ARTICLE IV
Revenues and Funds
Section 401. The Board covenants that it will at all times fix, charge and collect the
Library Building Fee and that from time to time and as often as it shall appear to be necessary
it will revise the Library Building Fee in order that the revenues derived therefrom will at all
times be sufficient 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. The Board does hereby adopt and establish the Library Building Fee to be paid
by each full time student at the Institution in the amount of Three and Fifty Hundredths Dollars
($3 50) for each semester during the regular school session commencing with the Fall semester in
1966, which Fee shall be in addition to any and all library fees now pledged to the payment of
the outstanding balance of the $523,000 library building construction and equipment bonds, dated
February 1, 1937 until said bonds shall have been paid or adequate provision made for their
payment.
Section 403. 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) Revenue Fund"
(hereinafter sometimes called the "Revenue Fund"). The Board covenants that the Library Building
Fee will be collected by the Board and deposited to the credit of the Revenue Fund.
Section 404. 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)
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 transfer
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. 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.
Section 408. All bonds and interest coupons shall be cancelled upon their payment
Such bonds and coupons shall be cremated by the State Treasurer.
