University of Virginia Library

AGREEMENT WITH RESPECT TO $23,450,000 COMMONWEALTH OF
VIRGINIA HIGHER EDUCATIONAL INSTITUTIONAL BONDS, SERIES 1971
INCLUDING $200,000 FOR PARKING GARAGES AND $600,000 FOR A
DORMITORY FOR 100 STUDENTS AT THE UNIVERSITY OF VIRGINIA

The following resolution was adopted:

• WHEREAS, pursuant to the provisions of Chapter 147 of the Acts of the General Assembly of Virginia of 1971, the Treasury Board was authorized, by and with the consent of the Governor, to sell and issue bonds of the Commonwealth of Virginia in an aggregate principal amount not exceeding $23,600,000 for the purpose of providing funds, with any other available funds, for paying the cost of acquiring or constructing specific revenue producing capital projects at institutions of higher learning of the Commonwealth, all in accordance with the provisions of Section 9 (c) of Article X of the Constitution of Virginia; and
• WHEREAS, said revenue producing capital projects include the following capital projects for the University of Virginia:
   

Projects	Amount
Parking Garages	$200,000
Dormitory for 100 students	$600,000

• and
• WHEREAS, the Treasury Board has sold $23,450,000 bonds, designated "Higher Educational Institutions Bonds, Series 1971", which include sums of $200,000 and $600,000 for the above mentioned capital projects for the University of Virginia;
• NOW THEREFORE BE IT RESOLVED by The Rector and Visitors of the University of Virginia:
• Section 1. It is hereby found, determined and declared that, based upon responsible engineering and economic estimates, the anticipated net revenues to be pledged to the payment of principal of and interest on the portion of the bonds issued on behalf of the University of Virginia for the above capital projects, including the net revenues to be received from the above capital projects and the excess net revenues pledged thereto from existing capital projects, will be sufficient to pay the principal of and interest on that portion of the bonds issued for each such capital project as the same become due.
• Section 2. The Rector and Visitors of the University of Virginia (a) covenant to fix, revise, charge and collect rates, fees and charges for or in connection with the use, occupation or services of the above capital projects and pledges the same and any increases in revenues to be derived from any designated existing facilities at the University of Virginia resulting from any increase in the rates, fees or charges for or in connection with the use, occupation or services of any such existing facilities to the payment of the principal of and the interest on that portion of the bonds issued for each designated capital project and (b) covenant to fix, revise, charge and collect rates, fees and charges for or in connection with the use, occupation or services of any designated existing facilities at the University of Virginia and pledges the same to the payment of the principal of and the interest on that portion of the bonds issued for each designated capital project. The Rector and Visitors of the University of Virginia further covenant that such rates, fees, and charges will be fixed, revised, charged and collected so that the net revenues from each capital project and the other revenues pledged thereto will at all times be sufficient to pay the principal of and the interest on that portion of the bonds issued on behalf of the University of Virginia for each such capital project. Any such revenues in excess of the amounts required for the payment of principal of and interest on that portion of the bonds issued on behalf of the University of Virginia for each such capital project may be used by the University of Virginia for any other proper purpose.
• Section 3. The Rector and Visitors of the University of Virginia covenant that the University will pay to the State Treasurer 30 days before each semi-annual interest payment date the amount certified by the State Treasurer to the University of Virginia to be due and payable for the payment of the principal of and the interest on that portion of the bonds issued on behalf of the University of Virginia for each revenue producing capital project mentioned above.
• Section 4. The Rector and Visitors of the University of Virginia covenant to pay from time to time the University's proportionate part of all expenses incurred in connection with the sale and issuance of the above bonds of the Commonwealth and all expenses thereafter incurred in connection with the payment of the principal of and the interest on such bonds, all as certified by the State Treasurer to the University of Virginia.