 | Board of Visitors minutes June 24, 1965 |  |
ARTICLE IV.
Revenues and Funds.
Section 401. The Board covenants that it will at all times fix, charge and collect fees,
rents and charges for or in connection with the use, occupation or services of the Housing
System, and that from time to time and as often as it shall appear to be necessary it will
revise such fees, rents and charges in order that such fees, rents and charges will at all
times be sufficient to provide for the payment of the Current Expenses and to provide for
making deposits to the credit of the Sinking Fund in each fiscal year under the provisions of
Section 404 of this Article of an amount equal to one hundred ten per centum (110%) of the
interest which will become due and payable on November 1 of such fiscal year and of the principal
and interest which will become due and payable on May 1 of such fiscal year.
Section 402. Notwithstanding any other facilities which may now or hereafter be available
for the housing of students at the Institution and subject to the parietal rules now in effect
at the Institution as set forth in Section 402 of the resolution, adopted by the Board on
June 1, 1962, authorizing the issuance of $3,000,000 The Rector and Visitors of the University
of Virginia Dormitory Revenue Bonds (Series 1962) and in Section 402 of the resolution, adopted
by the Board on September 29, 1962, authorizing the issuance of $1,200,00 The Rector and
Visitors of the University of Virginia Student Apartment Buildings Revenue Bonds (Series 1962),
the Board covenants that it will require a sufficient number of students at the Institution
to use and occupy the Housing System and will adopt and enforce such parietal rules and other
regulations as will assure that the Housing System will be fully utilized at all times during
the regular school session at the Institution and will be utilized to the fullest extent practicable
at all times during any summer school session at the Institution. The Board further
covenants that there shall be no free occupancy or use of the Housing System, with the exception
of a reasonable number of resident proctors and student advisors.
Section 403. A special fund is hereby created in the State Treasury and designated "The
Rector and Visitors of the University of Virginia Student Apartment and Dormitory Buildings
Revenue Bonds (Series 1965) Revenue Fund" (hereinafter sometimes called the "Revenue Fund").
or ownership of the Housing System will be collected by the Board and deposited to the credit of
the Revenue Fund. Payment of Current Expenses shall be made from the Revenue Fund as provided
by law.
Section 404. A special fund is hereby created in the State Treasury and designated "The
Rector and Visitors of the University of Virginia Student Apartment and Dormitory Buildings
Revenue Bonds (Series 1965) Interest and Sinking Fund" (herein sometimes called the "Sinking
Fund"). The Board covenants that, on or before the 20th day of October in each fiscal year, it
will provide for the transfer from moneys held for the credit of the Revenue Fund to the credit
of the Sinking Fund of an amount equal to one hundred ten per centum (110%) of the interest
which will become due and payable on November 1 of such fiscal year and that, on or before the
20th day of April in each fiscal year, it will provide for the transfer from moneys held for the
credit of the Revenue Fund to the credit of the Sinking Fund of an amount equal to one hundred
ten per centum (110%) of the principal and interest which will become due and payable on May 1
of such fiscal year, provided, however, that if the amount so transferred to the credit of the
Sinking Fund in any October or April shall be less than the required amount, the requirement
therefor shall nevertheless be cumulative and the amount of any deficiency in any October or April
shall be added to the amount otherwise required to be transferred in each October or April thereafter
until such time as such deficiency shall have been made up, and provided, further, that
when the moneys held for the credit of the Sinking Fund shall equal the principal of the outstanding
bonds and the interest which will become due and payable thereon to their respective
maturities, no further transfer need be made to the credit of the Sinking Fund. The balance
in the Revenue Fund, if any, after making the transfers provided to be made on or before
April 20 in any fiscal year under the provisions of this Section shall be used for the purposes
of the Institution as provided by law.
Section 405. Subject to the provisions of this resolution, moneys held for the credit of
the Sinking Fund shall be held in trust and applied (a) to the payment of interest upon the
bonds as such interest becomes due and payable, or (b) to the payment of the principal of the
bonds at their respective maturities, and such moneys are hereby pledged to and charged with the
payments mentioned in this Section.
Section 406. The moneys in the Revenue Fund and the Sinking Fund shall be held in trust
and applied as hereinabove provided and, pending such application, shall be subject to a lien
and charge in favor of the holders of the bonds issued and outstanding under this resolution
and for the further security of such holders until paid out or transferred as herein provided.
Section 407. All bonds and interest coupons shall be cancelled upon their payment. Such
bonds and coupons shall be cremated by the State Treasurer.
| Board of Visitors minutes June 24, 1965 | |