University of Virginia Library

At a meeting of the Visitors of the University of Virginia at the
said University on Monday the 3d. of April 1820. present Thomas Jefferson,
James Madison, James Breckenridge, John H. Cocke, and Joseph C.
Cabell.

Resolved, that the Visitors of the University accede to the loan
of $40,000. authorized by a Resolution of the President and Directors
of the Literary Fund of 23d. March 1820.

Resolved, That the aforesaid sum of $40,000. shall be applied as
follows viz. 1st. to the payment of the debts of the University. 2d.
to the completion of the buildings now on hand.

Resolved, that the balance that may remain of the $40,000. after
accomplishing the two objects last specified, together with the annuity
of the year 1821, after deducting the interest that will be due on the
loan from the Literary Fund, be applied towards the erection of three
other pavilions & their accessory dormitories.

Resolved, That the committee of superintendance be authorized to
borrow of the President and Directors of the Literary fund, or should
that be impracticable, from any other quarter, the further sum of
$20,000.

Resolved, That the aforesaid sum of $20,000. together with any
balance of the preceding sums as may remain on hand, and the annuity

of the year 1822, after deducting the sum due for interest on monies
borrowed, be applied towards the erection of buildings of accomodation
on the Eastern Back Street.

Resolved, That the Committee of Superintendence be authorized &
required to propose to the President & Directors of the Literary Fund
a postponement for one year of the period of commencement of the installments
of the principals borrowed of the said Fund.

Resolved, That in the event of the agreement of the President &
Directors of the Literary Fund to the postponement of the installments
of principal as last mentioned, any balance that may remain on hand of
the aforesaid sums of money, together with the annuity of the year 1823,
after deducting the sums due for interests be applied towards the erection
of buildings of accomodation on the Western Back Street.

Resolved, that Thomas Jefferson be appointed Rector of the University
for the ensuing four years.

Resolved That Thomas Jefferson, and John H. Cocke, be appointed a
committee of superintendence.

Resolved, That the Committee of superintendence be authorized to
communicate to Doctor Thomas Cooper the delay & uncertainty now unavoidable
in regard to the time of opening the University, and to make such
change in the contracts with him as to them may seem advisable.