University of Virginia Library

INDEBTEDNESS DUE THE STATE TREASURY

The Chancellor reported that the College indebtedness to the State Treasury had been paid in
full. The note in the original amount of $1,356,515.57, dated 1 December 1954 with interest at
1 per cent, had been reduced by 30 June 1958 to $639,259.49 through payments from the operating
funds of the College. Since 30 June, the debt to the State has been completely retired through
the following payments

       

Note payable June 30, 1958		$639,259.49
Operating surplus at June 30, 1958	$272,997.04
[1] State Appropriation 1958-60 budget for reduction of the indebtedness	351,390.00
Funds borrowed from the National Bank of Fredericksburg	14,872.45	$639,259.49

The Chancellor expressed the hope that the debt to the National Bank of Fredericksburg could be
paid in the Spring of 1959.

The members of the Board expressed their jubilation over the achievement of a debt-free
status by the College