Board of Trustees Meeting Minutes

              Central Michigan University
BOARD OF TRUSTEES MINUTES
June 28, 1967
expc~dit"l"CS from said Cen trul Michigan University's fund"
has dc~errnined tbat it is necessa ry and fo r the bes~ intHcst
of Ccn~ ral Michigan Univcro ity its students a nd personnel tlla t
it construct and equip athletic field. for athletic development
pu r poses on the South Caropus area of Central Mi ci,igan University
which .hall include: ( a) Thc rough gr<lding of pare of the area,
(b) Construction of var ious i ntramural athl etic facilities f or
f ootball, ba.eb"U and general uSe (all of which will hercafcer
bc referred to as "Project -P h<lse 1"); and
WHEREAS, this board has plans fo r the further athlcHc
developmen t of the South C"",pus arc" which probably will include
a foot ball stadiu", and golf course (wh i ch is hereinafter r eferr ed
to as "Project -Phase II") , and
WHEREAS, the Hlchignn Legislature has speciHca lly
approved the acqUisition of t he hnd to be used for the fore­go
ing Projec t - Phase I, and
W/IER EAS, the University by prope r r esolution ha~ de ­t
e r mined t o obt ain by mcans of a StUdent Athle tic FacUlt ies
Revenue Hnaneing the Sum of $725,000 which shall be us~d to
allow the University to proceed iU<Tlcdiatcly to refund lin exist­ing
£in~nci n l> ,,;hercby part of the land for uSc in ProJ~et -P h3se
1 ... as acquired in 1965 and to P<.LY I'"rt of t h" cose of acquiring
383 acres of additionnl l and to be used [or the rest of Projcct ­Pha
s e I, and
W/!ERF.AS , the I\nnk is I-lilling t o fu rnish said f"nd s
for the $~i d pu~posc upon ~hc terms and condi tions rnore fellly
Set f or th herein; and
WHEREAS , t he Trus tee is ... illing to <lccept t h" trus t
and assume ~h e duties ns Trustce for the sa cd purposes u pon
the ten'" and conditions mor e f ully sct fonh herein ;
NOW, THEREFORE , in c onsideration or the premise" a nd
10
mutual agreements herein containcd, the pa r ties hereto do here­by
agree as follows :
SECTIO!I 1
AGREEt-!ENT
( a) Agreement of Bank.
The Bank agrees to make available to t h~ University
and t he University agree s to obtain hor\\ the Bunk On the date
on which this Stude n t Athl etic FacilLtLes Revenue Hnaneing and
Security AgreCIf_en t (here in a f t er referred to 3S the "Agreement")
shall be signcd and de livered , the sum of $725,000 . Such f inanc ­ing
s llall be evidenced by the No te of t hc Univcrstty , ( 1n the
form annexed ns Exhibit A) and shall be"r t he date as o( which
this Agrecment sha ll be s i gncd, and mature and bear interest
as pl"ovidcd i n Exhibit A. It shall be payable solely from the
funds and in the manner herein stipu l ated (5ueh Note i.s he~ ein
s ome times referred to as the " Not e").
(b) Agreement of Tl"ustee.
The Trustee for itSel f and its suc c~s sors agrees to
accept the trust a nd assume the duties US Trustee as i mposed
in the manner herein stipulated on the date as of '''h i ch this
Agr ~~~en t shall be signcd .
( c) Limitation of Ob ligation s.
No obligation her eunder shall evcr be or become a
charge against the general faith and credit of the State of
Michigan or the ijniversity , nor s hall the Same be come a l ien
on Or secured by any property r e a l, peroonal or mixed of the
State of MichIgan o~ t he Un iversity , but a ll suel, oblig<ltio,," ,
includ ing princip~ l and in~ercst, shall be payab le sol ely horn
the sources described herein . The obligat ions , liability and
payme nts hereunder are herc:'y "",de pursuant to and are subject
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'I NOI.L:lJS
SEctION 5
RP:r.r.. .. Sr. or PROCEEDS
I t is agr~ed b~tw~cn the parties that on the date
this Agreement and Note nre cxecuted the Bank will r&l~. ae
t h~ lu nds to the Trustee and thc Trustee in t urn will r e l ensc
luch funds a s t hey become n~e ded for the p urpose of purchnsing
the l and and r,,£un<ling tllo purchasing ef land for Project - Phase
1 u described h",etofore,
SECTION (,
PT.I'.DGE OF SPECIAL FEES
All of the Special Fees , as defin ed abov e , ate ir-re"
ocnbl y pledged 4~ aee"dty for the payment in full o r the
Note and accrued intereaC thereo\> .nd Cor the pedeemanee of
the co"eoants hereof from and aft er t he date when this Agree-
..,nt shall take efhct , the lIniversity hereby .... lgns and
pledges to the Trunee , and granta t o the Trustee fer the bene­lit
of the Bank n security interest in all of said Special ~'ees
{or the payment in full 0(- said Note and accrued l.nterelt thcrCOl1.
The U<li"ersity "srees to execute a nd de liver to the
Trustee as of the d;)to oC Chls Asreem,mt, a Fina ncing Statcment
co"ering the for egoing 80curity in such fo rm as shnll be o/ltis -
f actory t o the Tru.tee And the Bltnk , and the Trustee shall cause
t he 5,""e to be filed in .ccordane .. "ith the provi. ions ot the
Uniforlll Conmereial Code , .. enacted in Michigan.
SEctLON 7
PAYMY.NTS TO TRUSTEE
The Univ er5i~y o&ree~ that it will set aside and pay
out to the Trustee from Special Fee. ~. p ledged hereunder , nOt
le •• than thirty (30) days prior to Janunry 1, 1968 , July I,
16
1968, and thirty (30) days prior to each January 1st and July
ht thereafter until the Note il paid in full, payments or
principal end interest o f at least $45 , 000 on both pri ncipal
and intereot, laid payment to be applied Hrlt on int"rest and
the balanc~ on principal on ench paym~nt date.
The above amoun ts of Spedal Fees , . ha ll be in the
appropriate year • first lien and charge on a ll University
Feel charged and collected. ""tch lien la , howc"er . of equal
lundlng and on a parity , .,ithout preference one over the
other, wi t h the follo"ing other lien. a portion of said Uni_
"(lrlity ~·eea pledged for the payment or outotanding bonds
designated as f0t10~· 8 :
(1 ) Central Michigan Vnl"orsity
Residence Hath and Ilputmlmts Re " enue
8c)nds dat ~ d Augus t 1, 1956 , iseuo<l In
the original face a"toUne oE $6,1.50,000.
The .'oe Pledge 16 $1. 50 per student fo r
cach r egular se"",ster and $1.00 per
nudeot for S UllnH School .
(2) Central Michigan l/ni",nlty
Swdcnt Center Sinking Fund Bonda dated
April 1, 1959, i.sued in the original
face amount of $2,100,000. The .'eo
Pledge is $91. , 500 [or each fhcAl year.
( 3) Ce n t ral MichiSan Universi ty
Sinking I'und R~ venue Bonds dacad Novclnbcr
H, 1959 , i ssued in the original h ce It_
OIOUnt of $3,9(10 , 000. The Fcc Pledge 11
$75 , 000 !or each fiscal year.
.mich lien •• r •• ubjeet to the right r •• er"cd to issue ad­dltional
obligations secured by pledgc nnd al locations of
portlon. of University Fees of equal standing and parity of
lien on all University Fees , with.in the llmitations "xpressed
in Section 4 of thh A ~ rc~ment .
17
SECTION 8
TRUSTEE PAYMENT TO BANK
The Trus ~e8 agrces that all funds paid to it for 1"'-
men" to the Bank .a provided in the preceding .('C~ lon or ehe-
.. h ere herein aha11 b .. held i n tonISt and used solely to pay to
t he Bank the pr inci pal ....... nt evidenced by the Note and ineer­eat
accrued thereon . which pay...,,,ts shall be .... de on ehe due
datel set Cortk in ~he Nate and ..n1<:h ",""unU shall be appUnd
first to accrued incerest and then to p.incipal.
SECTION 9
UNIVERSITY TO MAIN1'IIIN AND
OPERATE PROJECT-PIIASf. I
The lJntv a r d ty asr~c s chac i t wilt main tain and oper-ato
Project-Pha~e I as £ol1o,,"s :
(a) It will, aa each facility i s completed . keep It
available, equipped and .... in t a ined for appropriate use by student. ,
perlonnel ~d alumni 01 the University at , II re~5onablc tlmcs as
the University, in ita discretion . Shall b~lieve necessary .
( b) The Un iversity agrees that all costs inciden tal
t o the ...... t nhtr.tion. "per ation. maintenance, i nauean"e. r e-paies
end other cOBt l rel a ting to Proj ect -Pha se I. t ta equipment
ahall be p.id for CrOll operating revenue, or from such other
fund . i n it. posse .. I .... which it ""'y legally usc for the pur-pose
. and that . ueh cost. shall at no t ~c become a charge
agaInst the Special r eco pledged In this Agreement_
SECTION 10
INSlJRANCE
The lJ~ 1vcr8ity covenants and agrees that it will:
(a) Pay tha I'rcmlum nece u ary to prOvi de . t andud
18
forn ext ended ~ovcrcge inaurance on Projcct -Ph ~sc I in Dn
amount at l east equal to the unpaid balAnce on this financing
provided that in cUe the unpald bds""" of this financing
'han bt> great .. r th .... the insurable interest the University
ahall intute the ...... to It. Cull uuurabl e valu" .
(Note: Thn Ters ""xtended coverllge" as used in the
pr,".,eding paragraphs ,tu.1I include coveug" for Ion hom >l1nd-a
t nrm , hail , oxpl08ion, and aircraft and vehicle damage,)
(b) Pay the premium neee •• ary to provide public
liabil ity insuranc e in Umito or not less than $250,000/$500 . 000
for Project-Phase 1.
All ln a ur~nce ahllll be carrled wLth compnnics
approved by the Trustee and the Ban k , All palic;'c" of in-ourancc
or certi!!c"tel evidencing the carrying of insurance
on ProJeCt-PhM" 1 herdn deslr,nnted _hllll be deposited with
the TTu ~ te" and the Trustee ahnll have a firs~ lien on all
pay"",ntB made on the polid ... (except public liability) up
t o, but nOt to exceed, tho unpaid balance of ~he N""e and
the i nterest tbereon, In case of Ion. tha Trustee shall
apply proceeds of said inlUtanCa (e~cept public liability)
to the repair and re.tor.tion or Project-Phase 1. wholly or
partially destroyed , to its for .... r condition or in such other
manner 8 ' will uke Projccc· Phue I uuble to t h" satishctian
of the Bank, the Tru.tee nnd tho lJnivenity , provided , ho"",,ver ,
if, i n th .. judpent or the Trustee, and the Bank, the funds
received from laid in.urance pollcies Or otherwise shall be in-
. ufficient to .,ake Project-Pbaae I reasonab ly us"bl .. , then in
~ha t event the TruttoQ m~y hold the funda paid te it by r eUon
of ouch loss and £uch fu~ d s shall then be paid to the Bo nk and
applied first to a~cruod intereat and then to principal_
19
SECTION 11
AUDITS AND ACCOUNTS
The University agrees to furnish to the Bank and the
Trus tee an annull report or audit r eport, within nmety (90)
day. alter the end of each Uscal year, showing in renonable
detaH a complete record of the financial affairs of the Univer-dey
during tho preceding twelve (12) months' period and such
reaaonablo apecific information relatiog [0 Project_Phase 1
•• the Sank or Trustee may reasonabl y request. This annual
report or audit shall be certified by an indep8Od~nt Certified
Publ ic Accountant aolected by the University with the approval
of the Truatee and the Bank.
The Unlvcr"ity furthH .• gree. to per mLt the Bnnk or
Ir~"tee to Qxnmine at convcntent times ,,11 of it" book. and
records relating to the opera tion of Proj ~ct-rha"e 1 or the
collection of the Special Fees pledged h~rcund~r .
SECTION 12
REPRESE»TATlOOS AND IiARRANTIES
The U"tversity r .. pr"5""t~ and warrants that,
(e) Reports of the Univ"rstty d"Hver"d to the Sank
and the Trultee respecting the past record of its enrollmene,
estimates of future cmroUIOcnt , and estimates herein as to thOJ
projectcd Special Fee" oyer t h" entire period of the Financing,
f.irly r epre.ent the past ~ xpcrlcncc of the Univcr.lty and re-fl
ect itl belt judg .. ~t AS to the .... HeTS so e stima t ed . SincR
tha submIssIon of such reports , there ha. been no material
edv"rae change in any of the p~rt ic 111nt5 thereof , Or factOTl
relating t !'crcto.
(b) No litigation or govcnlmencal proceedings are pend-ing,
Or to the knowledge of th" University thraacancd against the
University which OXIuld have s material adverse effect On chi'
20
Financing or th~ s~curity there!or.
(c) All acts required by the Constitution and applicable
s t a tutcs of the Scate of Michigan and all applicable rules and re-gulation.
of the board have been Or ... 111 be compHed with by the
exeeution of thil Asre"",8O[, and the said Agreement is, and the
Note when h.ued »:Ill b~ valid and binding in accordance with the
tellDs henot.
(d) ttl principe l plaee of business is He . Pleasant,
Michigan .
SECTION 13
EVnlTS OF DEl'Al1LI
If anyone or moro of the fnllowLng events hcreLn ca lle,!
"Event s o! Default" shall occur 'Old be continuing, th ~ prinCipal
amount of the NOle <lnd accrued lntorcst th"~eon sh"ll become due
and payable "pon the d~nnd of eiU,o( the Il~nk or ~h" Trllstee:
<a) Dcfault in the paY010nt "'h~n due of interest on. Or
the principal of, the Note.
(b) De Cault in the! observance or perfo ...... nce of any
other part of the agre""",nc of the Univ"rsity h"rcln sH forlh,
and the continuance thereo! for thirty (30) days arter notice
ther~f to the UniverSity (rom either the Bank or the Trustee.
(c) Any representations or warranties ..,.de by lhe
UnlvcuHy herdn, or any representation or werranty ... de by
the Univeroity in any report , .tanment, .chedule , Or ecrtifi-cat"
furnished to the Bank or Trultee purs u<lnt to this lI1;re,, -
~nt, prove untrue in any matorisl rGspect.
REMEOY ON DEPIIUI.T
In cUOJ of An event of d~fault so deHned i n Section
13, the Trustee ".y, and on direction of the Bank shall:
21
(I) Pr~ced to enforce its righ t s and the r ight .
of the Bank ctehH by .... ndatlllls , spec ifi c performance, or any
other • .,ltable alfirfl'lllt ive "" .. edy , t o " aope l t he Univerai t y
t o per Cor .. each and every coy"" .. nt her ein contained or by
i njunction to prevent the Univers ity from performing any aCt
in violation oC •• lel covenants .
(b) Dcllgnace a receiver to t ake. charge of and II1II,,­Ige
l'roJect-Phase 1- And when l he T1USt .. C shall do aD t he
Un1\1c, a1ty agrees CO "l'pO[nC tlu,- person So dcsitnatcd <)I aueh
receiver with all the power and .uthority it c an 18~ful1y cOn­fer
to control and regul aee ~he operation of Projcc t-Pha50 1 ,
e l,e U5e8 Co .. hlch It mny be put "nd t o impos~ and coll ect chnrgca ,
feca And rCn U for t he u.e t he r~ o f upon any us er s , includi n{: the
Un i versity or any of i ta faculty Or student', to supp lem"nt or
r epllleo , U CIH) ellae mIly be , ehe Special Fcc. t o be chllrged
eDch fituden t U",refer te t he exten t the Un i v e r sity has hUed
Or Caila to ",dntain .nd collec t sa id Spee i.l J.>ees . nd to pay
lalle to the TruBtoc in .ccordance .. ith the provhion8 of t his
Agreement. The University agn_e~ to c o::rply ,",Hh and enfo~ce
a LL orders end require&ent& of such r eceiver 8ubject only to
.... Ch reR8on.bIe rulu and ~egula t lons it .... st OIake for the
general ~lfate of che student. of Centr.l Michigan Universily ,
(c) Secure the appoinc"",nc by a Court DC competent
J url.dictl.on of a reeeiuer to take c ha rge of, !Mintain and
operate said ProJ .. ct ·ph .... I a nd to main tain . nd eoll .. et c ha~g ... ,
feel and rents lhe.re l ot' undH the judsdiction of t he Court .
S\l ch r ights lind r e"",dies shall be e " "", h eive and any
t'"'O or more thereof may be exerc i sed by t he T l~stee succ essiv ely
Crem timc t o time ,,,,d any failu ,.e on the paLt of the Tr us tee to
toc C Shall not con stitute a ,",aiver of any right or remedy "hich
the T " u H~C Or tl,u Bank ""'-y possess hereunder.
The Univer ai ty ex pressly authorizes the Tru.tce
ta bring a ny af the actions " t taw Or in equity herein be-
22
fore ment 10ned and hereby waives any ~nity Co be proceeded
aga i ns t ". he re i n ."thorl~cd whlch 01., cxht by rea Son of its
bdng a subdivision of the Stat e govern""'''t.
upon .. r inen request by t he Bank, t he Trustee sh d l
.... 1ve . "y defaul t he ~eunder upon cODp1t<mee by t he University
..ith .11 o f lhe covena"cl , cond i tions and provisions he r eof ,
including pa~t in f u ll o f ~ ll .lIOunu t hen due under the
ter.." of thil Agreemcmt . nd Note..
In the event the Bank shall d irect the Trustee t o
eXH ciu any 0". er """re of t he Trustee ' s remedlcs on dcfault
h erei n au t hcr1>:ed, Or i ncorl'eratQd herein by r c [ erence and
.h~ll 1'00T5onally i n d""..,Hy t he T .. ..,8Lec u pr ovided in Sec tion
15 (c) hCl'cot QIld t hc TI'Uotec s ha ll fail tn take such desig·
nated ;lc tlon wi th l " £l fte"n (15) days a!ter having received
writt en ~ otice ol t he ."me 0,,<1 bd!lS tnd em" i(! ed OS provid",l,
the Ba l1k Sh a ll hnvc thc d .l\h t to an <l ""'-y CXHcise IIny and a ll
of the R"",edles on DuCau l t hordn lIutho r hed or i nc orporat ed
h e r e in by reference u U Lhe an_ "",re being exer ei8ed by I-he
Tr uste e .
SECTION 15
Dtrr l ES Of THE TRUSn.E
ThQ lollowing are tena. alld co"dition" under which
t he TrUHee aceepU ~he TruAt :
(a) All tept'e5ant.tlons or fact he.·e ! " arc agreed
to bO- stlltcmcnu by the Un lversit·y and .h~ll not be con strued
as made by t he Tr us t .. e .
(b) The T,·uBlee ahaH hava ,.0 r es ponsil> i lity fo r
the validit y, e xecueion er acknowl cdB""'n t h or co f , of eho Note
s ecured hereby, or fer t he " "CUre , extent or amoun t of the
s ecurity aCCorded hereby , Or f or any b .. e.ch by the University
of . ny covc na nll herei n contained .
23
Centr al Michigan University Board of Trustees
Meeting of June 28, 1967
Mt. Pleasant, Michigan
Members present: Mrs . Jean E. Backus; Roger M . Bus fie ld, Jr. ;
Lloyd M. Cofer, Chairman; Mrs. Katharine C. Hafstad; E. Allan
Morrow; Lawrence D. Rahilly; James M . Umphrey; Walter W.
Wightman; Judson W. Foust, President.
Also: NorvaU C. Bovee, Treasurer; Mrs. Jeanne F . Collins,
Secretary; John H. De Carlo, Vice President of Public Services;
Earl H. Cress; Byron P. Gallagher, Legal Counsel; Wilbur E.
Moore, Vice President of Academic Affairs .
The meeting was called to order at 2:00 P.M. by the Chairman.
The Minutes of the Meeting of May 17 , 1967 . s tand approved as printed.
Chairman Cofer called for reports from the Standing Committees:
Flnanoe Committee - Mr. Morrow
It was moved, seconded and carried that the following
Resolution be adopted:
11ESOI.UTION or CENTRA!" MICHIG,\.:; UNIVERSITY BO,\.RI' or TRUSTEES
IIH:ltIG TUF: CONSTITUTIOli,\.!,. AND STATUTORY BOARD OF CO~,RO!" or
CENTRA!,. MICHIGAN UNIVERSITy}
AUTIIOI\1.t.ING EXI'UIDITURES fOR PERI006J,lS-!;7 TIIlIOUCII 7-31~1
PIUOlI TO AI·PROVA!,. OF 1967-68 OPEAATINC BUDGET
R!;SOI.U TION
WII I:1U:A~, tl>< Loo7 Ug1" l.ture hao:>ll yet 16- 260(;1) lVI' approvod
app<oprloUon" le< tim IOO1-G~ fiscal Y.~r, .n<!
wt!t:llr")'S, It I. 1'001 "" .. I~I.IO adcp' an Op.r.tln!: !lodge' for tho
IOO7.e8 l' llca l YCO" unttl the lkgl.b'ure act. on opproprlatlOn. , un,)
WlII:RI:,\S, U I. ".,c ... ar), to p:ty )~~-GS oalary "".to .t~rtlnlr
6-21;-07 R"d o)'~rM'ng ""oto otortinK 7-1- 61, NOW,
!IF. rr R£SOLVlm lha, til. p...,. idon, of CenLr.1 MIchi gan l}nl.~ ... lty
I)IJ Authorl •• " ,0 <»ptmd . "ch f""~. ao a r c oece •• ary to PO}' .. I ~r)" nnd ,,'oge
cootl ". """'PUle,! on pre.!o" ol)" approved •• Iacy and waKe s<I>OO"lo" ~ nd
~uch <>[)lJutllli tOIII .. are ncc.,.."ry 1.0 kcq, til. In.mu,iOl1 oper3(1lli for
th_ ~crlod of GJ,l~-$7 L.hro"g117-31-~1,
2
Academic Affaire Committee - Mr, Umphrey
It was moved, seconded and carried that the Board approve
the recommendation of the Selection Committee for a Dean
of the School of Education and President Foust and appoint
Dr _ Curtis E. Nash fo r a two year period , 1967-68-69.
President Foust reviewed a proposed amendment in the Leaves of Absence
Policy. A joint meeting of the F1nanc laI Policies Committee and the
Committee on Leaves of Absence unanimously recommended that the
following provision be included or Incorporated in the agreement signed
by a person on leave with compensation:
Sign, at the beginning of such leave , a personal note
for the full amount of such leave-pay at 7% interest
compoundable annually from the date of signature,
said note to be
a) cancelled, together with accrued interest,
upon the reCipient 's completion of the stipulated
period of full-time faculty service immediately
following expiration of such leave~ or
b) due and payable upon demand, with accrued
interest to date of fina l payment, should the
recipient fall to fulfill a ll stipulations due to
voluntary nctions on his part, provided:
That partial fulfillme nt of the stipulated
conditions s hall result in a pro rata reduction
of the total obliation.
Time spent on such Academic Improvement Leave shall
not count toward tenure.
It was moved, seconded and carried that the above provision be accepted .
Dr. Foust submitted information from the University Senate Chairman
concerning a recommendation that paragraph 2 D on page 97 of the Faculty
Handbook be replnced with the following statement:
"Although the University subscribes to the policy that
classes should be met consistently snd generally wherever
feasible covered in the absence of instructors, It Is In
the interest of professional advancement that classes may
be dismissed upon occasion for attendance at professional
meetings with the approval of the Department Chairman. "
It was moved, seconded and carried that the above recommendation be
rejected .
3
(el The Trustee, saVe for gross ncgl igence Or 10111-
ful mi'conduet. shall not be liable ior any LOS8 or damage
what soever arising out of any act ion or failure to ~ct in
connection wlth til .. obligations of this Agr" ... en t, and shall
not be liable for ti,., ,,"Helle of any discretion ()r p"","cr here ­unde
r, or mista keS of judgr:cnt, or otherwise.. ""c opt IOUHul
.. hconduct or gro .. negligence.
(d) 11>11 Trustee ohall be. protc"tC<i 1n .. ny ,,-e tian
cnken upon any notice , r esolution, request, con sent, eertifieal",
.. CHdavit or oth~r papers bcl1 evr.d by it. officers to be
genuine , and to have been paased by the proper person Or
" arties . The Truatee shall nOt be bound to reeognhe any
person "S the h ol,l ~t of the Note, un l ess and untU the "'II,,,,
11 s ubmitted to the Trustee lor inspection a. required and
i U title c erta inly established, if disput.,d.
(e) Th$ Trustee ~y solect nnd empl oy .uitable
age nu and AttOrney " . Th" ,ca"onable compensMion of the
Trustee a nd such agents and attorneys $ha11 be p"id by the
Univers!ty. Tho Truscee shall be unde~ nO obligation or duty
to perform any act hereunde, or dcfend any suie, unhss in­dClTIlli!
ied to' iel sntlo (action.
The Trustee shall hold .11 su"s recQived hereunder
In lru&t for the benefit of the Bank , and said fund shall be
used only for lhe purpose" and in the OMnner herein set lorth.
SECTION 16
MISCELlJINEOUS
Any no tice. or dC'lI.1nd which by the provil Lon . of this
AgreCnLen t is required or provided to be serv~d to or UpOll the
University, 8Dnk Or the Trustee respectivel y sh~ ll be de.,..,d to
be given or ~erved lor all PU~I'08e6 by bci<,& sent as r .,ghtere4
24
mnil , post .• [;C prcpaid , Ildd,-cucd co Boar d of T,·ult~o. of Central
Michigan University. Mt. P1eannt, Mi.clligml. 0,' to Nation" l fl"nk
of Detroit , Detroit, Michigan, or to Ann Arbor Trust Cornp~ny.
Ann Arbor, Michlgan, respectively, or if any other address
s h all at any time be designated by any of the" i" wrlting t o
the oth"rs to such other addnas .
NO coun., of dealing between the University , the Rank
and the Trustee or any of the,. or any del~y on the parr of the
Bnnk or Trustee in eKercis lnl,; ony ri ghts hereunder or u L1 d~r
the Not., Shall oper.te as a ", .. iver of any right. hereunder
or under the Note or o thcrwill.e.
1£ and "'hen ~he principal and in terest Gtipulnt<;d
herflllnder shall ha ve been paid, or the Univeuity ah,,11 b~ve
provided for aueh pay,,,,,mr by depositing "ith t h" Trust"" or
tl>e Bank tile anoount of tile principa l of , and accrued int"r"st
on , til" Note to ",awrity or to l he date O "cd Cor p"yment a.
here in prov id~d, eh"n Lhls AgreemenL s hall be te"m lnated a"d
ahall be oC no further force and ethet as 10 1h" UnlvC)" s ity ,
and up"" request of the Univerl1ty, the Bank and Tru.t"" shall
e"ecu~" an in~trument specifically releasing lhe University
fro,n the covcn.1nts h erein .
Should .ny s"etion, subsectl.on or sentC1lee of this
Agreement be held invalid for any reason , such holdin:;: shall
ne>t be con.trued &5 affeetin!; lhc volidtty of any rco'aininB
portion of said ticcti"" or of lid. Agrec""''' t.
Thill A8reement may b" "Kccuted simultaneously in
several counterparc. , .,,,,,,h of which ~hall be dc~"""d t o be
.n origin"l, "nd auch coun ~crpore. , together, 5h1l11 and "'ill
CotlstiCute one and the same instn".ent.
IN IIITNESS WHEREOf, the. Bo~rd of Tnutces o[ Central
Kich igan University , has ~au $ ed the.~ p~esent l to ba sign"d by
25
of Central Mlchip;an Unlvcuity , atteB t "d by _____ ___ _
of C..ntral Michigan lJnivenity,
and sealed with its corporate aeal and the Ann Arbor Trust
Cocapany hu cau ..., d t hele pnos"nta to be ~ lgn"d by its
_____ _________ , aCC .. 8t .. d by its ________ _
_________ , and sealed with ita corporate leal , and
the Naelo"al Bank of Detroit haa caused th"se pren nn to be
executed on in bchalf by the Vice PreSident, attened by its
Assistant Vice President and its corporate seal to be hereunder
sffbed all on the ___ dey of ___ _ ___ , 1967.
ATTEST:
j Se" l ]
AT'Ir:S'f :
[ Scnl ]
ATTEST :
Aulae""t Vice Presidcnt
ISeaI]
$725,000
IlOAI\D OF TRUSTEES or
CENTRAL MICHICAN lJNIVERSIT'f
'" 00------------------------- Its
ANN !J.RUOR TRUST Co.'WAllY
'" I0ts0 ---------------------------
NAtIONAL BANK OF DIITROIT
":"0-00'"'"00-----------------­Vi,,-
e President
EXIIIBIT A
Mt. I'leaBont , Mtchigan
J un" ,1967
On Or berero July 1, 1977, the board of con t rol oC
Centrnl Michigan University kno,,", as the Board of T,-uoceea
of Central MIchigan UniverSity , a body corporate , created
by nnd exhting under the Constitution of the State of Michi_
gan, prOlllises to pay to the o~d~r of National Bank of Detroit
at its main oHice in tha City of DetrOit , Michigan , the SUm
of Seven H~ndl cd Twe n ty -FLve Thousand ($725 ,000) Dollau to.
jl;othClI' with int .. re.t th ~ reon as folIo"'.: (a) 3.75'1, per annu,"
until maturlty which is July 1, 1977; and (b) 6'1, thereafter .
Semi-a,mual principal and interest pSyLn cn u Sha ll be msde in
scco~d .. nce wlth Section 7 of a Student Athl"tie Facilities
Rev~nu e FinoncinG ~nd Security Agree~nt, betwecn the maket
snd t he p ayee hereof bearing eVen date herewith which princi­pal
and inteu-st payment . shall be not less than $45,000 on
J anuary 1, 1968 and on each July 1st and J snu.ry l.t thcre­.
rter until maturity which f hall be July 1, 1977 , which p8y_
.... n t •• hall be ap plied Hrst on inter .. st IOnd th .. balanc" on
princip.t On each pay"",nt da t e .
26
Thi' NOCG i. iS5UC~ pUflU.nt to, is entitled to t hc
benef its , and 15 subjec t to all of the te .... s and conditions
of, • Student Athl etic FacHitie. Rove"ue Financing and Security
Agr .... """'t between th .. ..ake r and the payee hereof b .. aring evcn
dat" h"revith.
ATTEST:
[Seal]
BOARD OF l'RUSTEES OF
CENTRAL MICHIGAN UNIVERSITY
.,-----------
C E R T I FIe A T ION
I he reby cartify ~hae Ca) the fo~egotng is a full,
true and correct copy of ~ilo Resolut ions and tbe ... ho le the,'co [,
of the Board of T runC~1 of Cm1trnl fll.chtgan Univcr~ity rq\u-l
arly pre.en tcd nnd Adopted by ~ <1,,8n t rnonR vote at " mccUne
duly c~l1ed and hold in Mt. Ple8Ssl1t, Mi chigan on ___ __ _
19_ at which a quorWII wu pro,ent and voted ; Cb)' ______ _
(and)
fully dhcloaed certain intousu hc (ohe) (th,,-y) had in the
transsction 1I1'proved by lhe fore&oil1& re.olution and thorc;][tcr
sbndned from voting On the adoption thereof; (e) this disclosure
vas set forth In the r"eord or the board; ~nd (d) the .aid Resolt>-
t iona are du l y recorded in the ",i,lUte book of the Bo~rd of TTUscees
of Central Michigan University and arc 81ill 1n rull force ~nd
~ ffect .
Dated :
Joanne ", collI", S~_crctnr',C-----­lIe
a r rl of Tn>oeee$ of
CcntrD.I NichtClln Un1vc r .ity
27
It was moved, seconded and carried that Mrs . Jeanne F. Collins be appointed
Secretary of the Board of Trus tees .
It was moved, s econded and carried that the following Res olution be approved:
RESOLUTION OF CENTRA L MICHIGAN UNIVERSITY BOAHD OF TRUSTEES
(BEING THE CONSTITUTIONAL AND STATUTORY BOARD OF CONTHOL OF
CENTRAL MICHIGAN UNIVERSIT Y)
CONCERNTNG NEW SELF- LIQUIDATING FACILITIES.
R ES OLUTION
RESOLVED that the following plan for plant expa nsion In the SeU­Liquidating
area be apPl'oved:
1. Take bids as soon as pos sible on Residence lIall Quadrangle
housing approximate ly 1, 500 students.
2. Take bids as SOOIl BS po ssib le on 100 two-bedroom apartments .
3. Develop plans a nd specifications for an addition to the Univers ity
Center.
4. The flrm of Roger Allen and Associates be engaged to deve lop
plans and specifications for the apartments . (They have been
previous ly authorized for the Res idence Ha ll Complex and the
Unjver s ity Center addition. )
5. Authorize the Ann Arbor Trust Company to deve lop a to ta l
financ ing for the above faci lities and, specifically, at this t ime,
to We final application with HUD in the amount of $3,850, 000;
three million to be pr ovided by HUD at 3% - 50 yea r term , a nd
$850,000 to be provided from private funds.
28
It was moved, seconded a nd carried that the Extension of the 1966-67
Negotiated Union Agreement be approved as follows:
EXTENSION OF 1966-67 NEGOTIATED
UNION AGREEMENT
It is hereby agreed that the 1966-67 Negotiated Agreement
in effect since November 16, 1966 between Central
Michigan Uni versity a nd Local 1568 of the American
Federation of State, County, aod Municipal Employees '
Union (AFL-CIO) will be extended on a day to day basis
after 11:59 p. m. June 30, 1967 until such time as the
1967-68 Agreement has been negotiated, ratified, and
is in effect.
It is further agreed that any changes in the new Agreement
will be retroactive to July I, 1967.
Local 1568 AFSCME (AFL-CIO) Central Michigan University
Council Representative Central Michigan University
June 28, 1967 .
Dr. Bovee officially r eported to the Board that the State Administr ative
Board had approved construction of the new library and asked that the
contracts be appr oved . It was moved , seconded and carried that the
following contracts be awarded;
General Construction
Mechamc al Work
Electrical Work
Library Equipment
Mille r- Davis Company
Phoenix Spr inkler &
HeaUng Company
Holp Electric Company
Republic Steel Company
$2,037,500
936,000
298,900
141,745
Chairman Cofer asked for suggestions of dates for future board meetings.
Board policy calls for a minimum of ten meetings per year . An open date
in July, to be finalized when the legislature decides upon our appropriations,
was agreed upon. August 29 was set a s a definite meeting date and
thereafter each third Wednesday of the month as follows:
September 20 January 17 April 17
October 18 February 21 May 15
November 15 March 20 June 19
December 20
29
It was moved, seconded and carried that the formal recommendations as
presented by President Foust be approved:
RETIREMENTS:
Dr. Judson w. Foust,
academic year.
Presid.e nt, effective after the 1967-68
Miss C. Dorothy Schaefer, Associate P rofessor, Student
Personnel Services, effective January 31, 1968.
Dr. Mary M. Wills , Professor, English Department, effective
June 10, 1967 .
RESIGNATIONS:
Mt·s. Dorothy Blacklock, Instructor, Department of Mathematics ,
effective June 10, 1967 .
Mr. Erwin C. Bleckley, Assistant Professor, Foreign lnnguages
Department, effective June 10, 1967 .
Dr . Marie Dubke, Associate Professor, Department of Business,
effective June 10, 1967.
Mr. Norman Hallett , Instructor, History Department, effective
June 10, 1967.
Miss Wilma Hook, Instructor, English Department, effective
June 10, 1967.
Mr. Albert Long, Instructor, Mathematics Department, Ford
Foundation Par tnership Vocational Education Project, effective
September 5, 1967.
Mrs. Linda M. Moffit, Instructor, English Department, effective
June 10,1967.
01'. Gabriel P . Racz, Associate P rofessor, Economics Department,
effective June 10, 1967.
Mr. Arthur A. Saxe, Instructor , Sociology Department, effective
June 10, 1967.
Dr. John C. Welser, Associate P rofessor, Education Department,
effective July 28, 1967.
Mr. James E. Bealer, Administrative Assistant III, Student
Personnel ServIces, effective June 30, 1967.
Res ignations continued -
Mrs. Edna Creager, Resident Adviser A-I, Housing Office,
effective June 14, 1967.
Mr. Clayton A. Roehl , Di rector,
effective June 30, 1967.
Educational Television, A-lV,
Mrs. Idanette Van Wyhe, Res ident Adviser A-I, Housing Office,
effective June 14, 1967.
Mrs. Barbara Bauman, Cashier C-l, Business Division, effective
June 9, 1967.
Mr. Charles G. Clare, Trades Helper M-2, Maintenance
Department, effective Aprill 0, 1967.
Miss Betty M. Connor, Secretary C-2, Biology Department,
effective May 24, 1967.
!lIrs. Bernice Eisenberger, Clerk C-O, Library, effective
June 9, 1967.
Mrs. Donna Harris, Stenographer C-2, Physical Education
Department, effective June 9, 1967.
Miss Carole Kadlabitsky, Clerk C-1, Academic Affai rs, effective
loIay 19, 1967 .
Miss Sharron M. Makarewicz, Clerk C-O, Registrar's Office ,
Student Personnel Services, effective JW1e 2, 1967.
Mr. John C. McAuliffe, Student Maintenance Supervisor, Housing,
effective June 10, 1967.
Mrs. Patricia McBride, Stenographer C-2, Academic Affairs ,
effective June 2, 1967.
Mrs . Patricia McKeel, Key Punch Operator C- 1, Data Processing
Center , Business Division, effective June 8, 1967 .
Mr . William Smith, Student Maintenance Superv isor, Housing,
effective May 29, 1967.
One Temporary Groundsman resigned since the last Board of
Trustees Meeting on May 17, 1967.
30 31
APPOINTMENTS:
fill's. Caroline Baker, Instructor, Library, effective September 4,
1967.
Mr. Charles Bettinson, Instructor (Temporary), English Department,
effective September 4, 1967.
Mr. Waiter J. Bisard, Instructor (Temporary), Physics Department,
effective September 4, 1967.
Miss Aileen Canfield, Assistant Professor, Foreign Languages
Department, effective September 4, 1967 .
Miss Susan Clarkson, Resident Adviser A-I, Housing , effective
August 28, 1967 .
Mr. Robert G. Clason, Assistant Professor, Mathematics
Department, effective September 4, 1967.
Dr. James W. Davidson, Assistant Professor, Secondary
Education Department, effective September 4, 1967 .
Mr. Holley Gene Duffield, Assistant Professor, English Department ,
effective September 4 , 1967.
Mr. Marshall Hier, Visiting Instructor, Psychology Department,
effective September 4,1967 for the fall seme ster only .
flIr. Raymond F. Johnson, Instructor, Health Education Department,
effective September 4, 1967 .
Rabbi Josef Kratzenstein, ViSiting Professor, Philoaophy
Department,for the fall semester only, effective September 4 , 1967.
Mr. David L. Lake, Assistant Instructor (Temporary), Mathematics
Department, effective September 4, 1967.
Mr. James S. OWen, Assistant Professor, Secondary Education
Department , effective September 4, 1967.
Mr. Richard B. Parr, Instructor (Temporary), Health Education
Department, effective September 4, 1967.
Mrs . Joy Pastucha, Instructor, English Department, effective
September 4, 1967.
AppOintments continued -
Mr. Vincent C. Peloso, Assistant Professor, History Department,
effective September 4, 1967.
Dr. Lois Pratt, Professor , Soc iology Department, effective
September 4, 1967.
Dr. Samuel Pratt, Professor, Sociology Department, effective
September 4 , 1967.
Mr. JameS L. Ralston, Instructor, Englisb Department, effective
September 4, 1967.
Miss Doris J. Ramsey, Instructor , Speech and Drama DepartIn;lut,
effective September 4, 1967.
Mr. Marion Reynolds , Assistant Professor, Elementary Education
Department (one- half time), effective September 4 , 1967 .
Mrs. Norma Richardson, Assistant Professor, Foreign lnnguages
Department, effective September 4, 1967.
Mr. Elias Sam'o, ASSistant Professor, Political Science Department,
effective September 4, 1967 .
Mr. Robert A. Sander, Instructor, Geography Department, effective
September 4, 1967.
Miss Hisako Shimura, Assistant Professor, Political Science
Department, effective September 4, 1967 .
Mr. Irvin Sigler, Instructor - Football Coach, Physical Educatiou
Department, effective September 4, 1967.
IIIr . Gordon Sigren, ViSiting Instructor , Psychology Department,
effective September 4, 1967 for the fall semester only.
Mr. Karel Topinka, Instructor, Foreign Languages Department,
effective September 4, 1967.
Mrs. Patricia Van't Hof, Assistant Coordinator, Instructor,
Education Department, effective September 4, 1967 .
Mr. Paul G. Vogel, Instructor, Physical Education Department,
effective September 4 , 1967.
Mr. L. Edgar Ward, Instructor , English Department, effective
September 4, 1967.
32 33
Appointments continued -
Mrs. Marie V. Gray, Resident Adviser A-I, Housing, effective
August 28, 1967.
Mr. Roger L. Sanders, Budget Director A-V, Business Division,
effective January 9, 1967.
Mr. Robert C. Blackmore, Student Maintenance Supervisor,
Housing, effective June 10, 1967 .
Mrs. Rose Marie Bowers, Typist C-O, Academic Affa irs,
effective May 31 , 1967.
Mrs. Marion Brown, Secretary C-4, Alumni Relations Office,
effective May 15, 1967 .
Mrs. Mary A. Hoffman, Stenographer C-2, President's Office ,
effective May 22, 1967.
Mrs. Linda S. Measle, Key Punch Operator C-1, Office of
Equipment Inventory, effective May 15, 1967.
Miss Theo Ann IIUetke , Clerk C-1, Geography Department,
effective June 5, 1967.
Mr. Robert Parel, Student Maintenance Supervisor, Housing,
effective May 30, 1967.
Mrs. Arvilla J. Smith, Clerk C-O, Registrar's Office, Student
Personnel Services, effective June 5 , 1967.
Mrs. Geraldine White , Typist C-O, Alumni Office, effective
May 15, 1967.
Six Temporary Groundsmen were hired s ince the last Board of
Trustees Meeting on May 17, 1967.
TRANSFERS AND RECLASSIFICATIONS:
Mrs. Joyce H. PUlote, Instructor, Philosophy Department,
from a full-time Instructor to a one-half time Instructor for
the fall semester 1967 only.
Miss Carol Willis, Clerk C-1, Academic Affairs , from Clerk
C-O, Academic Affairs, effective May 22, 1967.
Mr. William A. Florian, Custodian M-1, Maintenance Department,
from Temporary Groundsman, effective May 1, 1967.
34
Transfers and Reclassifications continued -
Mr. Leo Smith, Trades Helper M- 2, Maintenance Depart ment,
frcm General Maintenance M-1, effect ive May 29, 1967.
PROMOTIONS:
Dr. Thompson C. Moffit, Instructor, Department of Education,
to Assistant Professor, effective September 4, 1967.
SA lARY ADJUSTMENTS:
Mr. George A. Schneider. Instructor, English Department,
effective September 1, 1967.
Recommend approval of the Consumers Power Company Right-Or-Way ,
subject to final review and approva l by Mr. Gallagher . University Counsel,
as submitted. (Copy on file in the Secretary's Office.)
Recommend approval of the Michigan Consolidated Gas Company Right-Of­Way,
subject to final review and approval by Mr. Gallagher, University
Counsel, as submitted. (Copy on file in the Secretary's Office.)
Recommend approval of a leave of absence Without pay for Mrs. flIargo R.
Carlin.
Recommend change in the leave of absence with compensation for
Dr. Wakelin McNeel.
Recommend approval of additions to the Off Campus Schedule of Classes,
as submitted. (Copy on file in the Secretary's Office.)
Recommend approval of the Proposed Salary Allocations for the 1967-68
year. (Copy on file in the Secretary's Office.)
GIFTS:
Grant in the amount of $20 , 000 from the Herbert H. and Grace A.
Dow Foundation, to the School of Business Administration.
Grant in the amount of $50, 600 from the Mott Foundation for the
a cademic year 1967- 68.
Grant in the amount of $1,500 from the Inter- Industry Highway
Safety Foundation of Michigan.
Gift of $100 from Ginn and Company as matching gift with
Albert F. Butler to the Alumni Deve lopment Fund.
35
Gifts continued -
GUt of $100 from Albert F. Butler to the Alumni Development
Fund.
Gift of $50 from Ramon S. Scr uggs to the Alumni Deve lopment
Fund.
Gift of $10 from Floyd G. Slentz to the Alumni Developme nt
Fund.
Gift of $75 from Karolena fooL Fox to the Alumni Deve lopment
Fund on the occasion of our 75th Anniversary .
Gift oC $300 from the Sylvania Electric Products, Inc., to the
Physics Department.
The use of a 1967 Buick Electra 225 from Hartman Motor Sales,
Inc., to be used III our School Bus and Driver Education Programs.
Electric equipment and the chemistry laboratory frameofIex
rack at an estimated valuc of $1,054.75 from the [)ow Chemical
Company to the ChemistTY Department.
Foul' New Britain shields from Cedric H. Mar ks , New York,
New York, at an esthnated value of $600 to the Art Department.
One hundred !leslst-O-Guides from the Internalional n esistance
Com\)Uny, Philade lphia , Pennsylvania, at an estimated value of
$25 to the Industrial Educat ion Department.
To the Clarke Historical Library:
From:
Mr. and Mrs . Edward J. Kinnane, Bay City, Michigan,
a gift of the History of 18Y County, Michigan, and
nepresentative Citizens, and the two volume set of
Historic Michib'Un, estimated valued - $60 . 00 .
Mr. Michael J. Novak, Detroit, Mich igan, a gift of
The Chattanooga Rebel and the State Republican
Legis lature Souvenir, 1897, estimated value - $12. 00.
Mr. Robert J. Cierznlewski , Bay City, Michigan, a
gift of $25 for the Clarke Historical Library Newspaper
Microfilming project.
36
Gifts continued -
To the University Library:
From:
Elders R. Bateman and T. Terry of the Fi rst Presidency
of Church of Latter-Day Sa ints, Salt Lake City, Utah, a
gift of five books: Jesus The Christ , ~ Marve lous Work
And.! Wonde r , Essentials I!!. Church Histor y , Gospe l
Doctrine, Gospel Ideals, estimated value - $25.00.
On motion, the meeting adjour ned at 3:50 P. M.
Respectfully submitted ,
~~,f!~
Secretary
37
The Gover ning Board of the Clarke Historical Ubr ary re<:ommended the
{ollowing:
''That the Director and other employees In the Clarke
Histor ical Library are under the control and supervis ion
of the Governing Board with rank and classification and
changes in rank or classification subject to the Board 's
decision. "
"The Director of the Clarke m s torical Library s hall
confer with the General Librarian on matters which
r equire mutual cooperation to ensure harmony between
the Librar ies and prevent duplication of e ffor t and
purchases of book materials. "
'The annual budget for the Clarke Historical Library
shall be submitted by the Director at the mid-winter
meeting of the Governing Board {or revi ew , acceptance
or amendment and the final determined budget shall be
s ubmitted to the Univer sity Board of Tr ustees without
change . "
It was moved, seconded and carried that the above recommendations of
the Gove r ning Board of the Clarke Histor ical Library be rejected.
It was moved, seconded and carried that the title for Mr. Cumming,
head of the Clarke Historical Library, be changed from "Custodian"
to "Director. "
It was moved, seconded and carried that we continue our agreement with
Mr. Byron P . Gallagher, University Legal Counsel, under the same
conditions as 1966-67.
It was moved , seconded and carried that the following Resolution for
financing the land recently acquired be adopted:
RESOLUTIOll Of BOARD OF OOlITROL Ot'
CENTML MI CHIGAN UNIVERSITY
AUTHORIZING A STUDENT ATHLETIC
fACI LITIES REVENIIF. FINANCING IN
mE AGGREGATE A.'KItmT or $725,000
WHEREAS, Gen tu.l Michig.n University i5 .n inst itu­tion
of highe ~ education established by l.w ~vin g authority
t o grant baccalau r ~ nte degrees ; and
4
IIHER!:AS, the bond of control of Central Michigan
Univeuity kn"""tl as the Soard of Trustee. of Central M[chigan
University , a body corporate croated by .nd e~i . t ing under the
ConstituLion of the Stat" of Miehiean and having full constitu-tlona
l euthority over .nd gener.l superviSion of •• id Central
Michi g.n University and the control and direction of all expendl-tures
{ro. said Central Michigan UnlverllLy's [unds , hu det. r-
~incd that It is nece •• ary and ror the best intere.ts of Centr.l
Michlga" University, its studenn and personnel thftt It con~truct
and equip athletic ilelds for athletic d .. vel0l"""nt purposes On
the South Campus Gre' of Centr al Michigan University which sh.ll
lnclude (a) the rough grading of part of the a r ea ; and (b)
construction of v8riOUI intr.~ral a t hletic facilitie l [or
football , bu~ball and genernl use (all of .. ·h1ch will her eafter
be r e ferred to as "Project-PhlUe 1" ) ; and
WlIER!:AS, thls board has plan a for the further ath-letic
deve l op",.,nt of tlla South C","~us aren (which is herein ·
after referred to .t "Projr<:t-Phue II"); .nd
WllERRAS, the Michign" Legislature has spccUicdly
Phas", I ; and
WIlEREAS, in the opinion of the u id boud it is
necess ary and expedi~t that the Univer.ity obtain the Sua of
$725 ,000 to be used by it as Collo"8 : ( . ) $375 ,000 to r efund
'n existing financing ""ereby p.rt of the land fo~ uae in
Project -Phase I waa .cquired in 1965; and (b) $350,000 to be
used to pay par t of the coSt oi $409 ,000 of a cqulring 383 acreS
of .dditional land to be used for the rest o{ Proje<:t - Phase 1.
(Thh Board has determined t hat it hu .vaihble from its own
resources the r emaining $59,000 neces sary to purchase the ad-dition.
l 383 acres.); and
5
WHEREAS, there has bttn sub~it t ~ d for the con.idcra­cion
of chl_ Board a proposed Student Athletic Facilitie. Revenue
Financing and Securiey ABu ..... ent whereby the ~um of $725,000
will be obtained from National Bank of Detroit, for a t~rm of
approdllloOtely ten (IO) yean. with final "",turLty on J uly 1 . 1977.
NOW, THEREFORE, BE IT RESOLVED, that this board of
control of Centr~ l Michigan University pro<:eed ta construct
~nd equip . aid ProJect-Pha.e I; Ind
BE IT FURTHER RESOLVED, that Cen tra.l Michigan Univer ­stty
acting th rough thi. board obtain for such purpose the .um
of $723,000 from the National Bank of Detr oit. a nat ional bank­ing
~I.oci.tion of D~troit , Michigan , upon the terms and Con­ditions
more fully oet forth in . IItd Student Athl etic Facilities
Revenue Financing lind Securi t y Agre emen t , (her ei n aft~r r e ferred
to .s the "Agreement"). and evidenced by a Note, both of which
a~c approved a. to cont~nt and form substantially as scc forch
in the forma hereto att.chcd and made a part of t his rcoolution,
~nd incorporated in the minute. of this mecting; and
8E IT FURTHER RESOLVED. that said flnancing it to be
Cor the term of approKiaately ten (10) years at an interest
r~tl of 3.15% per annu .. from da te of the Note until aaturtty
which .h~ ll bl July I, 1911 . ~nd 61 per ~nnUIII thereafter. The
repayment thereo f II to be aecu~ed by a pledge of Spechl Feo.
detived from the collection of ~ specLal fee u ~ p~ rt of U"lver­,
tty Fees froco l aeh .tudent attending said University and de_d
by this 8<)ud to bc benofitcd by said new Athletic Facilities
at th" ti~e or registration in each t~r~ in .uch amount .0
that thc t<)tal of such fecs collected will prOvide annual aULns
to be paid on the pnncipal of .nd interest on the Note equal
to at hue those set forth in Sec t i on 7 of the s aid Agreemant;
'"'
BE IT FURTHER RESOLVF.D. that this Board hereby deter­lOio
u that the regularl y ~nroll ed full time 8nd part tu.e stu-
6
denta attending the Univers ity a r e each individually benefited
and all of said studenC. are. 1n the aggregate. b~n~fited, by
the availability or and from the uae of laid Project -Phase I
to be lo<:ated on the South C...,pus of Central Michtgan Unive r ­any
and tha t after September 15. 1967. each ouch student shall
be charied and .hall pay to the University in each year for
each term of attendancI a .pechl fee. at part of the University
Fees, in an l.IIIOunt to be detenoined rrom tu.e to ti .... hy thh
Board so that the aggregate amount of Special Fees 80 charged
and paid ahall at least equal, 1n each fisc al yeor of the Uni­versity
, ~nd .hall not be less th.n the amounts . ~t farth i n
Sec tion 4(b) of the Agr~~ment. Th~ Univeroity on the basis of
pa.t ~xp eri ~nc e ha. estimated that revcnue_ f~om .aid Special
Fee. will equal at l ea.t ~he amount. aet torth in said Section
4(b) .
BE IT I'URTH~R RESOLVED that the Ann Arbor Trust
CompGny. Ann Arbor, ~tichigan be and hereby it appointed to
act a s Trustee under •• id Agreement here inbefore refe~red ta
and approved and I ttached hlreto . and said Trustee .hall be
""t{tied to luch utate., powen . ri&bu, authorities, bene­flts,
privilege. and immunities as are set forth in this
Resolution and said Agreement; .nd
BE IT FlJRTHER RESOLVED that Jud • ..., W. Foust. Pre­s
i dent of Centnl Michigan University and JURRe F. Coll(Q • .
Secretary of the Board of Trustees of Central Michigan Uni­"
eralty . be and they are hereby authorhed. empowered and
directed in the nl.Cle of the Board of Tt'ustees of Ccntral
Michigan University and II 1t l corporatt ." t .nd d~ed to r e ­spectively
execute and attut the Agrcement ~"d Note approved
by and rnnde II. plI.rt of this ResolutiOn and to e"ecute and de­liver
such othor do"u"~nt l 11. ' mll.Y by them and each of them be
deemed to be neCI •• ~ry or eKp~dient undl r or in connection
with .~ id Agreement, laid Note or thit Ra. o l ution; and
7
a e IT FURTHER RESOLVED t ha t the Same o f f i cer s be and
t hey are hereby authorized and emp ow~ rcd and dir&eted for and
in the nNne of t hh Boa r d, and u i ts c orporate act and deed
to 1I1Dke , conSent to and agree t o any change s in t he t e r ms and
condition. of t he . a id Ag reement .nd Note which t hey may deem
necuut)', expedient and proper at the t ime of " xecution of
, aid Agtecm<!<>t and Note, but no auch amendmen t .h.ll change
t he provisions , or the G1!>Dun t co be obtai ned, the i ntHut to
be paid t he r eon , t he p8.y"'eo~ . rcqu ir~ d to be made or the .e-curtty
pledged ; provided , however, tha t nothing cont.ined here-i
n shalt be conside red .. 11l1iting the right of said off1cers
to a l ter or change the date or 1,s\le of said Note Or of the
dates and time. for pay"",nt of interes t or principal; and
BE IT ],'URTIiER RESOL\lW , t ha t shOllld it develop that
J udson W. Foult . h e9ident of Central Mich igan University ,
t hrough 111nen , absence Or other wise , be \lnab l e to perCont
t he acts he i. h ~r"in authorized . empowered and directed to
pe r form , then in t h5t (aSe Norvall C. Bovee , Vice f resident
f or Bu!iness and Fin ance of Central Michi gan Un iv"uity a"d
Treuurcr of this board II hcreby aut horized, ... power~d and
d ir...,t.,d to p"rCorut any and all aet" and deeds herein autltor-h
ed and direc t ed t o be perfor DOed by said Judson W. Foust and
any actions so t sken by ,aid NorvaH C. Bovee 'hall be .. bind-ing
on t he Board of Tru.te" of C e~ t r a l Michigan Unlversity a s
if performed by sa id Judson \/, Foust ; and
BE IT FURTHER RESOLVF.D that should It develop that
Jeanne .. . Collin". Secretary of the Board of Trustee. of Central
Mi chigan University , through illnel5 , absence or other wise be
unable to perform the acta ! he I t here i n a ut horited , empowered
and d ircc~ed to perfor .. , t hen i n that cnse J ohn Dc Cn r lo , \lice
fr e.id ~"t for fublic Se rvices o f Centr a l Mlchl.g.on Uni versity
is hereby authorized , empowercd and dir e c ted to perform any
and aU acra and deeds hereln fluthorlzcd and d i r ectcd t o be
perf crlll<!d by the said Jean ... 1". OIllIn. and any ac tion .0 taken
B
by said J ohn Decarlo .hall be a. binding on the Board of
Truneal of Cent r al Mlchi&&n University aa if perlor,,"ed by
the said J oanne F. CUlll "'l ; . nd
BE IT FURnlEll IlESOL\lEO t hac National Bank of Dctr o1~
and Ann Arbor Tr\lst Company be and he reby are authorized t o
r e l y on the continuing effect of these resolut ion . until re-c
eipt by each of t hem of notice in writing from chi s board or
Central Michi gan Un i verai~ y of any alter a tions Or amendme nt.
thereto .
STuonrr ATIlLET IC FACILITIES
RE\lENUE FINANCI NG AND
SECUIlITY AGREE>lEHT
Till S AGREEMF.NT made and en te r ed into a5 of t he
d ny of _ ______ _ 1967, bctween the BOARD OF CONTROL OF
CI!NTRAL HICIlIGAN IJIUVF.RSlTY kn"",." a s the BOARll OF TRUSTEES 0.'
CENTRAL MICIlIGAN UNIVERSITY (being t he eonstltutional and statu·
t Ory board of control of C<!ntra\ Michigan Universlty and hcreln­a
l ter calhd the "Univer. ity"), NATI ONAL BANK OF DETROIT , a
national ban king assoc i ation of Detroit , MichiE"", (her einafter
c aU ed t he "Bank") and ANN ARBOR TRUST COMi'ANY , a Mic higan corporn-tion
, of Ann Arbor , Mlehlgan , (h"reinafter called the ' 'r~U&tcc'').
W IT N £ S S [ T H
WHEREAS, Cen cr a l Michigan ijniverli t y I. an i n. tit u -
ticn of higher educ ation establ is hed by l aw hn vl ng aut ho r ity to
grant bacedaur eate degr"el; .and
WHEREAS, the board of contr ol of Cenlral Michigan
Univcr,lcy, kno..." U the Board o f Tr us tees of Centul Mlchiean
Un i verS ity, a body corporat e created by and existing under the
ConHitu t ion of the StAte of Michigan , and having lu ll conHltu-tional
authorit y over and gener a l supe rvi. ion of laid Cent r al
Hichigan Univer si t y and the contr ol and dlr&etion of .I t
9