Board of Visitors minutes :: April 8, 1961 :: University of Virginia Library

Section 301. A special fund is hereby created in the State Treasury designated "Mary
Washington College of the University of Virginia Dormitory Revenue Bonds (Series 1961) 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 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 shall include, without
intending thereby to limit or restrict or to extend any proper definition of such cost under
any applicable laws of this resolution, the following

(a) obligations incurred for labor and materials and to contractors, builders and
material-men 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,

(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,

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(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. When the Project shall have been completed, as evidenced by a certificate signed
by the Chancellor or the Bursar of the Institution and filed with the Secretary to 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.