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 dormitory revenue bonds of the Institution in the aggregate principal amount of
Five Hundred Thousand Dollars ($500,000). The bonds shall be designated "Mary Washington College
of the University of Virginia Dormitory Revenue Bonds (Series 1961)", shall consist of 500 bonds
of the denomination of $1,000 each, numbered 1 to 500, inclusive, shall be dated as of the 1st day
of July, 1961, shall be stated to mature (without right of prior redemption), in numerical order,
lowest numbers first, on the 1st day of July in the following years and in the following amounts,
respectively

                                                   

Year of Maturity	Principal Amount
1962	$11,000
1963	11,000
1964	14,000
1965	14,000
1966	14,000
1967	16,000
1968	16,000
1969	16,000
1970	18,000
1971	18,000
1972	18,000
1973	18,000
1974	21,000
1975	$21,000
1976	21,000
1977	21,000
1978	23,000
1979	23,000
1980	23,000
1981	26,000
1982	27,000
1983	27,000
1984	27,000
1985	28,000
1986	28,000

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
January and July 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 Bursar of the Institution, 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 .....

$1,000

United States of America
State of Virginia

MARY WASHINGTON COLLEGE OF THE UNIVERSITY OF VIRGINIA

DORMITORY REVENUE BOND (SERIES 1961)

Mary Washington College of the University of Virginia, the educational institution at Fredericksburg,
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 July, 19..., upon the presentation and
surrender hereof, the principal sum of

ONE 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 January and July in each year
upon the presentation and surrender of the attached coupons representing such interest as the same
respectively become 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 $500,000 dormitory revenue bonds (hereinafter called
the "bonds"), known as "Mary Washington College of the University of Virginia Dormitory Revenue Bonds
(Series 1961)", consisting of bonds maturing in annual instalments on the 1st day of July in the years
1962 to 1986, inclusive, and issued for the purpose of paying a part of the cost of constructing and
equipping two new dormitories at Mary Washington College of the University of Virginia, Fredericksburg,
Virginia (said two new dormitories being herein collectively called the "Project"). The proceeds of
the bonds, totether with an appropriation of $551,300 by the General Assembly of the State of Virginia
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 8 April 1961. 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 revenues, 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 fees, rents,
and charges for or in connection with the use, occupation or services of the Project in order that
such fees, rents, and charges will be sufficient to provide funds to pay the cost of maintaining,
repairing and operating the Project and 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 such fees, rents, and charges over and above such cost of maintenance, repair, and operation,
to the credit of a special fund designated "Mary Washington College of the University of Virginia
Dormitory Revenue Bonds (Series 1961) 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.

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, 1950, 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 the name of Mary Washington College of the University of Virginia and have
caused this bond to bear the facsimile signature of the Rector of the University of Virginia and
to be signed by the Bursar of said College, 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 July, 1961

........................................
Bursar of Mary Washington College,
of the University of Virginia

........................................
Rector of the Board of Visitors
of the University of Virginia

(Form of Coupons)

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

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

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

Mary Washington College of the University of Virginia, the educational institution at
Fredericksburg, 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 semiannual interest then due upon, its Dormitory Revenue Bond (Series 1961),
dated as of 1 July 1961, No..................

____________________
Rector of the Board of Visitors
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
"Mary Washington College of the University of Virginia Dormitory Revenue Bonds (Series 1961) 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.