 | Board of Visitors minutes September 29, 1962 |  |
RESOLUTION PROVIDING FOR THE SALE OF STUDENT APARTMENT BUILDINGS REVENUE BONDS
Mr. Hartfield made a motion, seconded by Mr. Johnson, that the following resolution be adopted
A RESOLUTION PROVIDING FOR THE SALE OF
$1,200,000 THE RECTOR AND VISITORS OF
THE UNIVERSITY OF VIRGINIA STUDENT
APARTMENT BUILDINGS REVENUE BONDS
(SERIES 1962)
WHEREAS, the Rector and Visitors of the University of Virginia (hereinafter sometimes called
the "Board") has this day duly adopted a resolution authorizing the issuance of $1,200,000 The Rector
and Visitors of the University of Virginia Student Apartment Buildings Revenue Bonds (Series 1962),
and
WHEREAS, the Board deems it advisable to sell said bonds at this time, now, therefore,
BE IT RESOLVED by the Rector and Visitors of the University of Virginia
Section 1. The State Treasurer of the State of Virginia is hereby authorized and directed
to solicit bids from various financial and investment banking institutions in the State of Virginia,
and from such other institutions which may express an interest in bidding for the bonds, for the
Buildings Revenue Bonds (Series 1962). Sealed bids are to be received for and on behalf of the
Board at the office of the State Treasurer in the City of Richmond, Virginia, until 12 o'clock
Noon, Eastern Standard Time, October 2, 1962, at which time and place the bids received will be
publicly opened and read on behalf of the Board
No bid for less than all of the bonds or for less than par and accrued interest will be
entertained. Bidders are requested to name the interest rate, not exceeding 6% per annum, in a
multiple of 1/8 or 1/20 of 1%. The bonds will be awarded to the bidder offering the highest price
for the lowest interest rate bid upon the bonds.
Each bid must be submitted on a form to be furnished by the State Treasurer, must be enclosed
in a sealed envelope marked "Bid for $1,200,000 The Rector and Visitors of the University of
Virginia Student Apartment Buildings Revenue Bonds (Series 1962)", and should be addressed to the
"Rector and Visitors of the University of Virginia, c/o State Treasurer of the State of Virginia,
Room 101, Finance Building, Richmond, Virginia". Each bid must be accompanied by a certified or
bank cashier's or treasurer's check payable to the order of the State Treasurer of the State of
Virginia in an amount equal to $24,000. Award or rejection of bids will be made by the Board on
the date above stated for the receipt of bids, and the checks of unsuccessful bidders will be
returned immediately. The award of the bonds will be subject to the consent and approval of the
Governor of the State of Virginia and the Treasury Board of the State of Virginia. The check of
the successful bidder will be held uncashed as security for the performance of his bid, but, in
the event the successful bidder shall fail to comply with the terms of his bid, the check may then
be cashed and the proceeds retained as and for full liquidated damages. The bonds will be delivered
on or about November 5, 1962, in the office of the State Treasurer in the City of Richmond,
Virginia
The unqualified approving opinion of Mitchell, Pershing, Shetterly & Mitchell, New York City,
will be furnished without cost to the purchasers. There will also be furnished the usual closing
papers, including a certificate, dated as of the day of the delivery of the bonds, stating that
there is no litigation pending or, to the knowledge of the signer of such certificate, threatened
affecting the validity of the bonds
Further information relating to the above bonds will be furnished upon application to the
State Treasurer
The right to reject any or all bids is reserved by the Board
Section 2. The form referred to in Section 1 above and on which all bids for the purchase of
the $1,200,000 The Rector and Visitors of the University of Virginia Student Apartment Buildings
Revenue Bonds (Series 1962) are required to be made shall be substantially as follows
THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA STUDENT APARTMENT
BUILDINGS REVENUE BONDS (SERIES 1962)
__________, 1962
c/o State Treasurer of the State of Virginia
Subject to the provisions and in accordance with the terms of the resolutions duly adopted
by the Rector and Visitors of the University of Virginia on September 29, 1962, which resolutions
are hereby made a part of this bid, we offer to pay ____________________ Dollars
($ ____________________ ), plus accrued interest to the date of delivery, for all, but no
part less than all, of $1,200,000 The Rector and Visitors of the University of Virginia Student
Apartment Buildings Revenue Bonds (Series 1962), dated as of October 1, 1962, bearing interest at
the rate of _______________% per annum
We enclose herewith a certified or bank cashier's or treasurer's check for $24,000 payable to
the order of the State Treasurer of the State of Virginia, which check is to be applied in
accordance with said resolutions
____________________
____________________
____________________
(No addition or alteration, except as provided above, is to be made to this bid.)
Section 3. The officers and agents of the Rector and Visitors of the University of Virginia
and of the University of Virginia are hereby authorized and directed to do all the acts and things
required of them by the bonds and by this resolution, for the full, punctual and complete performance
of all the terms, convenants, provisions and agreements contained in the bonds and in this
resolution
Section 4. The Secretary to the Board is hereby authorized and directed to file a certified
copy of this resolution with the Governor and the Treasury Board.
A vote being taken, said resolution was adopted by the following recorded vote. Ayes: Albert
V. Bryan, Norborne Berkeley, William M. Camp, Hunter Faulconer, Charles R. Fenwick, Joseph M.
Hartfield, Walkley E. Johnson, Lawrence Lewis, Jr., Walter B. Martin, E. Sclater Montague, Herbert
C. Pollock, Frank W. Rogers, and Lewis M. Walker, Jr. Nays: None
| Board of Visitors minutes September 29, 1962 | |