 | Board of Visitors minutes June 1, 1962 |  |
INCREASE IN STUDENT ATHLETIC FEE
The President stated that he had reported in full to the Athletics Committee and the Finance
Committee, in a meeting on 31 May 1962, on (1) the financial condition of the Department of Athletics,
and (2) the necessity for a bond issue to complete the construction of University Hall. At the close
of the fiscal year ending on 30 June 1962, the deficit of the Department of Athletics will be
approximately $60,000. It is also estimated that a bond issue not to exceed $650,000, in addition to
the State appropriation of $2,000,000 and the alumni gift of $500,000, will be necessary to complete
the construction of University Hall. As a means of paying off the deficit and of retiring the bond
issue of $650,000, both the Athletics Committee and the Finance Committee approved the increase in
the annual student athletic fee from $20.00 to $26.00
Accordingly, the President proposed and the Board adopted the following resolution
RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the student athletic fee be and it is hereby increased from $20.00 to $26.00 per academic
session, effective 1 September 1962, the income from the increase of $6.00 (1) for the first two
years to be applied to paying off the deficit of the Department of Athletics in the amount of
approximately $60,000, and (2) thereafter to be applied during the succeeding 20 to 25 years, as
required, to the retirement of a bond issue not exceeding $650,000 which will be necessary to complete
the construction of University Hall
| Board of Visitors minutes June 1, 1962 | |