xt7dr785j65d https://exploreuk.uky.edu/dips/xt7dr785j65d/data/mets.xml Lexington, Kentucky University of Kentucky 1949045 minutes English University of Kentucky Contact the Special Collections Research Center for information regarding rights and use of this collection. Minutes of the University of Kentucky Board of Trustees Minutes of the University of Kentucky Board of Trustees, 1949-04-apr5. text Minutes of the University of Kentucky Board of Trustees, 1949-04-apr5. 1949 2011 true xt7dr785j65d section xt7dr785j65d
Irregularities
Minutes of the Meeting of the Board of Trustees of the Uni-
versity of Kentucky, April 5, 1949.
The Board of Trustees of the University of Kentucky met in the
President's Office at 10:00 a.m., Tuesday, April 5, 1949. The fol-
lowing members were present: Governor barle C. Clements, Chairman;
Judge R. C. Stoll, Vice Chairman; Mrs. Paul G. Blazer, John C.
Everett, Grover Creech, T. H. Cutler, Robert Tway, Judge Edward C.
O'Rear, Guy A. Huguelet, J. N. Smith, Boswell B. Hodgkin, Harper
Gatton and R. P. Hobson. Absent were: Judge Harry F. Walters and
E. E. Adams.
,gord was received from Judge Walters and Mr. Adams that they
were unable to attend the meeting, due to illness.
Assistant Attorney General 11. B. Holifield, upon invitation,
met with the Board, and President Donovan and Secretary Peterson were
present,
A. Approval of Minutes.
The minutes of the Board of Trustees of December 18, 1948, and
the minutes of the Executive Committee of January 21, February 22,
and March 22, 1949, were approved as published.
B. Honorary Degrees Received'
President Donovan submitted report of a committee of the Grad-
uate Faculty on honorary degrees. He read the list of nominees and
a brief personal history of each, and recommended that the degree
of Doctor of Laws be conferred upon three, and that the degree of
Doctor of Science be conferred upon two of those named. He request-
ed that permission be given not to include the names in the minutes
at this time, but that the names be inserted in the minutes of the
June, 1949, meeting.
I.embers of the Board heard the recommendation, and upon motion
duly made, seconded and carried, President Donovan was authorized, at
the June meeting, to confer upon each the honorary degree recommend-
ed.
2
C. Consideration of Decision in the Lyrman T. Johnson Case.
The Chairman stated that Assistant Attorney General 11. B. Holi-
field, who had taken the lead as counsel for the Board of Trustees
in the Lyman T. Johnson suit against the University of Kentucky and
members of the Board of Trustees, was present by request. He asked
General Holifield to make a statement to the Board.
General Holifield made a statement concerning the duty of the
Board of Trustees relative to the case in general. He also referred
to the contract between the Board of Trustees of the University of
Kentucky and the State Board of Education, acting for the Kentucity
State College. He reviewed the pre-trial conference between at-
torneys for the plaintiff and defendants with Judge Ford. He further
reviewed the testimony which was presented in briefs and at trial.
He offered the services of the Attorney General's office to the Board
in whatever action it might see fit to take.
A general discussion, participated in by each member of the
Board, pursued, relating to what additional facilities were necessary
at Kentucky State College, to comply with requirements of the Court.
Judge OtRear expressed his surprise at the decision rendered by the
Court and offered the following resolution:
WHEREAS, one Lyman T. Johnson, negro, filed suit in
the United States District Court for Eastern Kentucky
against the Board of Trustees and Faculty of the University
of Kentucky, asserting that the State discriminated against
negroes because of their race and color, in failing to
provide equal facilities to students of that race seeking
enrollment in a college or school of the grade of "Kentucky
Graduate School" a college of this University; and
WHEREAS, the Constitution of Kentucky adopted in 1891
and yet in force, provides that "in distribution of the
school funds no distinction shall be made on account of
race or color, and separate schools for white and colored
children shall be maintained"; and
WHEREAS, the State of Kentucky has long since esp-
tablished and maintains a school for negroes at Frankfort,
Kentucky, known as "The Kentucky State College", designed
and intended to correspond with the colleges of this
University in providing negro students equal facilities for
education, in proportion to the number and qualifications
of such students; and
3
,7H.EREAS, the Kentucky State College at Frankfort
has grounds, buildings and equipment comparable in
extent and appropriateness with those at this University
where white students only are admitted; and
TH.EREAS, the State Board of Education of Kentucky
has power to employ such teachers, install such curricula
and provide for teaching of such graded, as may be re-
quired; and
WHEREAS, the said Federal Court has held in said
suit that the facilities provided at the Kentucky State
College at Frankfort for negro students are not equal or
comparably so, to those provided at this University in
its Graduate School, and that thereby the applicant Johnson
was being discriminated against; and
MMHEEAS, if there be such lack of facilities at the
Frankfort College, it is not because either the Constitu-
tion or legislative provision intends or Wallows such, but
it would result, if at all, from lack of appropriations
of public money by the legislature to maintain all the
required grades at the Frankfort college; therefore
BE IT RESOLVED: (1) That counsel for this Board be
directed to ask the United States Court to extend its
opinion and specify -,wiherein and to what extent the facili-
ties fall short, and what specific addition or improvement
therein should be made so as to avoid the claims of discrim-
ination; and (2) That the Governor be memorialized by this
Board to call into extraordinary session the General As-
sembly of Kentucky to provide by appropriation such funds,
and provide such other authority to Ghe State Board of Edu-
cation, if said Court finds that Board lacks authority,
to so provide the Kentucky State College with equal facili-
ties in all respects to those at this University.
After further discussion, Mir. R. P. Hobson offered a substi-
tute motion that the Lyman T. Johnson case be not appealed, for ob-
vious reasons, and that the decision of the Federal Court be accepted.
The motion was seconded by IMr. Hodgkin. After further discussion,
the Chairman put the question, and upon roll call, the following
voted Aye: Governor Earle C. Clements, Judge R. C. Stoll, tMrs. Paul
G. Blazer, Grover Creech, T. H. Cutler, John, C. Everett, Harper Gat-
ton, R. P. Hobson Bosw.rell B. Hodgkin and C-uy A. Huguelet. Nay:
Judge Edward C. O'Rear, J. N. Smith and Robert Tway.
The Chairman declared the substitute motion carried.
4
D. Acceptance of Bids on Library and Service Building.
Tabular information concerning proposals for the construction
of the Library and Service Building vas distributed to members of the
Board. President Donovan stated that six bids were received from
contractors in Louisville and Lexington as follows:
Base Bid
Geo, H. Rommel Co., Inc.
958 Logan Street, Louisville, Ky. .......
Hargett Construction Co.
113 'Dalton Ave., Lexington, Ky . ...........
C . . Iluell er
619 Baxter Ave., Louisville, Ky.
Struck Construction Co.
147 N. Clay St., Louisville, Ky. ............
The 17hittenberg Corporation
2214 S. Floyd St., Louisville, Ky.
Perkins Construction Co.
315 High St., Frankfort, Ky.
$773,000.00
$810,103.00
$815, 100.00
$856, 200.00
$886, 000.00
$899, 000.00
He recalled that bids were taken about three years ago for the
construction of this building, and the low bid at that time was
$848,000.00, with an escalator clause. He stated that it was the
recommendation of the architect, concurred in by the administration,
that the bid of George H. Rommel Co., Inc,, 958 Logan Street, Louis-
ville, Ky., in amount of V773,000.00, with alternate 10, be accepted.
He recommended that alternates 1, 2, 3, 4, 5, 6, 7, 8, 9, 11, and 12
be rejected, and stated that when alternate 10 was accepted, the ag-
gregate low bid would be $769,000.00.
After some discussion, and upon motion duly made, seconded and
carried, the Board approved the acceptance of the George H. Rommel
Company, Inc., bid, authorized the building erected, and recommended
approval to the State Building Commission.
5
E. Library-Service Building Revenue Bonds Authorization.
President Donovan recalled that the Service Building was de-
stroyed about three years ago and that, since that time, plans and
specifications had been prepared for a new building. He also re-
ported that the Executive Committee of the Board had accepted a
proceedings contract with a Louisville and Lexington syndicate.
He recalled that the University had available funds amounting to
approximately S3OO,0OO.OO which could be applied to the construc-
tion of the building. He recommended that the University authorize
the issuance of revenue bonds under Section 162.340 Kentucky Revised
Statutes, to provide the necessary funds with which to complete the
Library-Service Building.
The Comptroller reported that the Attorney General had examined
the proposed resolution, and approved same. He read the following
letter:
Commonwealth of Kentucky
OFFICE OF THE ATTORNEY GENERL
Frankfort
March 31, 1949
Wyatt, Grafton and Grafton
Attorneys at Law
Marion E. Taylor Building
Louisville, Kentucky
Attention: Mr. Arthur Grafton
Dear IMr. Grafton: Re: University of Kentucky
Service Building Revenue
Bonds
Pursuant to your communication of March 30, 1949,
in regard to the above captioned matter, I have carefully
examined the proposed bond order which was enclosed with
your communication.
I can find nothing to delete from said bond order,
neither have I any suggestions as to additions or changes
therein. It is1 therefore, the opinion of this office that
said bond order completely covers the legal and factual
statements necessary in order to comply with the Constitu-
tion and Statutes relative to the sale of revenue bonds
relative to the matter mentioned in the caption.
6
Therefore, we, of the Attorney General's Office,
approve said bond order as prepared.
Very truly yours,
(Signed) A. E. Funk
Attorney General
The Comptroller reported that he and Professor Frank Marray, of
the College of Law, had read the proposed resolution providing for
the Issuance of revenue bonds, and that, in their opinion, the reso-
lution was proper and acceptable. Whereupon Member Harper Gatton
introduced and caused to be read in full a proposed resolution en-
titled
"A RESOLUTION OF THE BOARD OF TRUSTEES OF THE
UNIVERSITY OF IENTUCKY PROVIDING FOR THE ISSUANCE,
SALE AND DELIVERY OF LIBRARY AND SERVICE BUILDING
REVENUE BONDS OF' THE UNIVERSITY OF KENTUCKY TO PROVIDE
FUNDS (TO THE EXTENT NOT OTHEM'.ISE PROVIDED) FOR THE
CONSTRUCTION OF A LIBIRLRY AND SERVICE BUILDING UPON
THE CAMPUS OF THE UNIVERSITY",
which Resolution is as follows:
WHEREAS, the University of Kentucky and its students
are not now being provided with adequate buildings for
educational purposes and in order to provide the same,
the Board of Trustees of the University has heretofore
directed that plans and specifications for a library and
service building be prepared and such plans and specifi-
cations have now been completed and submitted and approved;
and
WTHEREAS, buds for the construction of said building
according to the approved plans and specifications have
been received and it has been made to appear, to the satis-
faction of the Board of Trustees, that said building may
be completed at a cost of not to exceed Eight Hundred
Thousand Dollars (C800,000.00); and the University now has
on hand, in available funds, an amount exceeding Three
Hundred Thousand Dollars ($;500,000.00) which may be applied
against such construction costs, leaving a balance in the
sum of approximately Five Hundred Thousand Dollars
(S5oOQOO.OO) presently to be raised; and
7
WHEREAS, under the provisions of Section 162.340
and succeeding sections of the Kentucky Revf.sed Statutes,
tine Board of Trustees of the University of Kentucky as
the governing body of said state educational institution,
is authorized to issue bonds as hereinafter provided for
the purpose of financing the cost of said new building
to the extent not otherwise provided (said library and
service building together with appurtenances being herein-
after sometimes referred to as the "Project");
NOW, THEREFORE, THE BOARD OF TRUSTEES OF THE UNIVERSITY
OF KENTUCKY RESOLVES AS FOLLOWS:
Section 1. In order to provide for the payment of
the costs of the Project not otherwise proVfided, there
shall be and there are hereby ordered issued by the
Board of Trustees of the University of Kentucky, in its
corporate capacity and by and through its corporate name,
and as a state educational institution and agency, Library
and Service Building Revenue Bonds in the aggregate prin-
cipal amount of Five Hundred Thousand Dollars (4500,000o00)
dated April 1, 1949, consisting of five hundred (500) bonds
of the denomination of One Thousand Dollars ($1,000.00)
each, which shall be numbered consecutively from one (1)
to five hundred (500), both numbers inclusive, and which
shall bear interest to be evidenced by coupons attached
to each bond payable semi-annually on each October 1 and
April 1 to the respective maturity dates of principal, such
interest tobe at one or more interest rates (not to exceed
three and one-half per cent (32/o) per annum) tote estab-
lished by competitive bidding when the bonds are offered
for public sale as hereinafter provided. Said bonds
shall mature serially and in numerical order as follows:
BONDS NUIMERED PRINCIPAL AMIOUNT DATE OF IMTURITY
( Inclusive)
1_25 $25,000.00 April 1, 1951
26-50 6251000.00 April 1, 1952
51-75 42=,000.00 April 1, 1953
76-100 J25,000.00 April 1, 1954
101-125 ;25,000.0o April 1, 1955
126-150 Q25,000.00 April It 1956
151-.177 427 0O 00. April 1, 1957
178-204 ,27,000.00 April 1, 1958
205-231 v27,000,00 April 1, 1959
232-258 427O000.OO April 1, 1960
259-285 @27,000.00 April 1, 1961
2863.312 q27,000.00 April 1, 1962
313-339 Q27;000.00 April 1, 1963
340-366 $27,000.00 April 1, 1964
367-396 430,000.00 April 1 1965
8
BONDS NMOMERED PRINCIPAL AMOUNT DATE OF MATURITY
(inclusive)
397-426 $30,000.00 April 1, 1966
427-456 830,000.OO April 1, 1967
457-486 $30,000.00 Anril 1, 1968
487-500 ~l4,O0O.O April 1, 1969
provided, however, that any of said bonds numbered from one
hundred and one (101) to five hundred (500), inclusive, shall
be redeemable prior to stated maturities, as a whole or from
time to time in part, in the inverse order of their nurffber-
ing, on April 1, 1954, or on any interest payment date there-
after providing a notice specifying the bonds to be redeemed
shall have been on file at the place of payment of princi-
pal and interest at least thirty (30) days prior to the
specified redemption date and provided also that such notice
shall have been published at least once not less than thirty
(30) days prior to the redemption date in a newspaper having
general circulation in Kentucky. In the event any of the
bonds dall be called for redemption in the manner above set
forth, the University of Kentucky shall pay to the owner
and holder of each such bond the face amount thereof to-
gether with interest to the redemption date at the applica-
ble coupon rate and together with additional interest which
shall be in the sum of Twenty-five Dollars ($25.00) per
bond if the redemption date is prior to April 1, 1957;
Twenty Dollars ($20.O0) per bond if the redemption date is
on or after April 1, 1957, but prior to April 1, 1960;
Fifteen Dollars (Q15.00) per bond if the redemption date is
on or after April 1, 1960 but prior to April 1, 1963; Ten
Dollars (10,00) per bond if the redemption date is on
or after April 1, 1953 but prior to April 1, 1966; and
Five Dollars CW5.00) per bond if the redemption date is on
or after April 1, 1966. If, on or prior to the specified
redemption date, the University of Kentucky shall deposit
at the place of payment of said bonds the amounts then
due to the bondholders as herein provided, the bonds
called for redemption shall cease to bear interest as of
the redemption date.
Section 2. Said bonds shall be signed for and on
behalf of the SBoard of Trustees of the University of
Kentucky by the Chairman of said Board of Trustees, at-
tested by its Secretary, and sealed with its corporate
seal, and the interest coupons attached to said bonds
shall be executed with the facsimile signatures of said
Chairman and Secretary, and said bonds, together with the
interest thereon, shall be payable in lawful money of the
United States of America at the principal office of the
Security Trust Company Bank in the City of Lexington,
Frayette County, Kentucky, but only out of the "Library
9
and Service Building Revenue Bond and Interest Redemption
Fund", hereinafter created, and shall be a valid claim of
the holders thereof only against said fund and against
the gross income and revenues of the ProJect pledged to
such fund.
Section 3. The aforesaid bonds and coupons shall
be in substantially the following form, to-wit:
(Form of Bond)
UNITED STATES OF AM.^iERICA
COMION,-EALTH OF KENTUCKY
UNIVERSITY OF KENTUCKY
LIBRARY AND SERVICE BUILDING REVENUE BOND
No. $1,000.00
The University of Kentucky, by its Board of Trustees
and as a state educational institution and agency, for
value received, hereby promises to pay to the bearer, or
if this bond be registered, to the registered holder here-
of, as hereinafter provided, the sum of One Thousand
Dollars (wl,OO0.00) on the first day of April, 19 v, with
interest thereon from the date hereof until paid at the
rate of per cent ( J) per
annum, payable semi-annually on each October 1 and April 1,
except as the provisions hereinafter set forth with respect
to prior redemption may be and become applicable hereto,
such interest as may accrue on and prior to the maturity
date of this bond to be paid only upon presentation and
surrender of the annexed interest coupons as they several-
ly mature, both principal and interest being payable in
lawful money of the United States of America, at the
office of the Security Trust Company Bank in the City of
Lexington, Kentucky.
The right is hereby reserved to call and redeem
bonds numbered one hundred and one (101) to five hundred
(500), inclusive, of the series of which this bond is a
part prior to their respective stated maturities, as a
whole or from time to tine in part, in the inverse order
of their numbering, on April 1, 1954, or on any interest
payment date thereafter, providing a notice specifying the
bonds to be redeemed shall have been on file at the place
of payment of principal hereof and interest hereon at
least thirty (30) days prior thereto, and provided such
notice shall have been published at least once not less
than thirty (30) days prior to the redemption date in a
newspaper having general circulation in Kentucky. In
the event this bond shall be called for redemption prior
to its stated maturity, as herein provided, the University
10
of Kentucky will pay to the owner and holder hereof the
face amount of this bond together with interest to the
specified redemption date at the coupon rate, and together
with additional interest which shall be in the sum of
Tventy-five Dollars ("325.00) if the redemption date is
prior to April 1, 1957; Twenty Dollars ( S20.00) if the
redemption date is on or after April 1, 1957 but prior
to April 1, 1960; Fifteen Dollars (,'..l5.00) if the redemp-
tion date is on or after April 1, 1960 but prior to
April 1, 1963; Ten Dollars (w$10.00) if the redemption
date is on or after April 1, 1963 but prior to April 1,
1966; and Five Dollars (55.00) if the redemption date is
on or after April 1, 1966. If, on or prior to such redemp-
tion date, the University of Kentucky shall lave deposited
at the place of payment of principal and interest the sum
to which the holder of this bond will be entitled, as herein
provided, then this bond shall cease to bear interest as
of the redemption date.
This bond is issued for the purpose of financing the
cost, not otherwise provided, of a library and service
building and appurtenances for educational purposes in
connection with the University of Kentucky, urcr and in
full compliance with the Constitution and Statutes of the
Commonwealth of Kentucky, including, among others, Sections
162.340 to 162.380, inclusive of the Kentucky Revised
Statutes,
This bond is payable only from a fixed amount of the
gross income and revenues to be derived from the operation
of said library and service building and appurtenances,
whiich will be set aside as a special fund and pledged for
that purpose and identified as the "Library and Service
Building Revenue Bond and Interest Redemption Fund"t, and
this bond does not constitute an indebtedness of the
University of Kentucky or its Board of Trustees or of the
Commonwealth of Kentucky within the meaning of any con-
stitutional provisions or limitations.
A statutory mortgage lien, w-.rhich is hereby recognized
as valid and binding on said library and service building
and appurtenances, is created and granted to and in favor
of the holder or holders of this bond and the series of
which it is a part and in favor of the holder or holders
of the coupons attached thereto, and said library and
service building and appurtenances shall remain subject
to such statutory mortgage lien until the payment in full
olf the principal of and interest on this bond and the
series of which it is a part.
11
This bond is fully negotiable but may be registered
as to principal only on the bcoks of the Secretary of the
Board of Trustees of the University of Kentucky, such
registration to be evidenced by notation thereof on the
reverse hereof by said Secretary, after which no transfer
of this bond shall be valid unless made on said books
at the written request of the registered owner or his
authorized representative and similarly noted on the re-
verse hereof. But this bond may be discharged from
registry by being registered to bearer, and thereafter
transferability by delivery shall be restoreO. Regis-
tration of this bond as aforesaid shall not affect the
negotiability of the coupons appurtenant hereto, which
shall continue to be transferable by delivery merely and.
shall remain payable to bearer.
IT IS HEREBY CERTIFIED, RECITED AND DECLARED, that
all acts, conditions and things required to exist, happen
and be performed precedent to and in the issuance of
this bond do exist, have happened and have been performed
in due time, form and manner as required by law, and the
amount of this bond, together with all other obligations
of said University of Kentucky and its Board of Trustees,
does not exceed any limit prescribed by the Constitution
or Statutes of Kentucky; that said library and service
building and appurtenances will be continuously operated
by said University of Kentucky, and that a sufficient
portion of the gross income and revenues therefrom has
been pledged to and will be set aside into a special
account for the payment of the principal of and interest
on this bond and the series of which it is a part, as the
same will respectively become due.
IN WITNESS 71{HEREOF the Board of Trustees of the
University of Kentucky has caused this bond to be signed
by its Chairman, and its corporate seal to be hereunto
affixed, attested by the Secretary, and the coupons hereto
attached to be executed with the facsimile, signatures of
said Chairman and said Secretary, wnrho, by the signing of
this bond, do adopt said facsimile signatures, and each of
them, to be their respective authorized and official signa
tures, all as of the First day of April, 1949.
Chairman, Board of Trustees
Attest:
Secretary, Board of Trustees
(SAL)
4
12
(Form of Coupon)
Number
*Unless the bond to which this coupon
is attached shall have been called
for prior redemption
On the First day of
, 19 , the
Board of Trustees of the University of Kentucky will
pay to bearer _ Dollars ($_ )
out of its "Library and Service Building Revenue Bond
and Interest Redemption Fund", at the
_ Bank, in the City of Lexington,
Kentucky, as provided in and for interest then due on
its Library and Service Building Revenue Bond, dated
April 1, 1949, Number _
Chairman, Board of Trustees
Secretary, Board of Trustees
*Note This redemption provision to be omitted from coupons
maturing on and prior to April 1, 1954.
(Form for Registration tow prired on the back of each bond)
Date of Name of ; Signature of
Registration: Registered Holder:Secretary of Board of 7ustaep
* S
* 0
: 0
: 0
: :
Section 4. The Project shall be completed as expe-
ditiously as may be (the estimated completion date being
7arch 31, 1950), and continuously thereafter it shall be
operated as a revenue-producing undertaking on a fiscal year
basis ending on IMIarch 31st of each year, and on that basis
the gross income and revenues of said Project shall be suf-
ficient so as to set aside the required amounts (hereinafter
4
13
specified) into a separate and special fund desi nated
the "Library arnd Service Building Revenue Funds (herein-
after designated the "Revenue Fund").
It is hereby represented and declared that in addition
to other charges fixed and imposed for attendance at the
University, the Board of Trustees of said University has
heretofore and so long as any of the bonds herein author-
ized are outstanding, will continue to fix, impose, charge,
and collect an "Incidental Registration, Fee'i which all
students have been and will continue to be required to pay
and a portion of which hMs been and will continue to be
allocated annually to the library of the University. In-
asmuch as a substantial portion of the library and service
building has been designed to accommodate a portion of the
necessary library facilities of the University, it is
covenanted and agreed on behalf of said Board of Trustees
that said portion of said building will continuously be
set aside and used for that purpose and that a substantial
portion of the fees allocated to the library of the Uni-
versity from said "Incidental Registration Feel will con-
stitute income and revenues of the library and service
building.
It is hereby represented and declared that the remainder
of said library and service building has been designed to
accommodate and will continuously be used for the purpose
of accommodating the general service facilities of the Uni-
versity, including but not limited to equipment and facil-
ities for the maintenance, repairing, and renewing of all
properties belonging to the University and the storage of
supplies procured for the use of the University and all
of its various departments and branches; that the Unix
versity has in the past, does now, and so long as any of
the bonds hereby authorized remain outstanding will continue
Io charge to itself and to all of its independent depart-
ments and agencies sums representing a fair and reasonable
value of the services so rendered; that such charges have
beean and will continue to be fixed in such amounts as to
defray all expenses in connection with the rendering of
said services and in addition thereto yield a profit; and
that such profit will constitute and represent income and
revenues of the library and service building.
It is therefore hereby covenanted and agreed on behalf
of said Board of Trustees that annually when fixing the
amount of such "Incidental Registration Feel" and from time
Uo time when fixing the amounts of charges for other ser-
vices rendered by said general service building, due account
will be taken of the services and Acilities provided in
that connection by said library and service building; that
the portion of the "Incidental Registration Fee" allocated
annually to the library, and the charges from time to time
14
fixed for other services rendered by said building will
continue to take into account the services and facilities
of said library and service building; that the aggregate
of all amounts thus allocated and charged will be suf-
ficient each year to discharge all expenditures properly
chargeable to said building and the services operated
therein and in addition an amount which will b sufficient
at all times to make the required payments into the
"Library and Service Building Revenue Bond and Interest
Redemption Fund" and pay costs of operation and mainten-
ance (including insurance) of said library and service
building.
There shall be and there is hereby created a fund to
be kno;n as the "Library and Service Building Revenue
Bond and Interest Redemption Fund" (hereinafter called the
"Bond Fund") into which there shall be set aside from the
moneys held in the revenue fund such amounts as will be
sufficient to pay the interest on and principal of the
bonds hereby authorized, as may be outstanding from time
to time. It is hereby agreed that during the fiscal year
ending March 31, 1950, the amount to be set aside into
said fund shall be $17,500.00, same to include all sums
received as accrued interest in the issuance of said
bonds and also a sufficient portion of the proceeds of
said bonds equal to the interest to accrue thereon during
the construction period of the Project. The amount to
be set aside into said fund each fiscal year thereafter
so long as any of said bonds remain outstanding shall
be not less than as set forth in the following schedule:
For the fiscal year ending M~arch 31, 1951, @42,500.00
For the fiscal year ending March 31, 1952, 4l1,625.00
For the fiscal year ending MX.arch 31, 1953, 40$750.00
For the fiscal year ending March 31, 1954, $39,e75.00
For the fiscal year ending March 31, 1955, $39,000.00
For the fiscal year ending