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Show 'I U of the Board on the 18th day of January, 1939, (but as of i - December lst, ' 1938) created a bonded. indebtedness in the sum '. (£5101,,000,00 in order to secure funds for the construction 7, of the University of Utah Field House, and made, executed and ' --delivered serial, coupon bonds of the University, on an amortization plan, in the amount of $101; 000.00, bearing interest in the sum of three percent (%5 per annum, payable, semiuarmually upon the first day of, June and the first day of December, and, to the punctual payment of said bonds,1n Series A' to H, inclusive, irrevocably pledged, as afirst _ charge thereon the monies to be collected. by the University ‘ ' from the annUalincome of the University .of Utah (land grant funds, without accumflation; and to (the punctual payment of said, bonds in Series Ito X, incluSive, irrevocably pledged, . as a first charge thereon, fifteen percent of the gross annual- ‘ revenue derived from gate receipts and rentals of the stadium ‘ . and" field house and a $2,500.001annua1 appropriation from, the 7; Associated Students of the university of Utah,5 plus. ‘an additional"? , fifteen percent of all normal student~body fees and; the annual . . ' income of the University of Utah. land grant funds, without accumu1‘ lation, it being expressly stipulated in said bonds, however, that , they, should never be, or become, general obligations of the Uni- ‘ ' ‘versity of Utah or of- the State of Utah,.and ' ' . , WHEREAS, by two Resolutions adopted by the Board at a speci ' meeting held on October 23, - l9lolp, it was deemed advisable tore.tire on December 1, 1941., the then, outstanding umature‘d, Field! _ .‘;House Bonds, Series K to K," inclusive, of'the face value of ', _ L, $78,000.00, ' and the Chairman and Secretary: were authorized and i . , directed to :give‘idue noticei'of redemption of the same; and "it "u _ also deemed advisable» to . ask for bids on afrefunding "issue or , ' * r"-;'University of. Utah Field" House Bonds in, the amount of $78,001:.EOO . or less, in order to a get. the money to effectuate said redemption vandathe: ‘Chairmanand Secretary. were authorized, and directed to. 1 ‘ give notice of a call for; sealed proposals; for the purchase of" , ‘ ‘ the same; and said Notice of.,Redemption having been, and new publishedfin accordance. with said reselution; and said Gallf ‘ fl Sealed Proposals having, alsowsbeen" published in accordance m. _ . said resolution, and all known proSpective bidders, and these requesting the same, having been furnished with Notification of - ; ‘ Bond Issue, Proposal Fame, and Prospectus as per Exhibit-"M": hereunto attached and made a part hereon; and inVaccordance with, ' ' {ligandfpursuant to said cell, a number of sealed,preposals‘forthe‘ "purchase of a $75,000.00 refunding issue of University of Utah ' Field House Bonds having been received, publicly openedand A . i read, and later compared and evaluated by the Finance Committee ., on November 11., 1941., whichdetermined that the, preposal; or " ‘ F.‘T. Boise, a copy of which is hereunto. attached marked Ebdubit _ "B" andnade a part hereof, was the highest and best bid'reee . for the sale of said bonds and, the amount offered a fair, ease. table and adequate price hirer, the same, and the best obtains a -, on the present money market; and the, Board, being fully in the premises and concurring in the findings of theJ'Finm Committee that for the best interests of the: linkers y,sai proposal should be accepted, and, at a special, meetings! t L |
