 | Board of Visitors minutes October 16, 1964 |  |
ASSOCIATED UNIVERSITIES, INC.
On 19 August 1964 the Executive Committee took the following action:
The undersigned members of the Executive Committee, acting
under the power granted to them by the Code of Virginia, 1950,
Section 23-75, hereby approve a change in the resolution adopted
by the Board of Visitors on 5 June 1964 relating to an agreement
between the University of Virginia and Associated Universities, Inc.
The change provides for the extension of the 15-year period to a
25-year period for the lease of the building after the cost of the
building has been amortized by the end of the first 5 years of
occupancy. Ratification of this action by the full Board will be
requested at its next meeting on 16 October 1964.
The revised resolution reads as follows:
RESOLVED by the Board of Visitors of The Rector and Visitors
of the University of Virginia that the Comptroller be and he is
hereby authorized to enter into an agreement with Associated
Universities, Inc. for the construction of a building by the
University from current funds to house the headquarters staff of
the National Radio Astronomy Laboratory at a cost not to exceed
$750,000, the cost to be amortized in 5 years at an interest
rate of 4 1/2 per cent, and
RESOLVED FURTHER that the Comptroller be and he is hereby
authorized to enter into an agreement with Associated Universities, Inc.
for the occupancy of the building for an additional 25 years on the
payment of the costs of maintenance.
Thomas H. Blanton
Frank W. Rogers
Charles R. Fenwick, Rector
On behalf of the Executive Committee, the Rector proposed and the full Board approved
the action taken by the Executive Committee in extending the period of the lease from 15 years
to 25 years after the cost of the building has been amortized at the end of 5 years.
| Board of Visitors minutes October 16, 1964 | |