MINUTES OF THE MEETING
of the
BOARD OF TRUSTEES
December 14, 1962
The Trustees have previously approved the financing of dormitories
at Michigan State University-Oakland with funds derived from
the Pryale Foundation. The formal resolution of the Board
of Trustees never appeared in the Board minutes and should
now be approved:
RESOLUTION OF BOARD OF TRUSTEES OF MICHIGAN STATE UNIVERSITY
OF AGRICULTURE AND APPLIED SCIENCE RELATIVE TO ISSUANCE AND
SALE OF MICHIGAN STATE UNIVERSITY-OAKLAND GENERAL OBLIGATION
BONDS, SERIES 1
WHEREAS, the Board of Trustees of Michigan State University
of Agriculture and Applied Science, in the exercise of its
constitutional duties has determined that it is necessary
to construct a student residence on the campus of Michigan
State University-Oakland, and secure certain scientific equipment
for research and instructional purposes, and
WHEREAS, this Board deemed it necessary and expedient to
issue and sell Michigan State University-Oakland General Obligation
Bonds, Series 1, in the face value of $450,000.00, in denominations
of $25,000.00 each, maturing thirty (30) years from issue,
with interest at the rate of 4 ½ % per annum payable
on the anniversary date thereof, to defray costs incident
to such student residence and the purchase price of such scientific
equipment.
NOW, THEREFORE, BE IT RESOLVED, by the Board of Trustees
of Michigan State University of Agriculture and Applied Science,
that it borrow the sum of $450,000.00 through the issuance
and sale of Michigan State University-Oakland General Obligation
Bonds, Series 1.
BE IT FURTHER RESOLVED, that John A. Hannah, President, or
Philip J. May, Vice President, be and hereby are authorized,
empowered and directed in the name of the Board of Trustees
of Michigan State University of Agriculture and Applied Science
and as its corporate act and deed, to execute and sign Michigan
State University-Oakland General Obligation Bonds, Series
1, herein provided. To facilitate the execution and signing
of the bonds, the officers are authorized to use their initials
in lieu of their christian names.
BE IT FURTHER RESOLVED, that either of said officers may
make, consent to and agree to any changes in the terms and
conditions which they may deem necessary, expendient and proper,
but no such amendments shall change the provisions therein
for the amount to be borrowed, the interest to be paid thereon,
the payments required to be made, or the security pledged.
The right of such officer to alter or change the date of issue
of said bonds, the dates for payments of interest, or the
dates fixed for principal payments, is acknowledged.
BE IT FURTHER RESOLVED, that the terms, conditions and commitments
of the Pryale Foundation, an inter vivos trust executed September
1, 1961, which were submitted at the Finance Committee meeting
of April 13, 1962, are incorporated herein by specific reference.
BE IT FURTHER RESOLVED, that in the issuance of said bonds
there shall be no pledging of credit or creating of any liability
on the part of the State of Michigan or the members or officers
of this Board, or any of their successors other than to pledge
the investment income from the fund and/or student residence
income from the project specified and/or overhead from institutional
research contracts at Michigan State University-Oakland and/or
other specific funds designated by the Board of Trustees of
Michigan State University of Agriculture and Applied Science.
BE IT FURTHER RESOLVED, that any one of the above-named officers
be and he hereby is authorized, empowered and directed for
and in the name of the Board of Trustees of Michigan State
University of Agriculture and Applied Science, to sell and
deliver Michigan State University-Oakland General Obligation
Bonds, Series 1, of the face value of $450,000.00, in accordance
herewith.
Personnel action:
Establish a Director of Personnel AP-V position with a salary
range from $7,500 to $9,420
Establish a Typist-Dictaphone Operator III position in the
Division of Social Sciences (p. 127)
Gifts for the Scholarship Fund:
Baldwin Rubber Company, Pontiac $510
$162 D. U. Memorial Foundation, Detroit
$350 The Detroit Edison Company, Detroit
$500 from Irving A. Duffy, Dearborn
$500 from John Dykstra Foundation, Dearborn
$500 Roy Fruehauf, Detroit
$1,000 from Pontiac Area Jr. Chamber of Commerce, Pontiac
$100 from John B. Poole, Detroit
$1,020 from The Wayne Oakland Bank Trust, Royal Oak
$200 from Frederick G. Weed, Detroit
Gifts and Grants:
Grant of $1,000 from Harold A. Fitzgerald of Pontiac to be
used under the direction of Chancellor Varner as an unrestricted
gift for deposit in the Discretionary Gift fund, account 91-1162.
On motion by Mr. Vanderploeg, seconded by Dr. Smith,
it was voted to approve all Michigan State University-Oakland
items.(p. 128)