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
One Million Three Hundred Thirty-five Thousand Dollars ($1,335,000). The bonds shall be designated
"Mary Washington College of the University of Virginia Dormitory Revenue Bonds (Series 1965)",
shall consist of 267 bonds of the denomination of $5,000 each, numbered 1 to 267, 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
1966	$ 5,000
1967	45,000
1968	55,000
1969	55,000
1970	60,000
1971	60,000
1972	65,000
1973	65,000
1974	70,000
1975	70,000
1976	$ 75,000
1977	75,000
1978	80,000
1979	80,000
1980	85,000
1981	85,000
1982	90,000
1983	95,000
1984	95,000
1985	25,000

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 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.

$ 5,000

United States of America
State of Virginia

MARY WASHINGTON COLLEGE OF THE UNIVERSITY OF VIRGINIA
DORMITORY REVENUE BOND (SERIES 1965)

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 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 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 $1,335,000 dormitory revenue bonds (hereinafter
called the "bonds"), known as "Mary Washington College of the University of Virginia
Dormitory Revenue Bonds (Series 1965)", consisting of bonds maturing in annual instalments on the
1st day of May in the years 1966 to 1985, 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, together with an appropriation and reappropriation
of $295,000 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 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 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 and a student building fee in order that such fees, rents and charges and such student
building fee 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 and such student building fee, 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 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.

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 Mary Washington College of the University of Virginia, 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.

.................................
Bursar of Mary Washington College

....................................
Rector 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 the 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 Dormitory Revenue 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
"Mary Washington College of the University of Virginia Dormitory Revenue 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.