University of Virginia Library

ARTICLE II

Authorization, Form, Execution and Delivery of Bonds

Section 201. For the purpose of paying the remaining part of the cost of the Project,
there shall be issued library building fee bonds of the Institution in the aggregate principal
amount of Six Hundred Fifty Thousand Dollars ($650,000). The bonds shall be designated "The
Rector and Visitors of the University of Virginia Library Building Fee Bonds (Series 1965)",
shall consist of 130 bonds of the denomination of $5,000 each, numbered 1 to 130, inclusive, shall
be dated as of the 1st day of May, 1965, shall be stated to mature (without right of prior
redemption), in numerical order, lowest numbers first, on the 1st day of May in the following
years and in the following amounts respectively:

                                   

Year of Maturity	Principal Amount
1967	$ 20,000
1968	20,000
1969	25,000
1970	25,000
1971	25,000
1972	30,000
1973	30,000
1974	35,000
1975	35,000
1976	$ 40,000
1977	45,000
1978	45,000
1979	50,000
1980	55,000
1981	55,000
1982	55,000
1983	60,000

and shall bear interest from their date until their payment at a rate or rates not exceeding six
per centum (6%) per annum as shall hereafter be determined by the Board and by the Treasury Board,
such interest to the respective maturities of the bonds being payable semi-annually on the 1st
days of May and November in each year. Both the principal of and the interest on the bonds shall
be payable at the office of the State Treasurer in the City of Richmond, Virginia, in any coin or
currency of the United States of America which, on the respective dates of payment thereof, is
legal tender for the payment of public and private debts.

Section 202. The bonds shall bear the facsimile signature of the Rector of the University
of Virginia and shall be signed by the Comptroller of the University of Virginia, and the official
seal of The Rector and Visitors of the University of Virginia shall be impressed on the bonds
The interest coupons to be attached thereto shall be executed with the facsimile signature of
the Rector of the University of Virginia. The bonds and coupons shall be, respectively, in substantially
the following forms:

(Form of Bonds)

 

No

$5,000

United States of America
State of Virginia

THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA

LIBRARY BUILDING FEE BOND (SERIES 1965)

The Rector and Visitors of the University of Virginia, for value received, hereby promises
to pay, solely from the special fund provided therefor as hereinafter set forth, to the bearer on
the 1st day of May, 19  , upon the presentation and surrender hereof, the principal sum of

FIVE THOUSAND DOLLARS

and to pay, solely from said special fund, interest thereon from the date hereof at the rate of
                          per centum (  %) per annum until payment
of such principal sum, such interest to the maturity hereof being payable semi-annually on the 1st
days of May and November in each year upon the presentation and surrender of the attached coupons
representing such interest as the same respectively became due. Both the principal of and the
interest on this bond are payable at the office of the State Treasurer in the City of Richmond,
Virginia, in any coin or currency of the United States of America which, on the respective dates
of payment thereof, is legal tender for the payment of public and private debts.

This bond shall not be deemed to constitute a debt of the State of Virginia or a pledge of
the faith and credit of the State, but shall be payable as to both principal and interest solely
from the special fund provided therefor as hereinafter set forth.

This bond is one of a duly authorized issue of $650,000 library building fee bonds (hereinafter
called the "bonds"), known as "The Rector and Visitors of the University of Virginia
Library Building Fee Bonds (Series 1965)", consisting of bonds maturing in annual instalments on
the 1st day of May in the years 1967 to 1983, inclusive, and issued for the purpose of paying a
part of the cost of constructing an addition to Alderman Library at the University of Virginia,
Charlottesville, Virginia (said Alderman Library as so enlarged being herein called the "Project")
The proceeds of the bonds, together with an appropriation of $440,000 by the General Assembly of
the State of Virginia and a grant of $333,493 from the United States of America, are estimated to
be sufficient to pay the cost of the Project.

All of the bonds are issued under and pursuant to a resolution (herein called the
"Resolution") duly adopted by the Rector and Visitors of the University of Virginia (herein
sometimes called the "Board") on June 24, 1965. Reference is hereby made to the Resolution for the
provisions, among others, with respect to the custody and application of the proceeds of the bonds,
the collection and disposition of the revenues to be derived from the library building fee, the
fund charged with and pledged to the payment of the interest on and the principal of the bonds,
the nature and extent of the security, the rights, duties and obligations of the Board and the
rights of the holders of the bonds, and, by the acceptance of this bond, the holder hereof
assents to all of the provisions of the Resolution.

This bond is issued and the Resolution was adopted under and pursuant to the Constitution
and laws of the State of Virginia, particularly Chapter 3, Title 23, Code of Virginia, 1950, as
amended. The Resolution provides for the fixing, revising, charging and collecting by the Board
of a library building fee to be paid by each full time student (as defined in the Resolution) at
the Institution in order that the revenues to be derived from such fee will be sufficient to
provide funds to pay the principal of and the interest on the bonds as the same shall become due
and payable. The Resolution also provides for the deposit of a sufficient amount of the revenues
to be derived from such fee to the credit of a special fund designated "The Rector and Visitors
of the University of Virginia Library Building Fee Bonds (Series 1965) Interest and Sinking
Fund", to pay the principal of and the interest on the bonds as the same shall become due and
payable, and said special fund is pledged to and charged with the payment of such principal and
interest.

The Resolution provides that the cost of maintaining, repairing and operating the Project
will be paid from any moneys available for the use of the Institution and which are not required
by law or by previous binding contract to be devoted to some other purpose.

As declared by said Chapter 3, this bond shall be fully negotiable within the meaning and
for all the purposes of Chapter 10, Title 6, Code of Virginia, as amended.

All acts, conditions and things required by the Constitution and laws of the State of
Virginia and the rules and regulations of the Board to happen, exist and be performed precedent
to and in the issuance of this bond have happened, exist and have been performed as so required.

IN WITNESS WHEREOF, The Rector and Visitors of the University of Virginia have caused this
bond to be issued in its name and have caused this bond to bear the facsimile signature of the
Rector of the University of Virginia and to be signed by the Comptroller of said University, and
the official seal of The Rector and Visitors of the University of Virginia to be impressed
hereon, and the attached interest coupons to be executed with the facsimile signature of said
Rector, all as of the 1st day of May, 1965.

.............................................
Comptroller of the University of Virginia

........................................
Rector of the University of Virginia

(Form of Coupons)

 

No. ..........

$ ............

On .....................1, 19 ....,

The Rector and Visitors of the University of Virginia will pay to bearer at the office of
the State Treasurer in the City of Richmond, Virginia, upon presentation and surrender hereof,
the sum of ....................................................................Dollars in any coin
or currency of the United States of America which at the time of payment is legal tender for the
payment of public and private debts, solely from the special fund referred to in, and for the
semi-annual interest then due upon, its Library Building Fee Bond (Series 1965), dated as of
May 1, 1965, No. ................. .

Rector of the University of Virginia

Section 203. The proceeds (including accrued interest) of the bonds shall be paid into the
State Treasury and deposited to the credit of the special fund hereinafter created and designated
"The Rector and Visitors of the University of Virginia Library Building Fee Bonds (Series 1965)
Construction Fund" (hereinafter sometimes called the "Construction Fund").

Section 204. In case any bond issued hereunder shall become mutilated or be destroyed or
lost, the Board shall cause to be executed a new bond of like date, number and tenor in exchange
and substitution for and upon the cancellation of such mutilated bond and its interest coupons,
if any, or in lieu of and in substitution for such bond and its coupons, if any, destroyed or
lost, upon the holder's paying the reasonable expenses and charges of the Board in connection
therewith and, in the case of a bond destroyed or lost, his filing with the Board evidence satisfactory
to the Board that such bond and coupons, if any, were destroyed or lost, and of his
ownership thereof, and furnishing the Board with indemnity satisfactory to the Board.