Board of Visitors minutes :: February 20, 1960 :: University of Virginia Library

WHEREAS, pending the issuance of bonds not in excess of $150,000.00 contemplated in
the Loan Agreement dated as of April 1, 1957, between The Rector and Visitors of the University
of Virginia (hereinafter called the "Board") and the United States of America, to defray cost of
erection of Faculty Housing at the Clinch Valley College of the University of Virginia, designated
in said Loan Agreement as Project No. Va. 44-CH-9(D), it became necessary to obtain temporary financing
to defray construction costs in connection with the erection of such Faculty Housing, and,

WHEREAS, to cover such temporary financing, on April 30, 1958, the Governor of Virginia
authorized the Board to borrow a sum not to exceed $150,000.00 on such terms and from such sources
as might be approved by the Treasurer of Virginia, and,

WHEREAS, in accordance with the provisions of said authorization dated April 30, 1958,
on or about May 12, 1958, Colgate W. Darden, Jr., then President of the University of Virginia,
executed in the name and on behalf of the Board a note, subsequently delivered to the Treasurer
of Virginia, in the principal sum of $150,000.00, dated May 12, 1958, and more particularly
described below, and,

WHEREAS, the Board has not heretofore formally authorized the execution and delivery of
said note, and it is now deemed desirable to do so,

NOW THEREFORE, BE IT RESOLVED, that the Board, in regular meeting assembled, does hereby
approve, ratify and confirm (a)- the execution of said note dated May 12, 1958, by Colgate W.
Darden, Jr., then President of the University of Virginia, in the name and on behalf of the Board,
and (b)- the delivery of said note to the Treasurer of Virginia. Said note is more particularly
described by the language contained therein, to-wit

"The Board of Visitors, University of Virginia promises to repay into the State
Treasury the sum of $150,000.00 with interest at the rate of one per centum
per annum from May 12, 1958 until paid, upon completion of the faculty houses,
which has been borrowed from current funds in the State Treasury under authority
granted by the Governor April 30, 1958.

This loan is made pursuant to the provisions of Section 40 and 41, Chapter 716
of the Acts of 1956, and the source approved by the Attorney General in a letter
to the Governor under date of April 27, 1944."

(2) The Board unanimously adopted, on motion of Mr. Martin, duly seconded, the following
resolution