University of Virginia Library

"Administrator" shall mean the Administrator of the Housing and Home Finance Agency of the
United States of America, or his successor, or such person as may be duly authorized to
act in said capacity.

"Bond", or "Bonds" shall mean any Bond, or all of the Bonds, as the case may be, issued,
executed and delivered under this Resolution, whether in coupon form or in fully registered form.

"Bondholders", "Holders of the Bonds", or "Holders", or other words and phrases having similar
import, shall mean and shall include any person who shall be the bearer of any outstanding
Coupon Bond registered to bearer or not registered, or the registered owner of
any outstanding Coupon Bond which at the time shall be registered other than to bearer,
or the registered owner of a fully Registered Bond or the properly qualified legal representative
of such registered owner.

"Costs of the Development of the Project" shall mean cost of necessary architectural or
engineering services, the cost of construction work to the Project site, the cost of providing
the necessary fixed equipment, legal, administrative and clerical costs, cost of
land acquisition, necessary travel expenses, the Government Audit and Inspection Cost
and interest during construction, the cost of issuing the Bonds, including printing, engraving,
advertising, legal and other similar expenses, all as approved by the Administrator

"Coupon Bond" or "Coupon Bonds" shall mean any one or more of the Bonds with coupons for
interest appertaining thereto authorized to be issued hereunder, in the denomination of
One Thousand Dollars ($1,000) each, in the aggregate principal amount of One Hundred
Fifty Thousand Dollars ($150,000), numbered serially from M1 to M150, inclusive, registrable
as to principal only, and in the form hereinafter set forth.

"Current Expenses Budget" shall mean the Budget provided for in Article IV hereof

"Current Expenses of the Project" shall mean the cost and expenses of the operation and
maintenance of the Project during each Fiscal Year, including only the reasonable and
necessary operating expenses, current maintenance charges, reasonable expenses of upkeep,
repairs and replacements, a properly allocated share of charges for insurance and all
other direct expenses incident to the operation of the Project, including water for all
Project buildings and heat for the apartment building only, but shall exclude electricity,
depreciation, all general administrative expenses of the Board and any payments into the
Building Maintenance and Equipment Reserve Account created and established pursuant to
Article IV hereof.

"Fiscal Year" shall mean the year annually beginning July 1 and ending the following
June 30.

"Gross Revenues" shall mean all rentals, charges, fees, income, revenues, receipts
and profits derived by the Board directly or indirectly from the operation or ownership of
the Project. Gross Revenues derived directly or indirectly from the ownership and operation
of the Project shall be those determined to be such either by this Resolution or
in any other resolutions of the Board approved by the Governor, but shall exclude all
funds received or receivable from the State of Virginia. Proceeds received by the Board
directly or indirectly from the sale, lease, rental or other disposition of the Project,
or any portion thereof, are hereby determined by the Board to be derived directly or inindirectly
from the Project, excluding therefrom all funds received or receivable from
the State of Virginia.

"Paid by the State Treasury" or "payment by the State Treasurer" or "Payable by the
State Treasurer" or other words and phrases having similar import, shall mean either payment
directly by the State Treasurer in the manner provided by Section 23-21 of Title 23
of the Code of Virginia, 1950, as amended, or by and through the Treasury Board where so
provided by statute or in such other manner as may hereafter be provided by applicable
statutes.

"Paying Agent" shall mean any paying agent for the Bonds and shall include the Treasury
Board of Virginia, as so designated by Section 23-19 of Title 23 of the Code of Virginia,
1950, as amended, or such other person, bureau or department as may hereafter by statute be
designated as Paying Agent, and The Chase Manhattan Bank, in the Borough of Manhattan, City
and State of New York.

"Project" shall mean the six single family dwelling and a four-unit apartment building,
each with necessary appurtenant facilities, housing ten faculty families at the College,
which it is hereby determined are required by and convenient for the purposes of the University.

"Registered Bond" shall mean a Bond or Bonds fully registered as to principal and
interest authorized to be issued hereunder in lieu of serial Coupon Bonds, payable in
installments and in the form hereinafter set forth.

"Resolution" shall mean this Resolution and all resolutions supplemental hereto.

"Required Value" shall mean at least $15,000, face value of marketable direct obligations
of the United States of America or market value of negotiable securities listed on
the New York Stock Exchange.

"State" shall mean the Commonwealth of Virginia.

"State Treasurer" shall mean the Treasurer of the State of Virginia

"Treasury Board" shall mean the Treasury Board of the Commonwealth of Virginia.