha .. II,
Towe .. No. I and No. 2 of the South_at q.,.dungle end tho Centrd
DI"lng eoc-on. In opeuti"" e t all time. wile the Univeutty h in
r e,ular .... ton, .... pt du.t"l ........... Ullton , ""en put or all of
th ........ .... y b. ope rated or .tooed in tM di l er . ~I"" of du, Univ • •• lty
l ubJ eet to lub-p.Ulraph B hereOf, aIld . ub-para,taph Ii: hereof.
••
It "UI a t . 11 l uch tl_1 .. to
(I) Trout R .. ldGn.G 1I011 ,
(1) North~ 1t Apart_nt. PMU II , when c<Mllpleted .. nd placed
in oporation, and
(3) Centul Dining ","""n. when ."'"'pleced and placed In
0p l ntlOn, and
(4) To ..... No.1 Ind No.2 of Southwut q.,l dranah, .. hen
cOlllpllted and plac. d In opaution,
cha.ga and coll ... en UlQuM for ront, oervice chargu, bond and
othlr dining oherg", .. tho oue Illy be, !r0lll u id fodInt .. in (1),
(2), (3) and (~) horeof lu£lldent to produce ."nually & pettion of
Houling Hat IncOlll of an .nnu.l .. U .... ted """,unt of $~ll,()(){); provld_
ad that in no IVlnt oh.a11 ouch --..nt be Ie .. t han $l60,Doo annu .. lly.
24
,.
CooJrt Apart .... ntl in full opention . t .I I t1 ..,1 10 th .. t Idd c&cill-
.ie . .. Ill produ,," In .nnud portion o t Hou-'''I Het I"c_ of not h ..
than $133,001). ,.
(1) It .. ill k .. p .I t otM. hdl1tl .. included in the d,,[tni-
.ion of teoWln.1 H.lli end Dining r •• Ultiu In operation at .11
t""l ""-Ill the Unl""ro1ty La ln "'aular .... lon oxcept dur inl tho
I ......... lelli"" ""en part or dl of laid fad Utlu .... y be op.,.lted or
cloud in thl dll<:ntion or thl Univo .. lty •• ubJ eH to sub_pauluph.
!) (2) and It he reof.
(2) It .. 111 at all l uoh ti""," ch . ~ge . nd coHeet an . "",Unt
for room, boord and oth. r luvi •• ch.rlu fr.., student. ond otheu
u . ing u id other R .. ld. nc . 1I0U I . nd Olnin, F. cUlties luHldent to
produce .nnudly e po",lon of Hou l ina lI.t Inc""", of not le .. th an
$295,000.
••
It will, if n ....... y to .... t the p.y .... ntl to he .,ade to the
Bank .. h.uin provided (or, adopt luch un"".bl. rul es , relul a tt",,1
and requir_nt l .. htiv. to thl u .. and occupancy of the t u ldenc e
H.n. aDd Di ninl recU ltl ..... hell be nee .... ry ' 0 .. I ur. that t he
l aid Redd..,ol Hall' and Dlnln, Fa,tlitl .. "Ut be .. fully us ed and
occupled durinl thl In t i .. yur AI h .... on.bly poui b".
S!CTIDN 10
INSUIlANC! DURUIC COIISTRUcrWN
Thl Unlv.roit, 0lra .. to carry inouranc. on the T"""r N~ . I.nd
To_. 110. 1 of S .... th .... ' Quldunll. , the Central Dlntng ec....o... , ond
North"u~ Apert_Mo Pha .. I, which.ra .11 part of Project _ Port r
or ProJ""'t _ Part III, durin, eonltruCt!on , in l ueh . """,nt, of 5uoh
type a nd in l uch <OIIIpani .. II .... y bo dl ten.lned and required by the
tank .. 1<n tho I pprov.t of tho Trult .. , . ubJo .. to the requirement
th. t tho . Ulll total of the In l u u nce eaaln .. (iu ond other hu ard l
, hd l I t I II tio>o ' b. in an • ...,unt It leOO t "'Iud to the IlIOniu n-ponMd
for cOnl tru.tlon on any gl~.n do t l : l uch lnluran .. to be pay_
eble to the Ttuatee I nd to thl Un{v . .. lty .. thllr r .. peetlv. In .. r _
eo t Ihall .ppur. All poUchl of inaurenco or certHieat .. I videnc -
In, the corryin, o t Inluunn .. r l<l uh~ . h. ll h. deponed .. Uh the
TTu_. I •• nd the Tr" .... ' heU MV • • Hut Uen on .11 peYllcnh.
25
All proceed. f r OOl luch i nlurano •• h.ll be "",de paya ble to the 'rrult .. .
In CI .. o f lOll , the Truotee . hall . pply proceed. of ,old inluune.
to t he rapal r and ultorl.ion of the for"lIoin, unito of proJec. _
Plrt lind PrOJln - Plrt III and the COntento thereof, wholly or
plrehlly deanoyed, to itl fo .... r condHton or tn suct. ott. . r _nner
II .. ill uk • .oct. ullbl. or ..... ""t.bI. to thl .. thfacUon DC thl
U nk. tt.. frUit ... nd tM Unl~erllty: J><""lded, t.owever, if In the
Judp*ot of the Bank, the fundi recelvrd fro. laid in l urancl polidu
Or othl ... l .. I halL b. in.uffident to ... ke any unit {either Town No.
t or To .. l r No.2 of Soutt. ..... ~lO<Inngh, tt.e C ..... trd Illnin, C-onl
Or NOrth .... t ApartMntl Ph u e II} or all such unito uubl l or tlnlnt­ab
le , th.n in that event, the Trultoe . t.all hold till fundi pdd to
it by r ... on of l uch 10" . nd I UCt. fund • • hl ll then 1>0 pl ld to thl
Bank I nd Ipplied Hnt to Iccrued Inter es t and th en to prindpa1.
SECTION It
IN SURANCE
Th. Unh ... 1ty covenanto and agreel t ha t it .. ill:
( 0) Pay <he pr""'iwa neceo .. r y to provido IUnd l rd fono
fiu and e'<te nded coveras" i n.urance on the Reoldanc. !tolll a nd
Dinin, facLllLhl in an ....,,,,,t to b. dete .. lnod by the Blnk Ind
,he TrUIC" trOll tl .. to tlooe , ""ieh shaU be at lellt ~ud to t".
unpaid b.bnca of thh financing.
(b) Pay the p._I .... necusary '0 proY1d~ su"dard for ..
fire and eKte nd"" cDygu,. in.unnce u_ the contento at tn.
Ru ld~c . !lath ftnd PinIng Faclllt1el 1n an """",nt to b. determined
by th~ lank and thg Truotee frOft> ti .... to .1...,. (NOTE : The te ...
"utcnded covera,I " II uoed in t he precedinll . ub_parognphs Ih.l l
i nclude coveuge for 10 .. fr"'" sIOCke , .. ind l torm, ha il, Upiol ion and
aircraf t aod va nlcle d6lrl&,e).
(c) Poy tne pre",lu .. necell .. Y to providl ""bile U . bLtlty
In l uun • • in U .. i .. of not tell tt.an S100 , OOO/S~OO , OOO en the RII I­d.
n • • Halh and Pining fI<111tlu II ".11 .. tent. , value Inouranca
I nd/or un and occupancy In ourance on the .. "e , the principI I aura­S"
•• ..,unt of ""ich ,ball not bl 10 .. 1n anyone ye .. that the
n tlOlued re" enue fl'OOI the Ru ldence Halls and Dinin, fld l1ti ..
pledS"" hauundu for IIld yau.
All Inlu r lne. I h. lI ba c l rried v ith "OIlj>onleo a ppreved by
the Trult • • and t hl B.nk. All ""liel.,. of inlu r an". or c, r tHicat.,
26
. vid .... cin' thl carr yin, of In ourane, "" thl R .. id,nce It&lll and Pin_
ing hcilith. Or Iny unit thenof herdn de. lso"ud shall 1>0 dopo­s
ited .. ith tt., TruU .. . nd the Trll i tee l hall t.l ve a ntlt llen .,.,
all po,..,nt. <excapt tha .. under public liobUlty insurancI ) .... ". en
tho 1_ up to., but not to uCI<l<l , thl unpaid bdlnce of the Not e Ind
t he intor.H th.n"". In " ... of 10 .. , the Tru .... ohall I pply pro_
"udl o f .. id iuunnce (uc.pt pubUc U.bIUt,) to the tcpalr Ind
uotondon ot each unit Ind thl ".,.,tenU t ller e of, wholly or Pl< _
t hlty dutrOYl d, to i t o for_r condit i on or in luch other u nner II
"'til .... " tha ~uidence 111111 Dr Dlnin, h,,!.lHlu ullbh or ' e n.nt ­Ible
to the IItlatacUon o{ tha Bank : prOVided, hOWt!ver, 1£ 1n the
Judpent at tha Bank, th l lundl received rr"", said in l uu nce pelid ..
or otho ... i u . hlll ba In l uffichnt to .,.ke any unit of the Ru id ence
Ua l l> Or Plnln, f &c1litlu or the I nt1u StOUp of Reo lden"e Hollo
and Dlnln& Fao1lit1o l ullbl. Or .enonublo , then In th .. event the
Trustee . halt hold tho fundi p. id to It by rc .. cn of ."ch 10" ond
l uch fund i oholl then be plid co tho BanI< and applied (lrn to accrued
inter ... I nd thon te principi l.
SECTION lZ
Al/tIlTS Mltl ACCOUNTIi
Thl Unlvlnit, a,n .. to furnllh to the BanI< . nd the Trustee
"" annual report or .udit "por t, .. ithin nlnlt, (90) days afte. 'he
end of e ach fhcal ,.Ir, lhowinS in .... "".bl. detail. cOlllplete r e ­cord
of tt.. fbancbi .ffalu oC t h .. Unlv.raity during tile preceding
t .... Iv .. (IZ) _tho ' p. dod Ind .ueh n .. "".b l e o""clfic Infor ... ion
rehtin, to. the RuldencI H. 1l1 Ind Pining Fodlithl II th .. "'nk or
Trust .. .. y rellon.bly raqu .. t . Thll Innud report ar audit ohan be
c ertified by In l ndopend,n t Cl r t U ild PubU. McounUnt .. lectad by
the Unhlrlity .. i tt. t hl approvil of tho 1>'u".a .
Th. l,Inivaro ity fu«he r ...... to per_it the Bank or Tru" ee
to eu",iu a t """van lan' ,i., .. all of ltl book. and record. «latin,
to the opnlticn of th l R .. ld. "ce Hall. and Olnl"1I Focili ,ies or the
colle ction cf the l taOunt l fer rO<>lll, board, or eth .. chargeo pledged
in S_<tion 6 abova .
SECTION 13
REPR!S£KTATIONS AIID liARAAKTIES
The Unlv.u ity .. pr""n~ 1 I nd " u untl that,
(.) Reponl ot the lInlveulty dd i ... r":! t~ tha h nk 0<><1 the 1>'UI U ..
27
rupeot!n, the put rucord oC lu ""roll,.~ne, uUaatu of future
eoroll ... nt ond utLutu hHdn .. th project unnu" £rDOl the
Re&1dene. 1\.0 111 end Dlnln, neUltln, tncludtng nudent uu thou_
of, fairly repuu"t tho p .. t uperienee of the I)ntv"rotty and re ­n.
ct It I but juds-nt .. to the .... ttero 00 eotu...ted. Since ,h ..
lub,d .. lon of l uch report l . there h .. be.", no ... torlal advoru tha"g.
In any of tho particub .. theuof , Or roetou r ebtlng thereto,
(b) No litigation 01' gov.rn ...... tal pr<><: eedl,,&" a",,- pending. 01' to the
knowledge of tha UnLv.roit, threatened again .. tho lJntv ... 1ty .... ich
could have a _t.rial odverle dh« on thil flnandog or the ucurl,y
thudor.
(0) Itl prinCipAL plaeo of bulinul to ltt. Plu .. nt, Michigan.
(d) (t) TIl. pruidini o fHcer ot the "", .. tlng ~t "hleh thi. Agr ...
""'nt .... approved by tho Board InqUired of the merabero of tho Bo.rd
whether any .,,,,,,ber of t he Board ..,as an officer , director, e!O.ployu or
H""kholdo .. oC th. Bonk, ~he Truatee , or ~n Arhor Bank ; union ~ .nk
6. Trult C<>mpnny, (icond R.apid s , Micbigan; Citizen. ~rci& 1 6. S'Vlnll'
Bank, Flint, Michl,n,,: S<>cond National Bank of S o gl n~w; P~opl • • Noclonal
Bonk ond TrUI' Cooop.ny of 80y City; . nd Ci t y hnk 60 T'ru.t Co •• NH!O"ai
Alloclnlon . Jackson. )llchlgan .
-------
(II) Prior to the "",ettng of the Boud, A directiv .. wu
drcul<lud to all orrte ... of Central Hlchtgan UntYantty e nd in
.... ploy..., ...... 0. In tbe case of thlt. latt.,.,.. are or "til be enseg .. d
tn tho .. tthln financing or Project a • ." agent or repre. e<>totlv" of
th .. loa.d of Central Michigan Unlv .... tty or in any oth~r ".y, In_
qulrl"R .... e'he. a ny of . uch oUtun . nd """,Io,u . .... a dirocto ••
.... pioyec (including pr .. id. nt, i"" .. a1 OIanager or other .i .. l1 ..
executlye offleer) or """kholdor, directly or indir .. ctiy of ,h.
Tru"" or ,h. B.nk or ony h nk n ..... d in (i) hereof or if he or .he
h~d 0 diue, or I"dlne< Interest in the ..,ithin fin a ncing.
(UI) No I " c h "","",cr of tbe Boud or officer or .~ch
.",ployo. of Centro I HLchlso" Univ. r . lty di.do •• d 'hat ho 01' 'he ....
• director, cmployee (InclUding prel ident, gene .. 1 ... noger or other
• (",n.r uccut lvo offleu) or oto<:kholdor. directly or Indirectly.
of dthor tho Trustee, tho B.nk or Any of the bank< na.ud in (I)
henor or that .... or Ih. bad direct or indirect <nteron in the wl thtn
!in.ndog, o ~tept:
28
( Iv) "ny and all • ....,h Intere ... in tbl TruHee, the Bank Or
any of tha bank, "_ In (I) hUloC ..... ich _rl dhclond by .... be ... of
tho S"",rd or oHi ..... or ecoployu, of Contrd !lichisen UniverS ity _u
Cully dhcloaed to the Ic.rd prior 10 tho approval of thio agre_nt,
let forth in .he reco.d oC the Icard and. cop, thoreof h included a.
a part ol th~ ... olut i on o f the Icard approving t hl within finandng.
(e) It hu 10<1 ... , -.1 on tho buh or PUt ""pui.nce th.t tho R .. ldonco
1Ia1h and Dldn8 FodHtiu .. ill pr<>duce at l ... t l"ffici~M Hau l inl Not
lncOl'O<l to OIUt tho p.y .... "t sc h.dub se t Corth In Section 7 above .
u, Tha prel1,oinary work on tho U nt three buildlnl' (48 apartunt. )
oC Proj . ct Part lU .... In proare .. prior to Mil, I, 1966 and the con_
otruction of tho I~cond thr •• buildings (48 apar t"..n.,) of ProjeCt
Part HI was in progre .. prior to Jun. l, 1967.
SIICTIQt,· U
EVENtS or DUAUI.T
If anyone or ..,no of the foUowl", ,""fllts herein called "Ev~nt.
of Default" .hAII occur ond b<I contin"in,. the principal o""'.mt of
the Moto and .ctrued InUr .. t tbereon ' ha ll bee_ due A"d paya btl
upon th. d ...... nd of etther the Bank 01' the Tru.ot ... :
(a) Defo,,1t 1n the pa)'lllont .... on duo of inurnt on, Or the
prlncip.O.l of. tbe 1I0t •.
(b) Default in the ob .. rvonco or p •• fo ...... nu of any other
part of the "I.u •• n< of tho Unlverotty herein .. t forth. and
tho continu.nce th ..... ~f for thirr, (30) da y. a fter n~tlc.
th .. ...,f to the Univ onlty trOll olth .. tb . Hank or tho Tn .. t u .
(c) "ny tepr .. . n t.ciono Or .. a .. ancln _ de by the Unive ro 1ty
herein. or a ny r.pu .. nCatlc~ or warranty mad. by <he Unlyet­s
lty in any upon, UAU1IOent, ooh.d" lo , or c e rHfica t e fur_
niohed to tho &Ink or Tru .... pun""nt to thll Agr eement,
proye ~ntru e I" any ..... rhl r .. peet .
S~CTION U
~oreDY 011 DEFAlILT
In ca .. of .... " .... t o f deCe"lt .. de fined In Section II the
29
Trult .. .. y, .~d on dluction of t ho Sank s ha ll:
Co) Proceed to .~ l o~o e it. rights ond .h. r l,MI of the Bank
e ither by •• nd ...... I, . pociHo p. rrormonce or .ny other ,,,H·
obi • • ffh ...... tv. remedy, ' 0 c",,"pel the Unlver.ity to porfor ..
.. ch ond .vuy covenant h"rrin conu1nod, or by Injunction
to prev.nt .M lIniv .... l . y from pe rformin, any oct in vlolo·
.10<0 o f lAid COV.nontl.
Cb) Dellgnac. 0 r.celver to toke charge o[ a nd "no,. lAid
1l00Id ... o. Hall. and Dining r oc U ttlu a nd wh.n Ut. Trult ••
.h .. ll do 00 the lIniverol.y as""u '0 a ppoint tho peroon 10
dell",oted .. l uch receive ... Ith .ll the power I nd outhod.t)'
It con la"fully conhr to cont rol and regulat. tho oporot l on
of uld Il u ldenc. na llo and Dining r .ctllt1e • • tho .. 10. to
lIIlich t hey "'"Y be put ond '0 I ",po .. ond colloct chug .. . Cu.
and ronto hr tho Ule t henof upon a ny u.erl . Inol udlng t h.
lInivo .. lty or ony of It. hculty or H udento . to oupple",e" t
Or uplooe . .. en_ cu . ".r be . charles f or mo", ond bOlrd to
be chor,ed u ch Huden t therefor to the ntent the unlveulty
h .. btl.d Or h llo to .. dntaln ond c olloct u id ~"'un" ond
to />oy ... 0 to the Truatec In ac c or dance wi t h the provitlon'
of thll ... g ....... nt. Th. University "grees to c<>mply "lth and
en[o .. e .11 orden and r equl re..enU of luch r ecc\ver subject
only to .uch reuonabh ru100 and ugulationl It ....... ke for
tho lon.r ol ... \f.n of the .,udents of C""tul lIlchlgan Unl­vorolt)'.
(e) S.cur. th" a ppoin ..... n. by a court of c_peteat jurhdlc­tlo<
o of a r..:c\vu '0 . ok" chug_ o t . .. d ntotn a Dd ope .... o
uld R .. ld. nce Udlo and Dining FoclHti .. a nd to .. tntoln ond
tollect board cha., .. . re .. ond ren .. thuefor und ~r tho Juri.­diction
ot the coun .
Such right . ond .. ,..dlu ' hl U be cu,""ht lv. and any t"O or
.,., .. thereof ... y be eKneloed by t he TruSt ee ouoeuo l valy fro," tiIM to
t1<>& and .ny faUure on t he part of t he Tru . t .e to oct . hall not to n­.
titute a "ai~or of II ny right or r emedy lIIlich the Tru"", or t he ~I n k
... y po ..... herounder.
Th. Unlv . ... lty ' ''pre .. l y authorhu the Tru l t .. t o bring any
of tho oetlon. at 10" o~ in equity her e in befou _ ntioned and he reby
""lv,, any t.a.n l ty to be proceeded "1.lnot ~,herein luthod .. d which
... y uht by U Uon of ito b.l n, a . ubdlvbion Df th. S . . .. 'over n .... or.
30
Upon wri tten requ .. t by the link. t ho Tru. u " oholl " . lve
any default h.roundor up"" c .. pl !.n .. by tho Unlv. ro ity wIth all
of t he ooven.n ... condition •• nd provl.lool hore ol . including p. y.
_ nt in full of all __ t . then due und.r tho tenol of thi. ""rn'
_nt Ind No ...
In tho "'.M tho hnk ' hoU direct tho TTu . ... to exercln any
one or _ ... of the Trulue'l r_di •• 0<0 default her ein authorhed.
or Incorporat.d h ... ln by uf . ... nc. and .hal l p.nonal l y ind~mn ify
the Tru .... .. provldod In Sectl"" 16(.) her . of and the Trult..,
.hell feU to t.ke .""h dol l,n.t. d .. ",Ion "Ithin lift .. " (is) day.
d t e. hovin, rece ived written notleo of the 0.,.. ond being I ndeowtlfhd
.. provided . the Bonk ' holl hove the .. l,h t t o and .,oy ue ~c l .. a ny
ond d l of tho ReNdl .. en Oofault h.nln auth orized or I ncor porated
htuln by uforence .. If tho t."", "'u bei ng exerel. ed by t he
Trustee.
S~CTtO N 16
OtrrlE5 OF TIIY. nUSTEE
tho {ollowlnK ~ .. tor.,. and condition. undor which the T''' ....
a cco>pU tho Tr",,:
(a ) ... 11 npr ... ntoUonl of t act herein ue aSteed to
b ..... ,...." .. by the Ilnlv .... l t y Ind ehall not b. COft·
n . ".d .. _d. by tho Trultto.
Cb) The Trult .. Ih.1l h.ve "0 uoponllbliity for tho
voUdlty. b.cution or .cknovI.d ..... nt horeof. o f t he
Hou "c"rod " ... by. or the "atu ...... t .... t Or __ un, of
the .. curlty . Horded "e,eby. or for . ny bruch of the
Unlv ... lt, of . ny eov.ne ntt hudn c",,<dnd.
{oj Th. Truo .... laV, Cor ,ro .. nelUlence or "IU[ul
al.conduct. t holl not b. Uabh fer I ny lou or d ....... g.
what.eever .. la lng <>ut of ony a etion 0. failur. to act
In connoetlon with tho oblll'tloni o f thl . ... 'n .... " nt .
and . ha l l not be lleb l o for tho ourd .. of .. ny d1 ot u ·
Ugn 0< po"er h<:< ound u . 0< ",l ... k. of j ud8lOent . or
o,"',wll • • ue.pt " Ulful "'(lCgnduct or ,ro"
nogU,onct.
(dJ Th. Tr ...... Ihe ll bo protectod in .. ny f celon taken
upon ony notice. r .. olutt .... . req ....... con .. nt . c ertificat" .
a UldovLt . or other pop ... believed by ito oUle ... to be
31
g enuin e , and to have be~n p .... ed by the proper party or
pan le& 'thc 'trustee . hall nOt bo bound to recogniu a ny
p eroon a. t he holder of t he Noeo , u n \e .. and untll t he
.a",e 10 submlt<ed to t he Trus t e . fo< inspec tlon as required
and ito title certainly ooe ~ bH . h . d, if d is ru tod .
(e) The Trustee may s e l ect nnd employ . uitabl e agents ~ nd
Htorney . . The reuonabh coo.po nsatlon of t he TruHe .. and
su c h a gent> "nd Htorneys sh all be pa id by t he Univer.l.ty.
The Trustee s hall ho undor no obligation or duty to pedorm
any ac t her~ u n d ~ r or dofe nd . ny suit, u n l ess indemnified
to i.to .atid;tctl.on.
The Tru",oe sha ll hol d all .u"'s received hereunder In tru st f or
the benefit of t he Ban k , and . ai,l f u nd s hall be used on l y (or t ho
pu t)'os." "nd i n the ma nner herei n sot fort h.
SECTION 11
MISCELT.A~EOUS
Any not i c e Ql" d. 'Mnd .mieh by t he provUon. of thls ~ gree""' nt
i . <oGuired 0< provided to be served to or upon t he Univer. it y , ~anl<
o r the Trustee, r e. pectively shnll be deeme d t o bo g !.v~n or .crvod
for .11 purpose. by being <on t .s re giotered mo.ll, po. u ge pu paid,
a dd r essed to the Bo;trd of Control of C~ n lu l Mlohigan Uni vErsity ,
Mt . Plea<,1nt, Hlc h lgan. 0< to Natlon. l Bank o f Denoit, Det roit,
Ml c hlgan, or to Ann A<bor tr ust Company, Ann Arbor , )lichigan re . p ~ <_
tlvoly, or i{ any othor ad drn. shall a t a ny Urue h des ignat e d by
any of t hc", In ..,..lling to the other to such other ~ dd re ...
No coune of dealing bHwe." t he Untvo .. ity , t he BanI< and
t h~ Trustee or any of the", or any de l ay on the pan o f t he Ba nI< or
Trustee i n oxorci . i ng . ny right. heroundH or un d or tho Note . hall
oporate a< ~ waiver o[ any rig ht. hereunder or und@r t h@ Note or
o t herwise .
If a nd .. hen the principal and l neeru t stlpul ated hereunder
. hall have been paid , or the Univ@rsity shall have provided for .uch
p.Y""n t by depo.iting witn t ho TruHU er th. Ba nI< the amount 01 th~
pdncipal of , ond occruQd interes t on , the Noee te "",turlty , or to
t h@ da te fixed for p a l"""n t .. h erdn provi ded , then tht. ~greemen t
.bd l be to r .. (nat.d a n~ .h. ll b. of no furthH force and e !f ~ ct as
to tb" Univ ersity , and upon request of the Un l.versity, the BanI< a nd
32
\
I
I
'I
'tru8tee s hall execute an lnstruillent spoeiHc olly r ele .. i ng t ho Un! -
v e rsity fro", the Coven ant> hHe in,
Should any s ection, .ubsect ion or .entenc e of this Ag r e. ",ent
be hald invalid fer any r e8Mn, .u~ h holding . h all Mt b~ oonstrued
.. affecting the v~lidlty of .. ny r emaining poreion of . aid .. ~t1on
or oC thi. Agre e" ent.
Thi . AgrHOIont may be execuud .1""ltoneou. ly in H ve u l
counterparts , each of .micb sbdl be dee"",d to be an Origin a l , and
such counterp;trc. , together , s hell and "ill constitute one and the
IN WITIIESS IIIlEREOF , the Boa r d of Cont<ol of Centrol Mlohlgan
Unive rs i ty has caused t hue presents to be . i gned by
__________ _ ____ 01 Con tul Michigan Univeul.ty,
a t t u ted by ________ ____________ , of CeMul
Michig an University, a nd ... aled "ith ito <orporate . eal, and the Ann
Arbo~ Trust CoOlpnny has c a uoed these p" .. ento to be slgned by
______________ , attuud by ______ _
~ nd u4lod with i to corporate sed , and t h@ Nat10nal Bank of Detroit
hn. cBused these presen t . to be execu t ed on its b ehalf by i to Vice
Pre. iden t and ito c<><pora t ~ se a l to be hereundu . ffl.xed, all on ,he
_________ day of __________ __ 1967.
ATTEST:
r Sea l ]
ATTEST:
r Su i]
ATTEST,
[Sed]
Bo.\RD OF CONTROl. OF CENTRAL
MICHIGAN UNIVERSITY
.,,--------------------
AIIN ARIIOR TRUST COMPAIIY
.,,--------------------
NATIOIIAL BANI( Of DtrROIT
.,'-----------------
EXHIBIT A
Mt, Ph.unt, f' lohl.gan
_ __________ , 1967
On or befor e November 1, 1969, the Board of Control of Centul
MIchigan Univers ity, a body corporate, cru t .d by and "xioting under
th" conotitution of the State of Michigan, proml ... to pay to t he
33
ordn of N&ti01lal 'anlt of Detro it • • t lt5 .... In oHlce In t he Ctt,
of Detroit , Mi~hl ,.n, in accordano. with th. provilion ... t ford'
bd ow, th. l utO of
toaether wlth in t e r u t thereon .. follow s: " (. ) ) . )/41 pac aon .... until .... turHy • .mleh .hell be Noveabar
1, 1969;
(b) 6-1121 ther u ft.,..
PuuUlnt t o th . provl. IOTlI of SecU"" 7 of • eeruin Houl lng
Rev enue Finandnl and Security Aarel"",nt betwUln th . m.ker and pay ..
hereof and Ann Arbor Tnll t CoIop.ny, .. TruH H, d.t.d .. of Nov •• b.r
1, 1967.
(.)
(»
Semi- .nnual interllt p.,-nu , hal l b ..... d. on l'I4y 1 end
lIov""er 1 ln neh 1"" b.,inning Ka, I, 1968;
On NovUlber 1 . 1969 , th principal bahno. together "Ith
unplld .c ~ru . d 1ntarut , h all be paid in la .. !ul IOOuy of
th. Un lt <>d Statu In th. avent th .... k,.. h .. b u n . b h to
cocaply wl th Section 4 (c) of .aid 1I"". ln8 Rev e nue Flunc_
ing and S<>curity ~1'I_nt. or if not , In l hu theraof in
the Con_rtib l ~ Note of th .... ker II providl d for ln s.,,­n"",
4 (d) o f said Alo_t .
Thh not. 11 Io lu~d ""rouaDc t o Ac t No_ 48 of thlt Mlchleln
Public Acts of 1963 pnd Extu SUllon), .. _nd.d , \0 .ntltled to
the b e nefito . and i . l ubj ect to . 11 of the t er ... and condition. of
& !lou s lng Rev.n u. Finandne and Security Agu . ... nt bH"een the uk ..
• nd payee heno! ond Ann Arbor Trult Cocop"n y . II TruHu . dated II
of Nov_e r 1, 1967.
ATTEST: _RD 0' CX»ITIWL OF
Cmnw. MICHI G,," UNlVE;RStTY
EXHIBIT B
CXlMVERTtBLE NOTE
_ _ ____ • 1961
On or bdore Nov. mb . r 1. 1986. t he Board ot Control of Cent ra l
I-IlchIg= Univulity. a body corPOUt. cr .. tcd by and . >< h dng under
the constitutiQn of th suu o f Hlchl,,,,, , prOllinl to p. y to th_
order of National Bank of Ot!tro i t a t It l ... In offlce In t he City of
Ot!trolt, Hichi,on, in . ccordonce .. lth the prevhlonl Ut forth b.I .....
t-OBe t-her ~w Uh InUrnt theuon .. fo-llow-s : " )
( a ) 6'1. per annl/Ol until ... turlty . which .hI,ll b. November 1.
1986;
(b) 7'1. t hunft • •.
Puuuo"t to the previlloni of Se~ ~ ion 7 of a .. rUin Hou l ing
R~ ... en .... Flnl"cl", Ind s.curlty ~ .. e_nt bet..,.. n t'" .. ker ."d plyee
hereof . nd Ann Arbor Truu eo.pen, .. Trun .. , d.t.d .. of ~ovember
1, 1'67. pay .... n .. I h. ll be ... d. II follow&:
(a) $_I. _&nn,,01 Intere .. pay ... n to I h l ll b .... de on 1-IIy 1
. nd Novuober I, In each year, b_alnnlng 1-IIy 1, 1970 and ending lily
1, 1976 .
(b) Annual fud "",....ntl of pr 1nc::1pll and in t ... .. of
$715,000 b~Blnnln, on No ......... r 1. 1976 and on 1 .. 1\ !(ov.lllber 1 th~ .. _
I rUr until .. turity or until lueh fln.n ein, I I pdd in full, whiCh
p. ,.." .. . hall b • • pplied flut on lnUu ... nd the bllanc e on prln _
dpal.
fbi . note il hlu. d purl u an t to Ac~ No. 48 gt the Michigan
Public A~ tI ot 1963 ( 2nd Extra SUl lon), II a""ndl d, I • • ntitled to
t ho benefH • • • nd I • • ub Je~t to I U of t~. Onlll ond oondltionl cf .
I Houllng R • ...,nu. Financing and s.curlty Agra_nt blt_cn t he .. k. r
34
and p. yee henof . nd Ann Arbor T<u.t Company, .. Trun .. , d. ted .. of
NOV~""H 1, 1967 .
Thh noU 1& ccmverttbh Into BondI of the ",,"k ' r upon . ixty
(60) d.y. "" lttln notl c . to tha "",ker • .mieh Bond . .. Ul be in •
tot.l prlndp.tl aMOunt ""ual to dl unpaid in te r e ... nd prlnc ipd
hereunder, an .. ddlned In .nd r-'lu ired In SecUon. 2 .nd 4 (e)
of the ~ for .. ald tIOIJlln, Rev.nu. rin.nelng Ind S.curity Agu _nt.
AttEST : BOARD or COIITROL Of
CEN'I'RAL MICHIGJ,N UNIVERSITY
£XHIBIT C
(S a"'ple 5ond)
STATE OF MICHIGM'
IIOMO OF COIfTROL OF CEIITIU.L I((CHIC; ....~ UNIHRSITY
(1100 known If "'"rd o f Tru ..... of Cencul Michigan Unlve ra LtyJ
HOUSIIIG REIIJl;UE 8000
SERHS
(H ,000)/ ($1. 000) ""-----
KNOll 4LL H£~ BY THESE PRESENTS , th.t t he lIOud o f Conttol of
Central .'Ilchl,an Univuo1ty •• i.o kno..., .. the Soard of Trust e e . o f
C.ntul Hlchl,an Unlv. rslt y . creat. d by ond exlltln, u nde r the
oonatltutlon o f <he S tate of Hichl,en (herdnaftor ..... t it,~ • • a lied
the "Obliser"), f o r value r ""dv.d premises to p ay to the bunr
horoef. or I t thll bond is duly nIl1 ... «d, to the reghtercd o""er .
, o ldy fro", HOUII11& Nct Inco ..... .. defined i " tho Tru lt Agree .... n t
herein rC[HUd to, t h~ l u", of
( F1vt.)f(O~E) TIIOUSAliD DOLLARS
on th~ flrat d.y of Nove.be r. 1986 ... ith Inte r ,.. t th.non fr"", th.
duo hereof U the rate of . Ix percent (6'l) PU Inn"" . p.y.bl. on
.. 0-",,.1. 19_, and ... l-annual ly thuea f tor On the first day o f
1-IIy . nd Nov eotber of lIeh year, u ~o n prucntatlon .nd l urandeo of
th. proper Int ~u lt cou p",,, h.roto ' n n.x.d .. t hey u v~ .. l ly beco..e
due 50th principII I nd inter u t on thlo hood .re ply.bh In h wfuI
lOOne y of th. lItIltl d Sta te. of """"d • • U Arln Arbor Trult ("'"pany.
Mn Moot , Mlchl" n (he r einafter . """tl .. ,.. c l tl od " f rulta e"). a nd
fo r the proept paysent of t he 11010' of bond. of whloh thb Is "" ••
the enUre lIoudn,!l1t Inc"",,, ... d.ftn. d In the Tru . t Alte <'<l>Ont.
10 Irre voc.bly pled,od and. Hnt lion .. t.bUlh.d <!>e re<>n.
Thi. bond 11 ono o f an I ...... of ~ond , 0( eHn "u •
• nd Ilk. teno r . anre gating th. prinCipal fum of •
all I"ued purauont to • r .. olution adopted by tho Obligor on
, tr",;C.,-";;;';;-;-,,;«' and I T~u ot .'.greeo:nt exlcuted by t~"~.--
061t80[ . nd Trult ... dated as of for th~
follOwing purpo ... : (.) p r ovidin, funda to conUruct, Curnl.sh and
equip. ne" Ru ldenee !!ali Co.plu. kn""" IS South",.t Qu.drangle,
wht~h .. ill provide hou.lng . dinlnl .nd .ppur t eunt 'ecllitt .. for
.pproxlma te ly 1.504 .. ..,d on t . on the Uq>ul of Ce ntral )!lchlgan
Univerolty In Ht. PII ... nt . HkhIS''': (b) conotruct, ("rnl l h . nd
equip . n ' pltt"ont oomp l e x to be kno,," .. Noren" • • t Ap"""ont! •
Ph ... I which will provide ni"lly· . h u p.rat e ap.re.en .. for
..nle d otudent. On the c a.,pu. of (;cnnal .'Ilohl,an Unlv. nity ; Ind
(e) th. ret l ... lnl of I n "'Ioting bond 110"'1 deol,"ed 10 that <:e rta ln
hou. l1\3 reven" .. ""'1 b. utiliud to ... lo t In the finanolng of the
conltruction. furnlohins ""d e qulppln , of .. ld South~ .. t qu.drangll
.nd North,... .. Ap .. t H nt . Ph" 1 I, pur ,ua", to .t .. utory .uthor lty
guntod to ObUlor by Act No. 48 of tn. Publio Acto or HI.~hl g .n of
1963. (lnd ht u SaU Ion) ...... "d. d.
Thl. Hond II ( .. " e d PU rlu . nt to and I , governod by , ply.ble
only fro,," H"".lnll Net lneome .. def1n~d In • • nd t •• ubject to .11
of tho, ten .. . nd eonditionl of tha TrUlt ",re_nt. hid TtuSt
35
Aare_nt totedn. I o""",le'e HU ... nt of the purpO" , for whiCh
chI bond. WI .. luu ed, I deoc rip tl"n of the natura Ind Inlnt o f
chi •• curity, en. , .neral coy ...... , Ind provio lon. In .. bUDn
thlnto , the riih eo of the ho l da n of t he oond. o f oh lo t .. ue I nd
the obll,nlon. of thl truHU I .
80mb of tlllo luue oh.U boa ... bJ ect to red_Uon print Co
.... ur tey U t hl ope lon of chI ObUIor . It pl . Ind accrued inc .....
to t he dIU of Ud .. " tlon on a ny In t n n t d a t . , fr .... \lou . i", \lH
IncOlOOt a . p ." v l d.d i n u ld Truot Alu • .,en t.
llond . of thll l l1UI .hall b. l ubj eo t to ud."ptl on .. I whole ,
or l n port i n Lovenl n_r loo1 o rder p.i or t o ,.n urlty fro .. any
fun<b avanabll to til.l Obli gor, on any lnt.rllt dlte , at p ar and
.cerued inurllt to t he dot. o f r.deq>Uon, p l ... pre. l ..... (e~pr .. lld
in. per<: en tag. ot pn) In .ceord."". vlth thl t o ll"",lng l ehedul.:
n of tho pu v alue o f • ..,h bond rede ... d pr ior to
Novmb<tr I , 1976 .
Z7. of tha par v a lue of each bond nde ..... d on o r d t l '
No"".,ber I , un, but p r ior to Nov . .. bu 1, 1919 .
11. of til.. por VII " . o f IIch bond r edee_d on o r .Ctlr
Augu" I, 1978, but prior to Novembl . I, 1983.
No premi ..... l hall be pold 0 .. bondl rede .... d on or d t et
Nove .. ber I , 1983 .
T .... ., t y da y. noUce of t he c all of any bo .. d . for red emp t ion . h.ll
b. g i v . .. by the Tru. t ee by publica t i on i .. a ...... p.p •• ~ i g ...... 1
~iro" l nion in t hl CIUII of n.t ~olt, HI~hlgan .nd Ht . Pl u .. nt,
Hlchi g . n, and ln e ll' o f ..-glotered bo .. d . by 11111 to the n g l s te red
. ddr.,.. . Bondi 10 clned for redeooption .holt nOt bol" l nteru t
af t er t h .. d.r. Ched ( or redemptiOn, p.ovldld fund • • r . on h a nd .n t h
'hI Tru .. u t o rede ... u id bond •.
Th10 b ond to f ully .. e goUahll un leo l reghtoud .. herein pro­v
ided, ln wh ich .vu t the coupon. onl y ohall he "eaothole Ind tUn ' ·
f e toble by d.l1very.
Thi. bond ... y be r eals tered II t o princl.pll .... l y tn the n_ o f
.he hol<l~ r On th. book. of th. Tr uu ••• I nd auth u g l . t ratt"" noUd
on the u ghtr.t lon b1 l n~ p riMed on tho blclt h.noC, af t e r ""Ieh no
, unl h r . hll l b<I v a lid unl .. 1 ade on t .... booh Ind oote d hera"" i n
Ih ..... nn •• , but ...... fe ... blllty by de U very .... y bo u .. o . e d by roSlo ­t
u tlon to bur. r. Suoh regtltution . hllt not dfect th .
ne,ot iabi11ty of the i .. t e r eo t coupo n l ,
No reeou .. e . hall be hId for the plyment ot jY lnelp. l o r l nterelt
on t h l . bond Dr Iny chi .. bl .. d t MUOD ogllnl' the Stato oC HieMaan,
CM Obligo r Dr . n, _ ber of the ObLigor , o r Iny o f ficer o r agent
t !>ore of, n i nd i vtduIls, ett!>o. d i r e ctly o r Indl rec t ly . In ,ddit l on ,
no obligation ho .. under . hall . ",or bo or bee,*, • charg. ogd"" the
,en ... l fa 1th Ind c u dt t oC .h. SUte of Hichl,ln or the Ooll,or, nor
. h olt the .. "'" boc.,.,., • 11 ... on or ucur ed by ony p r ope r ty r Ul ,
per l onaL or ",Lud of til.. Stat. of Hlc hi81n or t hl Obllgo., but all
. uch obligl tion., lno ludlng princ l p&1 I nd in t .... t •��� h oll be plylbto
,olo l y f r .... llou olng lIe t Inc.,.,. II de fl n.d i n t ha Trun AI .e ~nt.
Th. obll,. tio n. lilbili t y . nd payme nt. h. u uoder are herl by .. de
pu ..... nt t o Ind a r l . ubj. c t to t he provi. i ... o f Section B of Ac t
" 0 . 48 of tho P"bllc Act. of IIleh 18'" of 1963 , (2nd Extr. S ... l on)
.. _nd . d . All ot her Itl hilit " I xt e pt .. . "l'r .... d in . old Tl"u . t
4ret ... nt, II by t he Icceptance heraof I nd .. a part of the
con oideutlon Cor tile I .. u. n.o he reo f . "l'r u oly wolved.
Thh bond .""U not b~ .,... val1d Or obligatory fo r . ny p ~rpo ..
until . " thenttc.tad by the .t,natu r . o f t he Tru.t .. to t he c e etlflc.t.
h _ reo.. .
IT I S HERElY CDTUltD AIID REClTEO that .U act. , eondlUMI
and t Mng l ra qulred t o be don. , to happ. " or to bo porCo..-d ,
pr e c e d e ~t to and i n the i ll uanci at th l . bond, have be .... done , hov.
h a ppen ed a nd h av ' b .... pe rfor ... d i n d ue tt ... , f o"", .nd ","nner, ..
required by low.
IN \illNESS IIl!EREO!', the laI rd o f eo .. trol of tentnl Hlc higan
36
Univ ... l t y h .. . Iuu d chto bond to b •• 1,ne d for 1t I nd in i to
.... h.lf by chI Prulden. of Cantul Mi chl,on IJn lv .... i ty o r tho
Cha i """n of ehe Bond of C""croL of C. ncu l Mtchigan Uni versity
I nd t he Sec rec .. y Or t he Ta u uur o f oaid t>oard, I nd t he cnrpocI.O
l ui to b.o !\e u unto d Hud , a rel h .... u •• d t he Innu ld in tuut
:f:'::::" =':"="=':':':':":';'_'-,;':_",',:~t::~~ 1::::, b:1~" :. r:~ I~ ~! I~l;!~n:!;r. _ • II. D. 19 __
Hte,, :
BOAIl/) or CO tfTROL OF CEN'TRAL MiCIII GAN
UN IV~I\S ITI
",,,,,,"",,,,,,,,,,,",,"",,,,",,,,,,;-- P ... idut, Con tral Hl chlg . .. Universi t y
(o r Ch.l r ..... , Boord of COntro l o f
CnUIl Mlchi,I" Unlve .. l t y)
sec r et.r y ( o r Tn .. unr~
Bolr d o f Control of
Clntrll Mic h lgl " Unlv ... Uy
(Fo r .. of Coupon)
."---- - - ,- --- -
On J a nuu y (J u l y) I, , un Ie .. tho Cen t ro I Hlo hl gO"
Un i ve u l t y Hou l lna Rove" " e Bond, h. n lndt « ... .. Uoned, I h. ll hIve
bu n prov!oul l y rodfte _ d, t he loud of Contr"l o f C, nt n t Hlcbiaon
U .. I ...... lty pr"",lIu to p. y to bener, f."", Houolna ~I t Inc",""" ..
d . flned In t he Truu Al r""'"t PU rl"O"t to which Ilid bo .. d l a
lIaued, t he , UR of ,-0'-"''''''",,,,""''''';;'''''''''''-'''' DoU .... , lawf"l ...... y o f the United St atu of _dc a, at Ann Arbor
Tr u .. C""'p" " y, of Ann Arbor, lIic h IS"' _ b<l ing the in ter u t due thlt
dIU on Ce nt ra l Hl c hl,." Un lveulry Hou o l ng ~.v.nue lIond d a ted
I , No. .
60JJtD or CMROL or CE~'nU.L HICH ICAIl UNIV ERS ITY
."-------------.c,u"".------ Tr . .. ura.
miS IS Ttl C~RTlFY th.t tho within bond t o one of the Centrol
Hi c h l ,o .. Unlverolly lloul l .. , Rtv~u. IIond l d .. c r1 bl d in t he Trust
Al r . . ... n t heroin re f . rrod to.
Dot. of
hglltntion
ANlI ARIIOR n UST CCf1J'ANY
.,-------- ---,"""""' .... ,,--­Aut
hor l u d 4 . nt
(KeS- l U ntlon)
Ma_ of
.. xh .... d Own.r
37
Slgnl t" .. of Tru ....
Ann Arbor Trult CO!!I!>any
It was moved, seconded and carried that the following
Resolution r elative to the Issuance and sale of Central
Michigan University housing revenue bonds In the
aggregate principal amount of $2, 000, 000 be adopted;
RES OLUTI ON OF THE BOARD OF CONTROL OF
CEhTRAl 1I1'"16A" U~IYER~IT Y RELHIVf TO TH£ I SSUUC. AND
SALE OF C£~UAL MICH IGAN U~[VERS!T T HOUSING REVENUE
BONOS IN THE AGGREGATE PRiMCIPAl AMG\JNT OF
$l,DOO,OOD,OO
W ~ EREA 5. the SO ,,·. of Con t rol of C,.t •• 1 lIich ig""
Unher . 1t~ • • 1.0 kno~ . .. Cl ntr l l IIl cht~ .n U."or<1ty 9oar •• f
TruUI .. . (hlrolnlfter .... tl r.n re h r red to u t nl ·Bo ... · ), a
body co r porlto . cruUd by Ind , .I lting u.der the Co.st U utlo. of
thl SUtl of M'chlin Ind huhl full constltutionll '"Ihor ity
and lOPlrvlslon of .. , d C, nt .. l Ml(~191' Unhl rslt)'. u In.tltution
... I~g uthority t. gr ln t bl ccllour .. u dogro .. , and contro l of
uplnd't"r .. fro . t ho U.h orllty fun dS . hIS d ~tor ~ I".d t hl t it
II ",,,uary ud f.r t he bu t in u r ll t • • f th o Unh erl1ty. I ts
I n l~ ,plrt .... t co" ~l u (o.s\stlng of .,;ht building. dlsl~notcd
IS A_I, .1.-2. A.J , B-1. B_2. C. I. Col I nd C_3 to provldl hOUllng ,M
oppurtonut hclll ti u for ,pp ro.t . otoly 100 .. rrled studon t fuil l .. .
th o I ntire c.=, l .. b.lng prlSontl t d .. lgn ated IS ' No rthw es t "'pHt.
~.nts. Ph ... II " ; Ud
YHEREAS , I. connection wU", and as I n"I" ory port of
t he fln""c'n9 of the nl~ hOUSing hclllll .. horeh co.te"lllltid
it is n«IISlT., to PlY In tull Ind rotlrl outotondlng reV l nUI bond.
duI9"1t ' ~ SUU 80ard of Edu'"tlon , 'en t ... l Klchlgan College , Mount
P\ .. lI nt. ~ I~ ~ ii.n . R • • ld .... Hi ll RlVen u. ~on d s . dlttd II . f
Soptn l> er 15. 1957 . i n ordor to fr .. tho rn enuU I nd uc urit~ pledged
l utho r lnd by t~h rnolutlon. 111 of .. ,d ou"u.0"9 bond, boi Rg
now lubjlC I to re ... ,pllon; '"~
WHEREAS. to prov l o, thl fu.d. n"uury to ply th l cost
of " '4 n ... opo rt".nt h.U , l n9 fHll1tI .. , and to PI~ I nd ntlrl t ho
.utlt l ndlng D.nds r .... lnb, fOrt rofe rred to. In~ to pro.I. ~ f unds
for conttncenc'" an~ 0 d,bl .. rv'" r ..... e. tho Boord duo. It
"" .... ry Ud up"dlent to DllrrO", th r ough th l h SYlnCl tnd Sill
of flouslng Revl Rue 80.d ••• hI . .. of h ·o Mi ll i on (S2.000 .00D.00)
do l lin . the SUII So bo r ro~oa to bo uSld ond , 110<llld .. follo.,,, ,., Thl su _ . f Onl II t lllon Four
38
Un'verslty.
"und .. d Flny Tho.sud (Sl,HO,oao.oo) 0011 ...
to b. lind 10 PI)' tho costs of tho nell Iporu:ent
bul1dinqs d .. l ~ " .to d . s "Northwest Aplr t~.nt. , Ph ...
,I.I," h • • II .b,'or. rlfe rred to; Tho '"_ or Fo. , "und r.d Twe nty _
Flu Tho.Slnd ($425,000.00) 00' It" to be IIHd to
CODp1ete Iht ply .... n! Ind hterut . , tho outoludlng
bond. dotU IS 0' S.ptuber 15, Us) .nd dUignoted
IS H . t . BO l r~ . f !~ucltj ••• Clnlrol ~ 'chji.n C.ll.g • •
~.u nt Pl uunt . ~iC h' i' "' Ruid,"ci Hi ll R. , onu. ~o.d .;
I"
fin Thouu •• (Slls.oao .OO) Oolhr. to bI Ht .,idl
ond held U I dlbt unici r l tt r vi for tho p"y"ent of
principII 0' Iftd I,lti r u l On th bond. of Ihlo
uthor'ad h .. , I. o«ord'.CI ~1th UI r oqu'rulntl
<pedfl , d In tho Offlchl nun ! nt hlnlnl fter
re' .. r od to , nd In el ud.d I< • pl rt of thi s r ••• lutlo ••
and in th l Trull Ag ... "". t ,"curIng .. 'd bonds; Ud
.II.H ,(R E..A.S . tkl fln onelll offiClr. of Con tral R le h l~ln Arbo r Trust Cor:plny. " Ann Arbor. II Ie h l~ l n.
Flletl .l.gu t 0' , .. Bo .. o. hlv, prep ... d 1.0 s ub.hUd 10 the BO l rd
I co~plote o.d doUl1 l o Officio I Stotc n""t which lOts forth in
.Olal1 tho hr",. con~ltion i . .. cu rlly on d coyon i nts dOU I. nHuSi ry
In connlc tlon wi th " 'd 1. l n. Includ ing t he ~I turlt lls , Intir"' t
rat ll , rU .. 'ptlon pro " .'on,. " CHity I nd ot .. r det a il ••• htl.~
to t hl I " u, of Cl ntrol IHchl gan Unlver.lty KouSlng R, • • • u. ScM ••
which Slid propo ... Offlc101 Stlll ... t hIS bun ,or.ful1y consld .. ro~
,.d r ev ltwed ~y tho BOlrd; Ind
WHEREAS. th~ Ann Ar !>or Tr ust Co"p l n~ , IS fisci l Aso nt.
0" oHoln . ~ a writ len ,o ~" it~ .. t f or th e pure" " •• f .. Id ~ond< .
.w.h ,on IIsu o• • fr. ~ Flrlt of Michigan C.rp.ruion of OIlTOIt. Kle hl gl";
WHHEAS . \hI 10ITd hIS full power unda. It I
cORstitutl on ol ""t horlty and IUp".I,'.n of t ho Unher,H,. Ind
Ih ' Contro l of ""pudH"rU h •• tho U.h l rlHy funds, to Issu e .. id
bonds 'or tho purp . .. . hlre i nb l ,orl r~h rr . d 10, I nd to ph dge
for Ih,tr p a)'~ent tne .,1 jn~ou Ino rU I RU" 'PIC I,,.d In Sl id
O"Iclil Stltuent;
NOW . THEREFORE, at IT RESOLVED If l HE BOARD Of COUROl
Of C[~UAl III CHl(;U Uft IYEUITl . IS ' ollows:
L H i t the eo.rd 0' Control of
Centr, l IIlchlgon University . I ls o ~n.wn IS th l C. ntro l MIChl i/l"
39
Unhersity BOHd of Tr ustees , nor oio after for b.e.ity rlhrrld to
IS the "Boord, ' dO li he rloy deter .. lne and r .. fflr~ thot It Is
oHonory . nd for tho be st interel ts of Central IIlchigIO univer~ity,
its ,tudeots i nd porsoon oJ, to con,trutt, furnhn IOd e ~utp new
• p lr t ~ent but1dln~. specified in the pr .. .,b1e hereto , be lns
nece,,",Y ho",lng por~o,e, of the Uni vH .tty. , . HlH t ho Booed oorrow tho '" ~ of
ho ~Ijl1to" ($2, 000 ,000 .00) 0011 ... 100 l<sue It< bond. thuefor
to pr ov i~e t he fun d. to be i llOCHed .no used tn the .. .,nor and
for tho PHPOseS specified in the preubl0 he r ot o . , . That .. id bood' .h.ll be dest90"od
CEHHAL M ICH I G ~N UN IVERSITY ~O US 1~ G REVE~U E BONOS, ~h. prtnoipal of
" nd tnt.r .. t t horoon t o be pi y ablo ,01 e1y out of net tnto '" ..
doftned, IOd to .ccord ,nco wi th tho re qu1re ~.nt<, t ent< ond <ond i tlon,
set fo rt~ io the Offichl St. ter •• nt fil ed with t hh aoor~ i nd ~. de
• part of th h resolution, ond TruH Agre"gent ho re inofhr r eferred
to, .od 'h all be "su.d itl t hree ~<rl •• , .. follows:
SH IH a O ~ DS
5erhl Bond' ,h.l1 b. in the prtnct~ . l ."ount of
S330,oao . oo, doted .. of Hovuller 1, 1967, ,Ia ll oonsht of 66
coupon bon~' of th e deno"i notion of $5 ,000 . 00 e . c h , n" ",~ered "
66 , l nc1u ,tv. , ~nd .:o turin9 a r to lly on Hov n b. r 1st of nth year
OS follows:
Pr tnc ipa l A~ount
$15 ,000 . 00
$20,000.00
$0'0,000 .00
H O,OOO.OO
$25, 000. 00
$2 5 ,000 . 00
M, turi t y
1970
1971
197Z
1973
UH
1915
Prinoip il A~DU"t
$2 ,.000. 00
$25 ,000,00
$30,000. 00
$3 0 ,0 0 0 . 00
$30,000 . 00
$30,000 . 00
1916
1911
1978
1919
1960
1,81
$35,000. 00 19B2
Soid Si rtol Bon d. ,0.11 hu r tnurc<t it th ~ rote of 4 . 90~ per onnu" ,
~ .y . b1e .. h. roin l f tor prov ided .
~435.MO.OO. <1". 0 .. of Ho.""" I , 1961 , aod .".11 coo . l" of 81
<,,"pon bond, 01 t~O • • n_ Io.,I"" of ,,;COO 00 • • c~, n"",b.,.d 67 'Q
IS3. loelu,"., .11 ... ,u,lng Nov_ " I, 19-91 . 00" .urln9 10' ... "
at 'ho ,.to of 5 ~OS po, . n", .. , poy • • I ••• ~",. Inafto' .,ovld.6.
To,. l ond • • So,I .. ! , .h.1l b. I~ 'ho .dncl.ol ....,..,. of
40
$1.2)5.000.00 , ~"cd •• of No . ..... , I. 1961, and 'ho ll coo , l" 0' 2"1
<OUpon """d, o f tho d.M", ln. tl "" 0' $5,000 . 00 each, n_orod 154 to
400, lnol,,! • • • a l l """ln9 on No ...... , I. 2005, and b ... lng In u ,""
a t tk. ,.t. 01 S.lSl: per . nn ... , p. yabl . o. hu . l"f .. , provld.d .
inu, .. , "" . 11 of .. Id bond. ,h. II b. pay.bl o on ~.y I.
1968, ... d .. ~I-.. n".Ily ,ho,uf .. , on Nov ..... , 1st ond "," y I .. of
c« ' VU ' . bo'n p,lnolpal .nd Inta,." '0 b. p.y.b l . In 1"" , 1 "",n. y
01 to. Unl .. d St u ., of _ ,; co . t """ A,bo, T,"" , _,"Y , ""'n Arbo,.
Hloh'g' n, T,", to. ""do, ,no T,"" ~~ 'O_t h. ' o ln . ft., , . f. rrod '0.
,.,
,eooe""d bv « 'I by lot , In 0" • ."" of ... ,url,y. 00'
of K<t In"' .... E<eo .. Nat 'no""". ood I" .. , ... n,
Ter ~ Sond • • 10,1 •• A, d"o .o .. .ot>« I. 19-92 :
Ter. Sond,. I .. , .. S. d" • • 0'_0' I, lO~$.
,0,
.. . ""Q" . 0' In , 0". In In .. ,,,. ",.,,,,, 1< . 1 o'~ . r. f',",
f un d, o ' her , hon 00 ' l oc""" . ,.«" ~et ' n" ' ... . , " d
" ve" ""n' 'n' .... . on ... y Int . ,." ~oy""", , . to on 0'
of te , Nov . .... , I. '911. at p" .". ace'u"d In te, .. , p i",
• • ,. ~ I ,," on . " h ~ ""d .0 ,.o .. "" ~ (.,p,., .. d o. 0 ~ e , <o " , _
.~o of pat ) In " oo,d ... ,. wl 'h , ho f o ll""l n ~ . 0"eo"I.,
,,% o f '~e p" • • 1 .. ~, o. <h "", d 0
"d Incl"'I~~ l<ay " ;;&;~d /r"" NQv...o., I, 19/1 '0
J% QI " 0 pac vo'ue 01 .. oh bond d d f
and Ino lu dlng .... y I . ;9aj~'" ,o. "ov .. bM I. ' 9Bo '0
2% of tho oor v . I "~ of . ,," bond ,.d . _ . f,,,,. .0 . ...... , 198) to
I'; of . nd i.,I"dlng H. y I. 19S6:
'''a por .. !"O of .. <, ro,d ' . d . .... d I,,,,, No . ..... ' ' . ' 986 '0
• 000 '"oludl og .... y '. '989: .0.,..,,, ... ' ho ll bo .., ,",I ,y •o• Id on bond, ... ......d I,MN ov ..... , I, 1989 ,0
Twen'y day. 00<1, . of ''''' e. 1I of onv toone!. fo, ,od_ 'ion .no ll • •
gl. on toy 'ho T,u" • • ""oer ,h. T,u" . g, ...... nt, h. , . I" ,eto".d ,0.
.y oublleatlun In . n .... . p.p. , of ~. " . ro, <lr<ul .. l"" 'n tn. ct,v o f
Ou ,olt, HI<hl ~ . " • • nd In ou. Qf "~'''o,.d bon •• 'WOnty d.y. no, loo
.11 . 11 too 91 • ., by .... 11 to ,h. ' e91" .. od """or" '~e , ogl". ,. •
• 'd' ....
,. All CQuP'O" bon" IH' . " ~ . ,.uod.,
.h.I I to. ~ . y . bl . to too",", and " onof.,.bl o by d ~lI.ecy "nl ... ood
until th • • _ , holl n • • • h.n "91"".0 to, ,h. holdoc ,h o, .. M 0,
hi' .. tto'n.y '~."u",o o"Iy o"',,",r lnd, In ~d'ln~. "" to"" •• ,0
bo •• pt fo, ouch pur"" .. toy 'ho T,u" • • ","oc 'he T,"" A~ ...... nt
ho'oln roforld '0, which , .. ~I "' .. loI1 .h.I T to ... dor .. d by .. id
41
Tr"" .. 00 ,1> •• "",1 00 regl" ... d. Th. prlnetp.l of Any boo •• o
,.gl " ., •• ,n,1I tl> ••• • f .. ' .. pOYl blo ""Iv ,0 ,h. ,~gl ..... d
"""or th. , .,,!, I nd lOY o .~"t . o ~.,j •• ~. ' I b. valid I,d .ffo«""1
'0 .. tl.fy Ind dl.<h"~ ' 'h' H,blll'~"p"'" .""" bood '0 '''0
.... n' of 'ho . ... or . ..... 0 ~o ld, ' ,0.1.0<1 , H ........ '. ,""' ''' '
"gl",,, ioo of ony bond .ho l l no' In , ny ~oy oH.et ~._n' of
,ot, ,,,, ,,,."00 0' '''0 "",o, l obl1l'y of ,,,. in,",," eO"pon ' '''0'",0
otUChod, whl ... ' ''0 11 bo poyob' . '0 bo .. ,r In 0«0'0",,<> "It" ""
.. "". of .. d on p, ... nu,l"" of .. Id .0 uF'o.". Any bond ,0 "gl".".
... y •• "On" ''''. "" 'ho book. 0' 'ho T,"" .. by , ho rc;i""'d
""nor ,h" .of. 0' "i •• "o'n'y ,,, ... ,,,,,0 d"Iy ou,"o""., In ","in~.
w"'." , " n,for .".11 b, ' ndo"od '''0.000 .y ,", T,"".', ond ~y .ood
... i". ,.d to b . ... r .h oll th'"UP''' og , in bo._ "yo.I, '0 b .... ,
ond "on,forab' o by do ll •• ,V 'n 'ho . .... .. onn .. .. .. foro ,h . ... 1.-
;. Thot n ld ,.,.,d , .hol' b . .. <urod
ond poyo"" out of ~ .. Inc",,", . wh l.h ~ . t Inc""," ..... , . " of ,h.
foll""Iny: ,.)
o~ .. o t ;O" 01 tho ox,,,ln9 ,,"d. n, do' ~ I,ory "n"""' "
e ol"ln. Ho ll «>n",uctod in 19SI-S8 whi,o " .. 0 .~to.
<OPKlty of 312 H.don" .
'" QP". ,Ion . nd " nUl of , ho .i_tv (60) opor,,,"n "
loco tod in luIlOI"9' Ho , . A_I. ~-Z. A-J, ond C- I
of '''0 now OPO""""' <_ lex d"'9n o to ' No"_,,
~ p a " ... n ... Pho .. II. <"",",n<ln 9 " ,"'h ,i.,. ..
,,) In""INn, Inc_ , bolng . 11
Ing dl • • "" .... n' for ~roJ .<t '0'''. ond oi l 'nto , .. '
... ned ''',ough Inv.",","' of f""d. In , h. 0 •• , 'cr.I<.
~ .... v • • , n" in 'ho B .... ..,. Into , .. , F .... d p~dlny ,,,. ir
u" '0 poy prln.lp al of ..,. in"'''' on ,00 !.ond"
All In oooo r oanc. with tne prov"i o"' .nd rc quir.mont' ,ot for t h
in tno OffiCial St.to" oo t ' n" Tru.t Ag ,. .... nt.
Net 1 nco~ . of the ho"<ing fl eilitl .. abovo , oforred
to con ~ 1sU of I II Inco~. 1. " ~, o per ly ollocoUd "n" o"",god
operating .. pen •• s as defin ed and ,pecH l ed in th e Offlc io l
Sht. ~ ent ond Tru,t ~ 9r •• Il.nt .
me Soard do .. hoc. by o ~r •• to chorg" suffiCient roto,
for t he UH of .. td .p octfieo studont "ou.lng facllitie, so IS to
42
~roduc. ,uffici ent liet Incou (.s d. flnod in the Offic io ! Stot . ~.nt
'nd TrHt Aqr •• ~ . nt) wh i ch will moot .11 covenonU . no r.~ujr.~.nH
.pecHt.d In the Offichl St.Inen! .nO Trust A ~ r .. ~ . nt for the
p. y u nt of "l d bond • • utllori,.o by the provhton, of th;'
resolutton . The Boord hrther covooont' . n~ I Qr ... t h. t It will
Idopt, if " oo .... rr, .uch ' '' '0011> 10 rul .. , ,09u h llon, ,no
. equir. ,,""t. relathe to the r .. t denco of <tud. nn .H,"ding Cent,.. l
r.tctdg.n Unh or,tty .. ,h.ll b • • " «Horr to ... ur. Ilia .. t~
hou , ing hcilitto, will be . s fully occuplod durtn9 loch seholatte
yo .. . s is ''''"nably po« t blo .
Th.t tho OHlchl StH . ~ e n t
SUo..lttt d , a nd "OrOI"before refu,ed to, setting forth tho ';et.il,
of Ihl' bond loso " in cl" ~ io~ tho ,ecurlty ~nd covenants ir, ,cl ot io"
t hor. t o , I ~ p llcotlon of proceed" a nd Otc.H ter,lS and , ondition.
in , elation to ttd, l uthori .. ; bond 1<" . is tloroby I ~ p ro,"d a, to
.onhnt . n; for r. , a confor"e ; co pr of ~ hio il is H uo hod to t his
r " olut i on aod '."do a por t "oreof. tne su" OS 100"9" cacti of tr .•
provj,jon< tllor.in eon ta in.d w.re hoc e ln , e p e. to ~ .
Th.t lo ;. \ coun .. 1 to the Soord,
~ it" a. cOop.rotlon ood ... ist'"'" of tho Vice Pre,ide , t for
Business and F1nanc. of tho Univ e rsity ane An n Aroor TruH Co ~ p . ny
aro h r . by dinet.; to ;r.n tho nooo .. "y Tru<t AF"",,"n t H curing
..t d bono, bet".e r, tni, 80ard, ., OblIgor, .n~ t ho Ann ~ rb o r
Trust Co ~ p.ny, a< T,o,tee, ~ lli<h Tru,t Agr •• ~~nt 'holl . ~ oody , in
.~pro~rht . long u.go . nd tor~'. tho covenants, oblt •• tlon ' , I cr ~'
.nd conoHlon" <pecIfHltlon" Interost rot .. I nd othor de U il, ond
, " curlty prov1.ton. nocHsa,y In sub,t.nth\ co~plianc. ~ ta t "o
pro.hion. of t~h ro,olutlO" ond the Offichl St . u ~en t . p~rov.d
"nd 1110.
'<<o utod foe a nd 00 b. h.lf of thi. SOHO by any ho of the fol10~ in~
do,igMad offioe .. of Centrol ~lIc h t9.n Univ n slty, 100 this Soore: ,
to "it : Jud'on W. Fou,t , Pr.,idcnt of Ctntral M1cnt9"" Uni .... ity,
ce N. C. So.e., Vtce he<ldent fo r Bu,tnes , I nO Fin ance of Contr. l
fl1chtgu University, and Jeanne Co111o" Secrehry of t he Bo.rd .
S.id Tru,t Agnomcnt u~on its execut io n, H ner.tn . utood,.;,
by '010 office ... nd ~ nn ~ rbor Trust Co~p.ny, of AM Arbor, IlIchj go n,
a. Trusttc, '"011 b. btnding and effective jn I ccordlnce with
Its t H :JIS 40d provt,jon • . .. That either Jud'on ~ , Fou't .
Prestdent of Cu tral ~tch1gu Univ e rsity, or N. C. Sov .. , ~lc.
Pr .. 1dlnt for So.tn"" ond Ftnonc e of Control ~tohigon Unh e"hy,
Ire hereby authortzed , u powH ed ond directU, tn thO nnt ano
und., tho s .. l of Uh BOlrd , Ind IS Hs oorpor.1t H t ud du d ,
43
t o uecvte th e bonds hl rl t n l uth or t ud. til. th t ","nner pruo r tb ed
In t he l fortrotnt t onl d TruH A~ru aer.t . and to hctlttato the
..... I •• uthortud to u'* their tnlttols t il. lieu of thoi. fi rlt
naa .. . Ind thl coupon$ Ipperuining to .. id bonds shill b .... o.hd
b, tt.e huiaih $t 9 ... tu r . 0' •. C. Bovee . Vi ce President 'or
lus lne .. ud Flnoncl 0' CUltri l ~1 'hlgu Unhers1t,. ThU .. U
offtce .. or. furt h . out~orh.d Ind di r ected to ... cut. luch
o ther docuclnts I nd procu~1rI9' nee",<or1 to effectu .. u tnt nIl
,"d dtlt"'r, 0' IItd bonds to thl pu rch ser t ht ruf .
•• Tnn .. td officers. either tn thl
Tr ~1t A9reeoen t or b, till ,"suance Of the bonds a "t~ort .. d by t he
provlshns of thts r esol ution • • holl not phd90 the cn~1t Of H
crith lOY It.bntty on t il. port of the Stot. of ~tchtgl •• t hts
Doord. Or ""y .. ~b.r or oHlcer of thls Bo~ r d or "oy of tholr
sHeessorl. other t hon t~ ~ l e .g. t ho ~et l oco ... tn accordlnc . " ith
the provl l!ons I Od r .q "~r. ~.nts t he refo r " ' specifted tn this
r lSolutlo n. t ho Offlc1&1 St&to~O "t opp r ov. d h ... by "nd ~"d. " por t
of this , &so l ut i on I nd tilt Tr uH Ag , eH eot. ...
th oir dUI ,,"eut!on H lIe-eino.foro pro. i ded. Ind .f:or lU thOnlte l1 to"
bl tho hushe 10 the u nn . r prov l deo in the T,u<1 Agr ..... nt. lhl ll
b. dl lhered to til t PUrch,,"r tller. of. Ftrst of Mi chtgl n Corporotlon .
Ottr ott . II tch i90 •• upon plye .. , of the FUrch ... pr tce tll ".'or . In
otco rUnc t with t ll . tr w'; tte. co .. ~lt un ' to t he Ann Arbor Tr .. t
n. Tn. Ann Ar bor Tr ust C."plny . Ann
Arbor • • I chlgln. DI and hlreby ts Ippoln ted to oct IS Truuu
undlr the Trust "gruunt hereinbefore r eferr od to . and Slid trustu
Ihtl! be eneitl t d to such tstates. pours. d~hU. "uthorltll • •
blntflt1. pr1Yl1tgu. i ... uniths Ind ex'lIptton .... r . to t forth
i n t hl Tr ust Ag rlUln t .
44
Cu.d Octoh r Ii. 1961
IZ .OOO . OOll
tUnAL ~IC"'G"" LtJl i'USITY
HO US I ~~ ~ [~~~lIE 10NOS
To It PATED NOi[~[ ~ 1. 1961
5TAT[" ["T
45
Indicated an interest, one-third are not interested
and the remainder have yet to indicate their POSltl~n.
Chairman Cofer appointed himself to the Presidential Selection Committee
and Mr. Walter W. Wightman to the position of Chairman of the Finance
Committee following the resignation of Mr. E. Allan Morrow.
Finance Committee -- Mr. Wightman
We have at leas t three items to be considered today,
awarding contracts on the southwest reside nce hall
complex and the married student apartments as well
as the operating budget of the University.
It was moved, seconded and carried that the following
Resolution be adopted:
RI:80 ,.UTION o r TilE ,JOARn OF '"RUSTr.J:5 or
C£ NTR~ ,. MICHIGAN UmVERSlTY REUTIVE
TO AWARD o r COWrRACTS rOR CO~STRUCTION
0 1· !!OUTIlWr,1iT fltSlOENCE KlILL CO~IP U:X
PIIOJECT NO. C l I-MICn_l~' ID}.
00'01>0" 20. ,96T
Wt1EREAIJ. "'" IIoord of T",."",. 01 Cen'ra' Ml<hlpn Unl,. nlty
teeCl..-d bIdoo 00,,,1>o<~. U61. ",",e dna: LIt< e<><nbin<d " 1"<~;'",,'u.l •. ""<had'",]
..... [locI,l«' « &doo 10. "'" ...... 'k .... ' "".,d<..,., lIan Co~,,,,, . • ,., Food !!ervl • •
EQulptl'le.' lor ...... Comp~K ••• ,,1 ::00 P. M . • EOST •• 00,_.5. 'i61: and
WU£RE"S. ,be low 10 ... bkl ro r Go ..... J c-.,,,,.,...., 'II<h.,Il",
~' .. ba.ldl and "~"rl<o' won ..... a."""ned tor Tbe Chr;.""on C""",,",,)· ....... 'n'.
~'eh''*''. ,. ,ho .......... 01 tI!. ST •• n38. 00. proponlODe<l 5:1:.518. 'lIIll. 00 10. "'"
fedonl portloo. of .. pl"Ojec, ..... $4.1$1. 531. 00 for ,be """""f«le,,,1 port,,,,, 01 'be
projecl; otId
WIIEIIEAIJ. lIM! 10 .. """ b,d for f ood So .. ,,,. Equlp_", .....
• u",""led by 0 ...... LoJ<e. U"",' '-'w'Y C"",,,",,)·. Do'I"O;'. loIicMpa. in lIM!
a_' 0( sua. Til. 00; o...J
WlfEIIEA$. ,be P ro"",1 A",b'<e<:<. Roop' AUo • • Dd A .. "",.",o .• ad
UHt -.nI 0( T",,,...,, or C~"'MI' ~I ebi , ... u..; ...... ;,y of tor . .. ",I .. ,1oft of . n bid.
""01,001 . .. of 'be op l~ I"" ,ha,"'" Chrl.'ma. Co",,,",,)· a<>d Great 1 .. 1< •• !!"l.el
"""", I ~ Company . ro ,110 qu.lIf'Dd low bJd<lo .. ,
NOW. Tn~IU;FOru:, B~ IT R£OOI_"~U by ~ Iloord of T, •• ""'a
01 C •• t ... l MIOhl l . " lI.I .... ' . l1y ,ha, ,he """'roc' for """"n.1 Con"","!!o" '''''I"~ ' ni
MOe,,"nl,a' ' M E\oo,,'oa l worl< ,n '"" a ",o"", of SOl. 616 . 03~ . 00. proportloo<d
U . ~ 18. ~oe. 00 lor ~. fod.",1 ~rtlOn of ,he pro) .. , aDd "'.161. 832 . 00 lor ~e noo_
f.d .... 1 porl!"n <>1 ' 11<0 ~, o j.<I. be . "",rd.d to Th< Ch,i"Olln Comp. ny. Allor",,",
No.1 oDd Z not 100cpl<d, ' od ,ha, ,he <on',...o' lor Food Secvlc. EQulp_nt 'n li",
. mo",,, of UU, 7l ~. 00 be ...... r<led to Cr.a , Lake. HO'.' $oWly Co""",ny. "'lO rna'.
110. 1 no' ""oop<od.
4
It was moved, seconded and carrIed that the fo llowing
Resolution relative to the married student apartments
be adopted:
IlUOLUTIOM or THE 8OIoJU) or 'nlUIrrEJ:lIor
CE!<TIIAL IoIICKKl"M utI/VEIIS!TY IIELlITJllt
TO AWMlD Or CO~CT8 FOJI CONSTRUCTION
0' MIIflR,tD BfUl)tMT "P"flTIoiENTS. _CCtlO
GROW _ tIOIITIfWl:8T SITE.
October to. LN7
WHEIIE"S. 'be Boord 0( ~ 0( CO., •• L ~1tJp. 1lIIl ....... ,.y
.... , ..... b1cIo SepIO ..... < lI. 1M' • .,.....rI ...... co .. _ A ~bltoe"rol. IoIoooloaoJ<a '
aad I.:Lo<lrl ..... ' ,..- for .... Iola«'''' _M Apo,u"".'a So.""" G_Norlh .... '
Slte.nd FfJ<ed "',."lOblnp for . . ........ lIt 2,00 P. Jot. !lOST •• St!pUmbor 18. 1~7: ond
WHEREAS. 11>0110 .. bOle bid for Go .... l eon"'vctj"" ; .. dl'(l'.'
Mo~ba"'o . l . nd Eloo"rl.a' _nc .... luilmllted by COU,....,., COIIO'rvctt"" Com ..... y.
M,dlond, MIOhl' .... I. tbe UI ...... t or 'I. 'U,OOO.OO:and
WHEREAS. 'lie low bO,. bid foe FI.ed ' ..... I.kl"' ...... ' ubonltted tor
.... 111 .... Corpo ... "on. atOne! Kapldo, Mich l • ••• In the .moun' 0( ~i , ~~1. 1)<), . nd
WHI:RJ:"S. (lie Pn>joot lItoh('''<l. JWtI<!r AU.n.od A .. ool .. .,.. and
~ _rd 01 '"'''. ''' ' 01 Contr. l Mlehl, •• lI.l~'''!! of'" ... mloo<IOI\ of aU bid.
roce" .. d.,.., of tile optn'on ,1\0, Collin"", Conll.,..!!"" Company ond Un!!ln.
Corporation . ro 'lI< qu. llfled low blddo ro :
NOW, THEREFORE, II~ ,T !1~ !!o L"1l0 by Th<t Iloa'" 01 Tru. "'.'
of C.nl n.\ lIIchlg." lI.I,.. .. '!! 'ha, lho oo. ,ro.t ro. Ccn<r. l C""a'ruolion InolOOl"1I
~1""botIlcoi and [\o<,,'oal _"' I. ,ho .""'\IlI' 01 'I. lIT. 000. 00. lie ..... r<kod l<
Col1lo.o.", .m...... , C",,,,,,.,..,,I,,,, Cornp.ollJ": and <ba' ' ho oon'''''' for "..,t Fu,.",. o'np ,. lb. of $59. ~51.0D "" . ... .., ...... IIIII\! .. Corporal""".
It was moved, seconded and carried that the following
Resolution authorizing housing revenue financing in
an aggregate amount of $6, 000, 000 be adopted:
1tESOUTfIotl o r &(IA.1lD OF wmtOL
CDITRAL KlCHtGAN UNIVERSITY
"LmICIRIZI "C tIOll$lllC REVEIIIIE
I'tIWlClMC I .. "",,0CREG0\t"E
NiOUNT or $6 ,000 ,000
1IllERU.S, c.,u·d Hlekt,.n Unlvenity h an in. tHuUon of
M,hu education .... bH. hed by law lutvlnl .uthority to grant bacu-
\ffl~Il&AS. tke Boord of Cont.ol oC Central HL.higan UnLveulty,
. """'d ..... known u tho Boud of nun ... of Centul Hielli,an Unlver -
d ty, a body corporato erelted by and exi.dns undn tho Conotitution
of tho State of Hi.higln ond havin, full conHitutionol autllorlty over
and amenl ,upuvld"" of .old Centul HiohLsan unlnrolty and the
.t>ntrol and direction of , U "'pmdituuI h"" .dd Contral HLckLgan
lIt1lvenlty' . fund I , 1<0.0 dn .... ln . d tll.t it to neee .. ory ""d for the
but tnun.to of Centu! Mlchl"n IJtIlvnl1ty, ito otudento and per_
l onul. tllot it:
•
,.
,•.•
,.
,.
••
,.
U.QoOO,GOO
CllI'TiIA" ~IC""'" "",,'(OSITY
.oUS IH. ~!Vf.'~ aoND!
TIl ! l MoTED rfOVIHlU I , 1967
'r"I"' ~ $ T A T [~EH T
'1$"""'[ Of IIOH~J, Th. loa." of CoOll"" of e ..... , 111<111,.0 \lnh ... lty,
.~.n"."." , ..d0 b Cy. Mn"ol .• •M 1,I,.1h'l9i' " ..,d\Ion<' . ......... I'.','' ',' '.'.,u... loofn Y o"f," ,uh." h .0 ..I> o0dy' 1cIo, .'hp'loIroun • •. .,.
h .. ln9 9".'" ,up.,.I , loo .,'" con . ",1 of Cen., . ' II I.hllion un l •• " I,y , •
pub l I ••• u<otl OII.l I.n 't u.i ..., of hi"," , .. ,.1'9 10<0'0' . , """",, PI .... n',
111.1011100 • • nd ""I .~ ,,",,"01 Mol ,upo,vl.l"" of o il ""I>O.dl ,u, •• f'''''' .h • •
1 •• tI,u,I .. ', f""d •• 10 .. "" .. ""I .... '0 I ..... ..,d .. II C.."ral III.h19on
.... ' ..... <llty Il0<l.1., I ••• n" _d. 'n ..... '0101 . .. ",,1 • • 1 ... "'" of $1,000. 000. ,0 I>< "" • ..:1 IIOv_, '. 191>1·
PESIGNATIDN .
ell·
PR INCIPAL ""'lUNT.
~~""" I NATIO •• "".
~i!t k IP'lIO.,
'on"ol I\I<1Ilg ....... 1 ... "lty M"",I", Ro ...... lot>d •
"0'0'_ ' I, 1967
Two "1 111"" l ~l,OOO,oool Do ll .,. ,
fl •• TI,oo."'" (U,QQCl) Doll . ..
c_ 1ooMI'. p..,.~bl. '0 ""orG', ,~""abl ... '0
p,lnclpol .. Iy.
$))0.000 1.,1 . , _d •• •• 9Ol, duo M",,_, I, 'n .....
'oll""ln~ Y.''':
1970 IS,OOO 1977 15 .000
'97' 10.000 ,,,8 )0 . 000
1911 10,000 1979 10.000
'91] 10.000 ,~. }o.ooo
'n~ 1S,QQCl ,~, 10,000
1915 25.000 ,~. ]5.000
191' 25,000
'.)5,000 T .... lond • • $o'I .. ~ . S.OOl. d ... __ "", ,. I,!U
JI .1)5,ooO T.,~ lonU . So,l .. 8 . 5 IA<%. d ... Hov""" I, 1004
8 . .!l!!ll.lli. ',y."" .. ,.I _"",,". lly . , 'ht 'U" o .... d . bO,. "" .... y 1. on.
H ........ ' , In .Kh """. fin. Inu, .. \ p.~.bl • ....,. I, 19&8.
9, TlIUSnE IdID ,""YIN' .,(NT. AM ~<bO' T ...... '-y, AM ~<""' . "1<11'_.
10. ftoc"5' ,i"" ,,,,,,I.'nn.. Bond. 01 'hi, I ..... ,. '"~Jo<t '0 '0.....,,11 ...
I, .;."" .. of ... ,",1 .... ItM,,, 0 "".1., 0' 1n 1'<''', Of> .... '.I1""i'9
••• 1"
(.,
("
T.,~ , ..... of tn ; . I ....... Y .. ,od_d by •• 11 by 10' . In
o~."'<o 01 .... urlt • • <Ho' 0' N.t 'n~ . I .... " ... , I ......... .
• nd [" ... N .. 'r.<O>e. ot """ _ ac."",d IMe,." '0 d ... of
•• _ , 1"", Oft ""y Into'''' _, do'e .... In ..... foll_,,,, o,d., of "olo"n.o:
"ro, _ To", 1",,4 0, h' I •• ~ . do , 1l_1 _91
h.""d _ to .... _d" Io rl •• I . duo 1I-1 - IO~
_d. 01 .101 . . ..... ...,. .... 11.4 f'_ fun .. 0 ...... 'h .... N.,
lno_ . , b ..... ot In~ on ....., InU, .. , ,_. do .. on
., .fto' "",,_e, '. 1911 .. U .. lolh .. lng pd~. plu, ...... d
'n,., .. t ,. d.u Qf ,.d_.lo,,,
'" 1,,,,,, H.,. ... b. ' '. 1971 , ..... d Ino l udl"9 M.y '. , ~o:
'" 1,,,,,, Nov_or '. IgBC 'G • • d I.cludln!! Moy ,. '!III1;
'" f, ... Ho.""" '. ,~, " ~ In.''''Io\i lIoy '. 1986,
'" fr .. H .. -., I. 1986 , ... d in<l"d ln!! lIoy I. ''18~;
,~ f,_"""_, '. 'J89 t o .... ,",lty.
II. If STAT~' T .............. 111 "" ... _. I, ... ' .... I ... In'M s ....
o MI<" _. In " ..... I nl "" of " ,"",.1, .. 4 ,M In, ... " "II' ""
' _ P' f, ... _" f .d.,.1 In._ .ox ... , p . .... tly In .. ,~ro<.d.
12. A'I'M.I~r; C'IHIO~, S.l • ..,d d.II" ...... of t~ ... bond. " III ... "bj ...
, . , .... unq""lI f l. ~ ' 1'!', ... tn'J Oi>lftl ... 01 1\111.,. e .., fl.1 4, '._~ .... d
46
,
Ston., An"'" ..... of 00'.-01< . "I~hl, ........ tho p"' ch . . . ... 111 be
'.,,1.00< • <0;»' of .. Id <>pInion.
Il . ~.
,..
".
(.(
(.,
To ''''''''Uct. ,.,.1," ' n" 'qul , ..... ap'''''''' ,_I •• Of\ tho
........ of Co"", III<hi~.., """."iI, ." p",.ldo _.'nl 0.0
.ppu, ........ 'Kill" .. for 100 .. "Iod st.&on, ' ... 111 •• , All
of ,ho .. _"10,,, unl" "Ill con .. '. 1 bedr~ """ .t. du,,_
n"od for pur.., ••• of , hi, fln .. dn~ .. "00"_" Apo" .... ..
"'''' II." Tho ...... ''-> .. h . .... .. ""d.'ed , _, .. Ion d .. .
01 Sopt_., 19'11. (P'oj." P.,. I) •
To poy In 'ul l •• d , .. Ire bond, o."uM l ni of 5 .... loltd.f
[du. at lon. Con t ,o ' "'col g • • '011 010 , /Ioun( Pl . .. ..,'. ~Iohlt ..,
~ .. Id""co Ho" Ao""uo Ioon 'h . d ••• d lop' .... ., I,. I~S7. o.I~I •• lIy
I"""d 10 .~. on,"go.~ p.IIIC'p.ol -..n. of $1.000 ,000. (P.oject
Pac, II).
(.) To ... ab lhh • Doll. 5<0",1<0 Il00 . .... A.co ............. h. , ...... of thlo
_6 '"u •. (',oJ'" ,." 1I1l.
f\!'OS (.,
(0'
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To • • 1
,"OY'OEO .
P,oj • • t - , .. , " P,o ll.'n,'Y bl'<'n.o 2,000 . 00
C""",uctlon. 1""1,,,1;·9
.I,_.~ """ f1.~
equl_" 1,200,000.00
..... 101 'H ''''ollt"" .""n9 50.000.00
S_"I.I"" S,eeo.oo
L.gollfl • ..,. Ing 15 ,000 . 00
Into"" Our lng '"" .. ,u«l .. 20,OOO.eo
r u, nl . hlnll· 100 ,000 . 00
t oo , I,!!, ••• 5S .0M.M
',ojOct "" II, To '0,1'0 1957 I ..... n ... _do
",oJ'" , ... III : _d end 1M ..... ~o .. __
fund . .. ~"I .. ~
,,~SO,QQCl.OQ
"2S,QQCl.0Q
1i5 ,QQCl. 00
. 000 . c.oo 00
5!'U~ I T'I' . PI. ,!!. of .n. I;,,, Ii .. on"
(.) Too "., Incoooo 40<1 ... 4 f,,,,,, t ... op.,,,I,,,, of c •• I~I •• H.II .... Icn
hOI 0 ,.,,,.. CO~Klty of 1'2 "'-11 tn<I ..... """."u«od In 1951 - 58.
(b) Tho II"' 'n< .... d.'I .... frca .... "".,.,Ion Df 60 0 ' 'h. 100 .... .;0." .... " d .. lg.~'.d "~O,,_,\ Apo" ..... " Pho,. II", 1"lld'.~.
AI. AZ. Al . "d Cl. '""."u«l"" of 'Iou. Op'"'''''' "~In.
I .... d; ... ,y wlH, 0 1<10001"". <_1 .. 1"" .... of S.p,"."., 1~1>Il •
(,) In • • '',,,,", Ino .....
16. ESTl ..... T<~ ",T IHtoO'fl "'"l OtDT S£R.,C£ It~UI~t"[IITS .
(.) fI". 1 y .. , 1267-1968
Coulkl", _. 11 ( ....... g. of I.1t 1 Y" " )
Inv"' ''''' 'n.. ... _( 00"'0001 .. ''''' ..
,"~" •.,•, '- •,•>• ,o f1 06._ ",,"_, n1. 1o1n5 . $0010 , ~S1O>0. .G, OsQ ."." ,I<tfl.,
1<.< ..... " ~1'4
(b) fl ••• , Ye., 1968_1969
, .. I~ln. Holl
60 ._ ",>t,_" ~o" .. n" !'ho •• 11
(9 1IOn.~ ........ '1 ... ""'Y. $/00 "'"
Y'~' .... o< ...... nl)
In ........... I ...... _ ~.b ' S.",! ••
~u .. v.
Toto' E"'m •• od No< ,"«, ...
47
9S.0CO
12.$00
-""'"
~
~
H,COO
]I,SOO
-"""
~
".
" .
t."lOln. ~ . II
60 Hew Ho,,_ .. Apor ' ... M. P~ ... I I
10 ........ ' 10<_ • O. b, h .. le.
~ ... "'.
gS , Ofl(l
41 , IIO<l
5 ,61!
,21 660
Myl\EKH T1l1'1« ntlSTH. Tho r """ A~'_ ' .. ill p,,,,,'d. f., ,1>0
lo ,h •• ,., P'''-''' ' 0 , 1>0 r """ .. fo, ore." '0 ,h. 00" AolI,_' F",,", ,.,
(.,
Hot I ... ,h.., ~O d • • • pdor , . /loy I , 1968. Nc . ....... I, 1965,
/loy 1,1 969 • • nd No .... b" 1,1969 . ...... ,"ff, .,.nt ,. p" In",,, '
d ... "'" p ••• bl .... 1 • ..,0 •• 11. on ,h. IMd • . f "nd. '0 '0 • .,I .. d
f''''' tIo, Inc_ •• d f,_ eo" ..... , ..... 'c ,~. o. un' ... "1, ••
f,,,,,, '"U '''''«'.
"", I ... ,~, 10 ..... p,lo, '0 "-y I. 1970 •• n. each III. I
I~ .... ftc' ... d N~' 1. 1910, ... each 1.,.. .. _, I . " .... f .. '.
'ho .... of $60,8)0 .
Al l N. y ~._n" , h. 1I ". f,.,."", '''"''''' ... n.' In ,110 <"".n, f',c ol
V .. , .. d . , 1 H •• c."o, p0l"'On" .h.1I _0 fr_ "1 I.c_ •• ,,,,,d In ' h.
• "c.dln9 f l.oo' Y" ',
(c) On., b,f ... " •• .-, I. 1 9~9 •• nd .0<" No" ".,.. , I ,,, .... ft .,. "1
he ... Ho, 1.<_ ... n •• In ,ho p,oc.d"g fI ... 1 .... ond "'" ,"Q.'red
, ...... ,1>0 fl ••• p.,...." 1>0,.",,0.,. S. I. [xcou ~ .. ,.<_ ,. -.
u ••• fI, .... 0 ,oplou ..,y <h" "". _I.n ,,,. Jond ... In''''''
~."., f .... " ""• ••< ond. '0 , .. ".1... .. &ond. of '~I. I ..... I. "" ... ,.
of ",u".y" p,,,,,lded I. $oul"" 10 he .. of.
10110 AHO 'HTtKES'T RESERVE fIJIO. Tho 1001'<1 of K.9"'" "I I I < ........ ' " •
.. nbll." wl.h .1>0 Tcu ..... . . ,,,- ,1_ of d.II . G .... of .". &on •••• _
... oj , ,,,., ... ~ .. e'v. fun. Ih 'M _n' of $1 25.000 I, ... HO ... d. o f ,h.
101. of .1>0 lond •. S.ld " ...... 10 b. " .. d 501.IV ..... ""Ir fo' tl>o ~,­,..,
.. of "" •• lnS pco_nu of I.", .. , "".10' ~dn<I ,. 1 on '''a !"" • • I" ''''
• •• n' N .. In,,,,,,,, In OfiV "". r'" ,h.1I •• In •• f fl d .. , fo, ,~I. p.''''''''
So ld f""oI' ......... In •• ".d ~y 'ho T,"" .. In U. S. Go",,_" $"y,I ' I ..
p •• dl.~ 11>01 , v" f., , h ••• lho,IUd p.'''''''' P, ovldoO, 'hOl .. r C""I"
.~.In .. ,,,I, F •• d ..... K ,"~I".d f "'" h ee .. Not , "".,... bof ... OfiV !Md.
of .~l. I ...... My ........ _d 'n .""ooco of ... , ... ,I.y.
DISPO" Tl OH 01 f .... 'S . Th. "0<0001. of 'hi' ke."" •• tond I ... , .... 11 -.
•• 1. t>y ,ho ,,"', ••• In TN". un , 1I 'OQultod •• 01 d;,bu,ud fo, ,ho ~,,.., •••
..,,,,,,,Iud. ' . ndlni ,I>of,.oo fo, .uc:h ~'PO"" .ho f .... d • ...., ... 1" ..... 01
t>y ,ho T'u .... I" .I<o~, obll,.,I"", .f •• , obligation. ,M prl.clp.1 of
.... I.n ,nd .1>0 In",,,' 'h ... "" at, ~o ... n ... d by ,h. ""'It .. ~ .. I .. Gov.",­.....
,. 0' "'r ... . ...... 1 .. 01 In • "on" 0' hnk. In ony I.,., .. , ..... I.!! ... In ; • .. «,u".' .. <...,t< • • , In <o "lflo .... of 01 . ,..,.1 ••
My •• Ionco of f.nd • •• po. l .. d .. I,,, Ih. T,v"" f., to .. , p"'po'" . nd
..... inl.g I. the "" ..... 1"" of tho T,"" •• >flOC . 11 ' PO"'" co," .., • •• ,0.'" II ... boon p.ld . ,h.11 •• d."".I". '0 ,h • • ".1, of ,,,. O. b.
" .. I,_n' , •• 01 ond .1>0 11 .... n. 10 , .. 1 .. 1 .... Ion • • of , hi. Inu ...
I>otOl" pI ... ld.d.
20. o!nN IT IO~ Rf IHVESTHENT 1111:0<'11:. • .... ..... , I"""", pl,df" '0 .hh &on~
" .... . ~.1i ... . dlno<l I . .... i., on<I l ""h"I~9 ' (.,
("
All I.c_ ....... on In .... '''.o, of ,,,,,,,,,,,,,,100 f ..... d • .....,ln9
oil, ............ ' fo, Projac . Co ....
~II 1nlot ...... n.d .h'....,., I .... , """ of , 1>0 fund. do"o,"" In
,ho knd ond I.,""" ft ...... on. ,h. In ... ' mant of f ""d ' d.po, ito.
In ,~. 0 • • , Ro,I,..,.nt 'un. ,on.ln~ ,~ol,.n 10 p.y In,"'OI' ond
ptln,l p. 1 "" .h. Dond. o f , III . I .. " • .
21. fto\;'>tH C911E~M''IS . T". l,v" ~; ........ , ... d R •• ol"""" will <OIItolo .
_9 ... ho .. . tho f.II",,'n9 < ..... ont> of 'ho ~.,.'d of TN."" ... ".Inln!!
, 0 .n. 1 ... ",,<, 0' ,h, .. ko ... nuo Iond" (., Tho Ioo,d .. III "'" ... lgtI. ,1.0190 0' en._, , •• Hit 10'_ plcdg""
10 'hi, &on. I ........ ,11,11 of '". to.d, h .... d ho ....... <I<O' .h.1I
"" .. b ••• pold.
'" Tho lo.,d .. 111 <o •• "n' ,~ .. I, "III o ~op'. 'f n" .... cy ' 0 DO"
11>0 00" R. 'I' ..... n' ' ,"d P ...... " • •• ,h .. " "" • • 1. ,.1 .. . c.~ " I .. lon .
48
(.,
,.,
(.,
("
""" "",.1,...."" "lot'" '0 ,1>0 .... Ideot"" of ....... n .. ,,, •• dln!!
Con'''' hl<"'9on Un' .... I.y .. <h.1I ... '-"'''''y '0 .. 'u" 'hot
.. Id ..... I'o .... ."d ..... ' mon' ... ,II .. os fullV 0«u11 .... poulbl,.
10. _ ,d wi l l ••• I" ..... . ffo ,,, '0 ... "'" '"" ,II. No"""'"
A~ .. tlrlOn .. f". •• I I .to <~ I ."d ond pl.e.d In . p .. "I .. 'Y
So "o~bo' 1968.
r l>o eo ..... III • • 0 I"", .. lho Iond. c ...... i. """"'.,", •• h." . on"
" .. I" boo ' .Ho,,, ' 0 <011 ... 'enul. ond 0,1><, '''vleo <" .. , ..
ft.,. otvdon. r""llI .. , .. I.ln9 In ~Ott_ .. ~p." _ " ....... II ond
<."90 ..,d 0 •• It> b .... ffo, .. ,0 <olloc, ........ nd .... 'd .,ulo.he,
I. ,vl<o ''"'''9'' ft-_ ,110 "ud""" , .. ld'"9 In CaulklftO HIli. ,0 . hot
.ho ~9'og ... of II", Not I ................. d In •• y "". fl".1 y ... "fll
.. fully •• fficl • •• , ,, ..... ,1>0 ,._.to '0 ,110 Tcu .... fe, ""di.
' 0 ,". 0 • ., ketlc-.. fund .. "".,1010. h".I •• nd In to,. Tc""
Ai c._n , .
Tn. loftd w; 11 " "Y. 0' ""V,, '0" ,,,, ' od . I •• utoneo du, I'9 , h.
GO.,,'"'"'''' of P,ojec •• '0" I. of ,"'h 'YP' . I. ' vo" f" ,~ ond 'n
, ,,,,II """"" ........ 11 b. ~o"", ln .d .y 'lie Trw .... ; , . ,h 1 ••• ,..,<.
'0 .... y • • 1. ' 0 . ho T,." .... I .. I ... to" .hal I .pj> ... .
Tho _ ,d "'II "0<.,, """ ... Ihtolh fl, ••• 01 .... "~.d ...... g.
I ••• ' .... "" .11 fo<'I',I ••• 1Io N .. 'nc.- f ......... lch I, pl.dg •• to
'his '''.'. '.el .... '.~ 110"_01 ..... ,,-. .. _ .. II. _ .""",,, ..
... d ploc, d ,. _to,i"". All fa<lll" ... h.lI bo In •• ,''' fo, .1'00',
f. 11 I .. u,"'" ... 1"". In ,h • .... , of Ion. ,h. Tt ..... ,h.11 .....
• fi, .. lI . n "" '" .n>< ..•. of f .. ~, .... <o. t. 1>0 ... d. I. its .1,_
<rotl"" . fo , ''''0''«'''' .f tho oulldin9 .on' "'I.ll'""'n' d~'I.d . 0<
,.,(, .... n, of the Dond •. V •• ond <>«_p",<. ""~'o, tOM, 1 . , 1 ...
I"",,,,,, •• h.11 . 1.0 bo ... Intol.od on . 11 '.ildin!! , 1, ... 11001 ""d.,
SO,".Itv. $", 1"" 15 I>otoof. , ve" In."".co fo, "Oh bu l ';I.!! '0 b •
In on ~"' .n' . "ff lo l • • , '0 ' . Obl. 'h, a.,.,d '0 '0;0' It In th. Ocb.
~o,I ' ..... n' 'u.o o. """"'" "'l .... 1 10 " •• ~. tllo ••• "Id .0,.,.11) hive
....... I I,bl . fo, dopO.I, In "",,, ... ,""" " ... ,1>0 ......... of , ho
dON,." .... lldl.g jy,'n!! •• ,. II ... .. ,h. <I_.ed .... lIdl.g I ...... .
.. ....... p,oO""'g ... , ... It of , •• d_~ • .
49
It was moved, seconded and carried that the following
Operating and Capital Outlay Budget Request for 1968- 69
be approved :
MOTION TO APPROVE
1968-69
BUDGET REQUEST
Moved that the following Operating and Capital Outlay
Budget Request for 1968-69 be approved:
1. Operating Budget
A. General Fund $15,945,09('
B. Restricted Fund
C. Total
1,034,994
$16,980,084
This is an increase over 1967-68 of $3, 713, 117 in the
General Fund and $49,713 in the Restricted Fund.
Of the $3,713,117 increase in the General Fund,
$3,371,953 is being requested from the State Legislature.
The balance of $341,164 will be raised from student fees
and departmental income.
II. Capital Outlay
A. Five Year Request
(1968-1973) $37,800,875
B. Request for 1968- 69 14,219.975
Academic Affairs Committee -- Mr. Umphrey
Mr. Umphrey reported that the Academic Affairs
Committee had met the previous evening with the
Liaison Committee of the University Senate. They
discussed the problem of "definition," of faculty and
it was agreed that this issue should be referred back
to the faculty for a decision.
President Foust reviewed Attorney General Kelley's Opinion on "Conflict of
Interest." With reltret he read a letter received from Mr. E. Allan Morrow,
which came about as a result of this Opinion, announcing his resignation as
a member of the Central Michigan University Board of Trustees. In addition,
letters from Dr. N. C. Bovee, indicating his resignation as a member of the
Isabella County State Bank Board of Directors, and President Foust's letter
of resignation to the Board of Directors of the Exchange Savings Bank. were
read. President Foust stated that everyone concerned with the Attorney
General's Opinion had complied with the action and this was merely
notification to the Board of that fact.
Chairman Cofer expressed the regret of the Board of Trustees over the
resignation of Mr. Morrow and asked that the Board adopt the following
Resolution. It was moved, seconded and carried that the following
Resolution be adopted:
50
E. ALLAN MORROW
Whereas, E. Allan Morrow. as one of the first members of the
newly-created Board of Trustees of Central Michigan
University, has given unselfishly of his time and talents
during the five years he has served as a Trustee; and
Whereas, E. Allan Morrow through assuming the chairmanship
of the new governing body of Central Michigan University
from February, 1964, through December, 1965, aided
immeasurably in forging many of the forward looking
policies of the Board during his leadership; and
Whereas, E. Allan Morrow has played a leading role in the
development of the University through his attention to
its academic programs, its phYSical and financial growth;
and
Whereas, E. Allan Morrow has continued to evidence concern
and interest in the academic progress and the increasing
stature of the University as one of the state's fine
educational institutions; and
Whereas, E, Allan Morrow by precept and example has set the
highest ethical and professional standards for his fellow
Board members and associates in the University; and
Whereas, E. Allan Morrow has served as an example of loyal
and dedicated service;
Therefore Be It Resolved that the Board of Trustees, the Faculty
and the Adminiatration express to E. Allan Morrow their
regrets in his decision to resign from the Board of Trustees
on October 5, 1967, and extend their sincerest thanks and
deepest appreciation for a job well done.
51
Mr. Gallagher had been asked for an opinion relative to a fraternity seeking
to be a social fraternity at the Un1verslty affiliated with a particular religious
denomination. Since the status of a "social frate rnity" occupies a partJcular
position with the University and is governed and controlled by Univers ity
policies, with a faculty adviser, information being disseminated by the
University to prospective s tudents, monitoring of grades, etc., there is a
marked difference in being designated "social" r ather than "religiOUS. "
There Is a policy adopted by the Board of Trustees in February, 1965, relative
to non- discrimination. It was our Legal Counsel's opinion that the policy, as
adopted, would prohibit a "social" organization with membership dependent
upon a religiOUS affiliaUon.
President Foust pointed out that there is no question concerning whether or
not this particular organization can be associated with the University. The
concern centers around the "social fraternity" request. Since the opinion
of our Legal Counsel had been requested by the University Senate, his
opinion plus the polley on non- discrimination should be forwarded to the
University Senate.
Chairman Cofer read the following communication from the Chairman of the
Unive rsity Senate, Mrs. Jean Mayhew:
"This is to Inform you that the election board of the
University Senate has certified the election of the following
four (4) faculty members to serve on the Presidential
Selection Committee:
Dr. George Blackburn
Dr. Elbe rt Bowen
Dr. Helen Lohr
Dr. Frank Myers
The fi rst two persons listed come from the School of Arts
and Sciences (History and ~eech Departments, respectively),
the third is from the School of Fine and Applied Arts (Home
Economics), and the fourth listed person comes from the
School of Health, Physical Education and Recreation (Health
Education) .
These people now await your ins tructions. "
Mrs. Hafstad stated that the Presidential Selection Committee would llke
to recommend that in order to have a broad representation of the faculty
that the following administrative people be appointed to the screening
committee: Dr. Bovee, Vice President of Business and Finance;
Mr. John H. De Carlo, Vice President of Public Services; Dr. Wilbur E.
Moore, Vice President of Academic Affairs; and Dr. Curtis E. Nash,
Dean of the School of Education.
Chairman Cofer indicated that this action would be in accordance with the
poliCies of the Board of Trustees and he would so appoint. He instructed
52
the Chairman to convene this commUtee as soon as possible in order to
set guidelines and begin the work of the committee. He asked that she
Inform the President of the Student Body concerning the date of the meeting.
It was moved, seconded and carried , that the Formal Recommendations as
presented by President Fous t be approved:
RETIREMENTS:
Miss Jean Smith, Assistant Professor. Health Education
Department, effective June 7, 1968, with the rank of
Assistant Professor Emeritus.
Miss Louise A. Williams, ASSistant Professor, PhySical
Education Department, effective June 7, 1968, with the
rank of Assistant Professor Emer itus.
RESIGNA TrONS:
Miss Lou D. Hays, Instructor and Personnel Counselor
Student Personnel Services, Counseling Office, effectiv~
August 30, 1967.
Miss M. Elizabeth Lynch, VISiting Lecturer, Journalism
Department, effective &ptember 4, 1967.
MI'. Aaron C. Hall , Administrative Assistant 11I
Coordinator, Student Financlnl Aids, Student Pe~sonnel
Services, effective Scptember 29, 1967.
Mr. Robert Schultz, Programmer, Administrative Assi stant I,
Data Processing Center, effective September 15, 1967.
Mr. Robert L. WilJison, Technician , Admini strative Assistant
II, Library, Audio-Visual Services, effective September 22
1967. '
Mrs. Mary Lee Baranski , Stenographe r C-2, School of
Graduate Studies, effective September 15, 1967, and
Secretary C-3, one- half time, School of Graduate Studies
effective September 28, 1967. '
Mrs. Mary A. Hoffman, Stenographer C-2 President's Office,
effective October 13, 1967. '
Mrs. Karen A. Lawrie, Stenographer C-2, Office of the Director
of Athletics, effective October 30, 1967.
53
Resignations Continued -
Miss Martha Wojack, Secretary C-3, School of Graduate
Studies, effective September 15, 1967.
Mrs. Geraldine White, Typist C-O, Alumni Relations
Office, effective September 22, 1967.
Mr. LeRoy Baker, Printer's Helper H- O, University Press,
effective September 29, 1967.
Mr. Larry Davis, Warehouseman M-1, Warehouse,
effective September 13, 1967.
Four Temporary Groundsmen have resigned since the last
report to the Boa rd on September 20, 1967.
APPOINTMENTS:
Mr. Dwight Bauman, Assistant Instructor, Music Department,
effective for the period of September 18, 1967 - June 7, 1968.
!lIr. Eugene R. Becker, Temporary, part- time, instructo r ,
Phys ics Department, effective for the fall semester,
September 4, 1967 - January 26, 1968.
Dr. Laurence A. Dorr, AsSistant Dean, School of Education,
Assistant Professor, A-VII, effective September 3, 1967.
Miss Muriene Dowding, Temporar y, part-time, Assistant
instructor, Speech and Drama Department, effective for the
fall semester, September 4, 1967 - January 26, 196B.
Mr. Donald Flickinger, Ass istant instructor, Music Department.
effective September IB, 1967 - June 7, 1968.
Mr. John M. Gross, Jr. , Instructor, Geography Department,
effective September 4, 1967.
Mr. Monte L. Higgins, Producer/ Director, Administrative
Assistant II, one-quarter time, Television Program, effective
for the fall semester, beginning September 18, 1967.
Mr. Theodore H. Hosner, Instructor In Mathema tics, Partnership
Vocational Education P rojec t , Special Studies , effecllve
September 5, 1967.
Mr. Richard Janis, Instructor, Art Department, effective
September 4, 1967.
54
Appointments Continued -
Mr. Sari Khoury, Instructor, Art Department, effective
September 4, 1967 .
Mrs. Jean Lewis, Temporary Instructor , one-half time,
English Department, effective for the fall semester, beginning
September 18, 1967 .
Mr. Micha el Lorenz, Assistant Instructor, Music Department,
effective for the pe riod of September 18, 1967 - June 7, 1968.
Mr. Frederic Messick, Assistant Professor, Library, effective
September 18, 1967.
Miss Marilyn J. Novak, Tempcrary Instructor, Geography
Department, effective September 4, 1967.
l\lr. Joseph E. Rogers, Jr. , Visiting Instructor, part-time,
Business Department, eHective for the fall semester
September 18, 1967 - January 26, 1968.
Mr. JOM P. Ross, Instructor, Economics Department,
effective September 4, 1967.
Mr. Robert Rustowicz, Assistant instructor, Music Department,
effective September 18, 1967 - June 7, 1968,
J\."Ir. Bankey L. Sharma, Instructor, one- half time, Economics
Department, and one- half time, Business Department,
eHective September 4, 1967.
Mr. Huron M. Smith, Jr., Instructor, Economics Department,
effective September 4, 1967 .
Mr . Michael M. Stump, Visiting Instructor , part- time, Business
Department, effective September 23, 1967 _ Januar y 26, 1968.
Mr. Michael J. Turner, Administrative Assistant II,
University Center Bookstore, e ffective September 4, 1967.
Mr. John J. Wege r, Visiting Instructor, part-time, BUSiness
Department, effective fo r the fall semester, September 18,
1967-January 26, 1968.
Mr. John Wenburg, Temporary,part- time, Instructor, Speech
and Drama Depa rtment, effective for the fall semester,
September 4, 1967 - January 26. 1968.
Mr. Riley R. Whearty, Programmer, Administrative ASSistant II,
Data Processing Center, effective September 25, 1967.
55
Appointments Continued -
Mr, Jerry Cassell, Intramural Office, effective for the academic
year 1967-68.
Miss Sharon K. Allen, stenographer C-2, President's Office,
effective October 13, 1967.
Mrs. Mary Lee Baranski, Secretary C-3, one-half time,
School of Graduate Studies, effective September 19, 1967.
Mrs. Mary Gaffield, Clerk C-O, Library Service Staff, effective
September 14, 1967.
Mrs. Iva Dawn Gerger, Stenographer C- 2, Business Department,
effective for the period of September 11, 1967 - June 8, 1968.
Mrs. SUzalllle Lee Kasten, Stenographer C-2, Biology
Department, effective September 13, 1967.
Miss Diane M. McNally, Stenographer C-2, Office of the
Director of Athletics, effective October 9, 1967.
Mrs. Kathryn Marshall, Cashier C-O, University Center
Information Desk, effective September 18, 1967.
Mrs. Leslye Martin , Stenographer C-2, Business Office,
effective September 13, 1967.
Mrs. Betty Mohler, Clerk C-O, Central Food Stores, effective
September 15, 1967.
Mrs. Linda Lea Napoletano, Cashier C-1, one-half time,
Business Division, effective September 11, 1967.
Mrs. Valerie J, Parrette, Cashier C-1, Business Division,
effective September 11, 1967.
Mrs. Toni Rowden, Stenographer C-2, School of Graduate
Studies, effective September 18, 1967.
Mrs. Kay A, Ruckle, Clerk C-O, Library, effective
September 18, 1967.
Mrs. Blanche Salsburg, Cashier C-O, Reservation and
Southeast Grill, effective September 12, 1967.
Mrs. Julia Scholand, Library Service Staff C-O, one-half
time, Library, effective September 14, 1967.
Appointments Continued -
Mrs. Andrea Siegenthaler, Secretary C-3, School of Graduate
Studies, effective September 28, 1967.
Mrs. Alice Snider, Clerk C-O, Warehouse, effective
September 18, 1967.
r-.Irs. Vernie M. Stoddard, Typist C-O, one-half time,
Speech and Drama Department, effective October 2, 1967.
Mrs. Alberta Walton, Clerk C-O, one-half time, Library,
effective September 18, 1967 .
Mrs. Susan Wellman, Clerk C-O, Student Health Services,
effective September 11, 1967.
Mrs. Marilyn Kay Curry, Nurses Aide, Student Health
Services, effective September 12, 1967.
Mrs, Jacelyn Kay Fegan, Nurses Aide, Student Health
Services, effective September 11, 1967.
Mrs. Shirley Sweebe, Nurses Aide, Student Health Services,
effective September 11, 1967,
Mr. Lioyd Arthur, Custodian M-l , University Center and
Southeast Center, effective September 11, 1967.
Mr. Leslie E. Bonstelle, Policeman M-3, Security,
effective September 17, 1967.
Mr. Arden H. Howe, Mailroom Assistant M-1, Business
Division, effective September 18, 1967.
Mrs. Lucy Peacock, Housekeeper M-O, Maintenance
Department, effective September 18, 1967.
Mrs. Leona Seiler, Housekeeper M-O, one-half time,
Housing Department, effective September 25, 1967 .
Mr. Emory T. Smith, Custodian M-1, Maintenance
Department, effective September 18, 1967,
Seven Temporary Groundsmen have been hired since the
last report to the Board on September 20, 1967 .
. "
LEA YES OF A.BSENCE: (Without compens ation)
Mr. Jan Blankenship , Instructor, Music Department, for
the academic year 1968-69,
Mrs, Lola Strandburg, Cashier C-O , University Center
Bookstore, effective September 11 , 1967, for three months.
TRANSFERS AND RECLASSIFICA TIONS:
Mr. Edward A. Babcock, Temporary Instructor, part-time,
Physics Department , effective September 4, 1967 - January 26,
1968, from that of full-time employment with the Partnership
Vocational Education Project.
Miss Ima Chambers, Acting Chairman, Business Education
Department, for the fall semester 1967-68, from that of
Associate Professor, Business Education Department,
effective for the fall semester of the 1967- 68 academic year.
Mr . John R. Cumming, Director, Administrative Ass istant VU,
Clarke Historical Libr ary, from that of Custodian , Administr ative
Assistant VI, Clarke Hi storical Library , effective July 1, 1967.
Dr. Norman H. Deunk, Acting Chairman, Business Department,
from that of Professor, Business Department, effective for the
academic year 1967-68 beginning September 4, 1967.
Mrs. Carolyn Garity , Temporary Instructor , Journalism
Depa r tment, one- half time, effective for the fall semester of
the academic year 1967-68, beginning September 4, 1967.
Mr, Richa rd Ha rtley, Programmer, Administrative Assistant t,
Data Processing Center, from that of Machine Operator C-3,
effective September 25, 1967.
Mr. Gerald Hartman, l\.1anager, Central Data Processing,
Administrative Assistant lII , Data Processing Center , from
that of Administrative Assistant II, effective September 18, 1967.
Mr. Karl T. Howe, Instructor, one-half time in the Business
Education Depa rtment, and one- half time in the Business
Department, from that of full-time Business Education
Depa r tme nt . effective September 4, 1967.
Miss Sara Jean McNutt, Instructor. one-half time in the Business
Education Department, and one-half time in the Bus ine ss
Department, from that of full-time in thc Business Education
Department, effective September 4, 1967.
58
Transfe rs and Reclass ifications Continued -
Mrs. Katherine H. VandeBrake, Temporary Instructor,
English Department, thr ee-quarter time, from that of
one- half time Temporary Instructor, English Department,
effec tive September 4, 1967.
Mrs. Virginia Baxter, Cashie r C- O, Southeast Bookstore,
from that of Cashier C-O, University Center, effective
September 18, 1967.
Mrs. Barbara Bragg, Stenographer C-2, full-time, ~ee c h
and Drama Department, from that of Typist C-O, one-half
time, ~ch and Drama Department, effective September 5,
1967.
Mrs. Betty Mohler, Clerk C-l , Central Food Stores, from
that of Clerk C-O, Central Food Stores , effective October 2,
1967.
Mrs. Freda Mullins, Clerk C-l, Motor Pool Office, from
that of Clerk C- O, Mailroom, Business Division, effective
October 2, 1967.
Mra. Virginia Young, Temporary, part-time, Clerk C- O,
University Center Music Room, from that of Cashier C-O,
University Center MUSic Room, effective September 18, 1967,
Mr. Paul Achenbach, Warehouseman M-1 , University
Maintenance Department, from that of Motor Pool Supervisor
C- 6, erfective September 25. 1967.
Mr. Lloyd Claybaugh , Tradesheiper M-3, Maintenance
Department, from tha t of Fireman M-2, Maintenance
Department, effective June 26, 1967.
Mr. Ernest Haste, Tradeshelper Zoneman M-3, Maintenance
Department, from that of Fireman M-2, Maintenance Department,
effective June 25, 1967.
Mrs , Dorothy Kowallic, Housekeeper M-O, Housing, from
that of one-half time Housekeeper M-O, Housing Department.
Mr. Charles Pais ley, Tradeshelper M-3, Maintenance
Department , from that of Fireman M-2 , Maintenance
Department . effective June 26, 1967.
Mr, Royal Stilgenbauer, Warehouseman M-2, Stores ,
from that of Inventory Taker M-l, erfectlve September 18, 1967.
59
Transfers and Reclassifications Continued -
Mr. He rbert VanHoose, Chief Bus Driver and MotoT Pool
Coordinator, M-5, Motor Pool Office, from that of Motor
Vehicle Mechanic M-4, effective October 2, 1967.
Mr. Jack Westbrook, General Maintenance, Zoneman
Assistant M-l, Maintenance Department, from that of Temporary
Groundsman, effective September 18, 1967.
SALARY ADJUSTMENTS:
Mr. Larry L. Bronson. Assi stant Professor, English
Department, effective September 4, 1967.
Mr. Robe rt G. Clason, Assistant Professor, P.'lathematics
Department , effective September 4, 1967.
Mrs. Yvette Crandall, Instructor, Physical Education Department,
effective September 4, 1967.
Mr. Harold B. Crawley, Jr., Assistant Professor, Secondary
Education Department, effective September 4, 1967.
Mr. David H. Current, Instructor, Physics Department,
effective September 4, 1967.
Mr . Jack L, Daniel , Assistant Professor, Speech and Drama
Department, effective September 4, 1967,
Mrs. Nanette Davis, Temporary Instructor, Sociology Department,
e ffective September 4, 1967 .
Mr. Vi r gil W. Davis, Instructor, Industrial Education Department,
effective September 4, 1967,
Mr. Joseph W. DeBolt, Assi stant Professor, &lc lology
Department, effective September 4, 1967 .
Dr. R. Michael Garity, Assistant Professor, Psychology·
Department, effective September 4, 1967.
Mrs . Marie V. Gray, Res ident Adviser A-I, Housing
Department, effective August 28, 1967.
Mr. Henry LeVan Fulton, Assi stant Professor, English
Department, effective September 4, 1967.
60