University of Virginia Library

TEMPORARY LOAN FROM THE STATE TREASURY

At the meeting of the Board of Visitors held on 14 December 1957, the College was authorized
to award contracts, subject to the approval of the Governor, for the construction of a dormitory, the
cost of which, including equipment, would not exceed $504,000.

The proposed method of financing the building and equipment is shown as follows

       

State Appropriation - 1956-58	$192,500
State Appropriation - 1958-60	84,700	$277,200
To be derived from bond issue - (temporary loan from the State Treasurer until bonds are issued)		226,800
Total		$504,000

The Chancellor stated that it was deemed unwise to issue bonds until it could be determined
accurately the exact funds needed. The State Treasurer has permitted the College to operate on
a cash basis, thus avoiding obtaining a temporary loan until the cash on hand was not adequate to
meet current requirements. The College is now holding a voucher due the contractor in the amount
of approximately $54,000, which, if entered for payment, would exceed the College's cash balance.

The Chancellor recommended that the College be authorized to obtain a temporary loan from
the State Treasurer in the amount of $226,800 which would provide sufficient funds to complete
the construction of the building and the purchase of equipment.

The Board adopted the following resolution

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that Mary Washington College be and it is hereby authorized to borrow from the State Treasurer,
at his prevailing rate of interest, the sum of $226,800, for the purpose of providing sufficient
funds to complete the construction and purchase of equipment for the new dormitory, the overall
construction and equipment cost not to exceed $504,000.