University of Virginia Library

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ARTICLE VIII.

Miscellaneous Provisions.

Section 801. All covenants, stipulations, obligations and agreements of the Board contained
in this resolution shall be deemed to be covenants, stipulations, obligations and agreements of
the Board to the full extent authorized or permitted by law, and all such covenants, stipulations,
obligations and agreements shall be binding upon the successor or successors thereof from time to
time and upon any officer, board, body or commission to whom or to which any power or duty affecting
such covenants, stipulations, obligations and agreements shall be transferred by or in
accordance with law.

No covenant, stipulation, obligation or agreement herein contained shall be deemed to be a
covenant, stipulation, obligation or agreement of any present or future member, agent or employee
of the Board in his individual capacity, and neither the Governor of the State of Virginia nor
the members of the Board or of any other agency of the State of Virginia nor any officer thereof,
present or future, executing the bonds shall be liable personally on the bonds or be subject to
any personal liability or accountability by reason of the issuance thereof.

Section 802. Any notice, demand, direction, request or other instrument authorized or required
by this resolution to be given to or filed with the Board shall be deemed to have been
sufficiently given or filed for all purposes of this resolution if and when sent by registered
mail, return receipt requested, to the Rector and Visitors of the University of Virginia, Charlottesville,
Virginia.

Section 803. The officers and agents of the Board are hereby authorized and directed to do
all acts and things required of them by the provisions of the bonds and this resolution for the
full, punctual and complete performance of all the terms, covenants, provisions and agreements
contained in the bonds and this resolution.

Section 804. In case any one or more of the provisions of this resolution or of the bonds
or coupons issued hereunder shall for any reason be held to be illegal or invalid, such illegality
or invalidity shall not affect any other provision of this resolution or of the bonds or coupons,
but this resolution and the bonds and coupons shall be construed and enforced as if such illegal
or invalid provision had not been contained therein. In case any covenant, stipulation, obligation
or agreement contained in the bonds or in this resolution shall for any reason be held to be in
violation of law, then such covenant, stipulation, obligation or agreement shall be deemed to be
the covenant, stipulation, obligation, or agreement of the Board to the full extent permitted by
law.

Section 805. The Secretary to the Board is hereby authorized and directed to file a certified
copy of this resolution with the Governor and the Treasury Board.

After further consideration and discussion, upon motion duly made and seconded, the Board
unanimously adopted the following resolution entitled

WHEREAS, the Rector and Visitors of the University of Virginia (hereinafter sometimes called
the "Board") has this day duly adopted a resolution authorizing the issuance of $500,000 Mary
Washington College of the University of Virginia Dormitory Revenue Bonds (Series 1961), and

WHEREAS, the Board deems it advisable to sell said bonds at this time, now, therefore,

BE IT RESOLVED by the Rector and Visitors of the University of Virginia

Section 1. The State Treasurer of the State of Virginia is hereby authorized and directed
to solicit bids from various financial and investment banking institutions in the State of Virginia,
and from such other institutions which may express an interest in bidding for the bonds, for the
purchase of the $500,000 Mary Washington College of the University of Virginia Dormitory Revenue
Bonds (Series 1961). Sealed bids are to be received for and on behalf of the Board at the office
of the State Treasurer, in the City of Richmond, Virginia, until 12 o'clock Noon, Eastern Daylight
Savings Time, 2 June 1961, at which time and place the bids received will be publicly opened and
read on behalf of the Board.

No bid for less than all of the bonds or for less than par and accrued interest will be entertained.
Bidders are requested to name the interest rate, not exceeding 6% per annum, in a multiple
of 1/8 or 1/20 of 1%. The bonds will be awarded to the bidder offering the highest price for the
lowest interest rate bid upon the bonds.

Each bid must be submitted on a form to be furnished by the State Treasurer, must be enclosed
in a sealed envelope marked "Bid for $500,000 Mary Washington College of the University of Virginia
Dormitory Revenue Bonds (Series 1961)", and should be addressed to the "Rector and Visitors of the
University of Virginia, c/o State Treasurer of the State of Virginia, Room 101, Finance Building,
Richmond, Virginia". Each bid must be accompanied by a certified or bank cashier's or treasurer's
check payable to the order of the State Treasurer of the State of Virginia in an amount equal to
$10,000. Award or rejection of bids will be made by the Board on the date above stated for the
receipt of bids, and the checks of unsuccessful bidders will be returned immediately. The award
of the bonds will be subject to the consent and approval of the Governor of the State of Virginia
and the Treasury Board of the State of Virginia. The check of the successful bidder will be held
uncashed as security for the performance of his bid, but, in the event the successful bidder shall
fail to comply with the terms of his bid, the check may then be cashed and the proceeds retained
as and for full liquidated damages. The bonds will be delivered on or about 6 July 1961, in the
office of the State Treasurer in the City of Richmond, Virginia.

The unqualified approving opinion of Mitchell, Pershing, Shetterly & Mitchell, New York City,
will be furnished without cost to the purchasers. There will also be furnished the usual closing
papers, including a certificate, dated as of the day of the delivery of the bonds, stating that there
is no litigation pending or, to the knowledge of the signer of such certificate, threatened affecting
the validity of the bonds

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Further information relating to the above bonds will be furnished upon application to the State
Treasurer

The right to reject any or all bids is reserved by the Board.

Section 2. The form referred to in Section 1 above and on which all bids for the purchase of
the $500,000 Mary Washington College of the University of Virginia Dormitory Revenue Bonds (Series
1961) are required to be made shall be substantially as follows

(No addition or alteration, except as provided
above, is to be made to this bid.)

Section 3. The officers and agents of the Rector and Visitors of the University of Virginia and
of Mary Washington College of the University of Virginia are hereby authorized and directed to do all
the acts and things required of them by the bonds and by this resolution, for the full, punctual and
complete performance of all the terms, covenants, provisions and agreements contained in the bonds and
in this resolution.

Section 4. The Secretary to the Board is hereby authorized and directed to file a certified copy
of this resolution with the Governor and the Treasury Board.