In a nutshell, the $500/3% tax-free bonds were devised by Yost to finance the stadium construction project.
A plan was devised, and approved by the Board in Control to finance stadium construction and the facilities called for in the Day Report through a $1,500,000 issue of 3,000 bonds at a par value of $500 at 3 percent interest. These financial instruments bearing the picture of a wolverine would fund not only the stadium, but all the facilities called for in the Day Committee Report.
