 | Board of Visitors minutes November 30, 1984 |  |
SECTION 202. Issuance of Bonds.
There shall be issued under the Series Resolution and secured by the Resolution Bonds of the University in the aggregate principal amount of One Hundred Ten Million Dollars ($110,000,000) for the purpose of providing funds, with other available funds, for financing the cost of the Project. Said Bonds shall be designated "The Rector and Visitors of the University of Virginia Fixed/Adjustable Rate Hospital Revenue Bonds (Series B)", shall be dated as of November 1, 1984, shall bear interest as hereinafter provided, payable on each Interest Payment Date and shall mature, subject to the right of prior redemption as hereinafter set forth, on December 1 in each of the years and in the amounts set forth below:
| Amount | Due |
| $40,000,000 | 2010 |
| 30,000,000 | 2014 |
| 40,000,000 | 2018 |
The principal of Tendered Bank Bonds (other than Bonds purchased upon the mandatory tender thereof following an event of default under the Reimbursement Agreement) shall be payable by the University to the Bank on the earliest of the date of maturity, mandatory redemption or remarketing of such Tendered Bank Bonds. The principal amount of Tendered Bank Bonds which is unpaid at the termination of the Credit Facility shall be due and payable in six semiannual installments in amounts equal to the amount necessary, assuming a rate of interest of ten percent (10%) per annum on the basis of a 365/366 day year, to result in six approximately equal payments of principal and such assumed interest. Interest on such Tendered Bank Bonds shall be payable at the time of payment of the principal amount thereof and on the first Business Day of each month. Principal Bank Bonds shall be due and payable immediately upon the purchase thereof, and interest thereon shall be payable upon demand. Principal of and interest on Tendered Bank Bonds purchased upon the mandatory tender thereof following an event of
The Bonds shall be issued in denominations of $5,000 or any multiple thereof.
- The proceeds (including accrued interest) of the Bonds, together with any amounts received from the University, shall be applied by the State Treasurer, simultaneously with the delivery of the Bonds, as follows:
- (1) to the credit of the Interest Account, an amount equal to the interest accruing on the Bonds from November 1, 1984 to March 1, 1988;
- (2) to the credit of the Reserve Account, an amount equal to the Reserve Account Requirement; provided, however, that any of the proceeds of the Bonds deposited to the credit of the Reserve Account shall be deposited in the Proceeds Subaccount, and any amounts received from the University deposited to the credit of the Reserve Account shall be deposited to the credit of the Equity Subaccount; and
- (3) to the credit of the Construction Fund, the balance of said proceeds.
| Board of Visitors minutes November 30, 1984 | |