Board of Visitors minutes June 24, 1965 | ||
ARTICLE III.
Custody and Application of Proceeds of Bonds.
Section 301. A special fund is hereby created in the State Treasury and designated
"The Rector and Visitors of the University of Virginia Library Building Fee Bonds (Series 1965)
Construction Fund" (herein sometimes called the "Construction Fund"), to the credit of which
there shall be deposited the proceeds of the bonds required to be so deposited by Section 203
of this resolution. The moneys in the Construction Fund shall be held in trust and applied
to the payment of the cost of the Project 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 future security of such holders until paid out or transferred as herein
provided.
Section 302. Payment of the cost of the Project shall be made from the Construction Fund
and from the appropriation and grant referred to in the preambles of this resolution, all as
provided by law.
Section 303. For the purposes of this resolution the cost of the Project may include,
without intending thereby to limit or restrict or to extend any proper definition of such cost
under any applicable laws or this resolution, the following:
(a) obligations incurred for labor and materials and to contractors,
builders and materialmen in connection with the Project;(b) interest accruing upon the bonds prior to and during construction of
the Project;(c) taxes or other municipal or governmental charges lawfully levied
or assessed during construction upon the Project or any property acquired
therefor, and premiums on insurance, if any, in connection with the Project
during construction;122(d) fees and expenses of engineers and architects for surveys and
estimates and other preliminary investigations, preparation of plans, drawings
and specifications and supervising construction, as well as for the performance
of all other duties of engineers and architects in relation to construction of
the Project or the issuance of bonds therefor,(e) expenses of administration properly chargeable to the Project,
legal expenses and fees, financing charges, cost of audits and of preparing
and issuing the bonds, and all other items of expense not elsewhere in this
Section specified incident to the construction of the Project and the placing
of the Project in operation,(f) any obligation or expense heretofore or hereafter incurred by the
Board or by any other agency of the State of Virginia for any of the foregoing
purposes.
Section 304. The Board covenants that no part of the Project will be constructed on lands
other than lands owned by the Board or the State of Virginia in fee simple.
Section 305. When the Project shall have been completed, as evidenced by a certificate
signed by the President or Comptroller of the Institution and filed with the Secretary of the
Board, any balance in the Construction Fund not deemed by the Board to be necessary to be
reserved and so reserved by it for the payment of any remaining part of the cost of the Project
shall be transferred to the credit of the Sinking Fund.
Board of Visitors minutes June 24, 1965 | ||