University of Virginia Library

The word "Board" shall mean the Rector and Visitors of the University of Virginia
or, if said Board shall be abolished, the board or body succeeding to the principal functions
thereof.

The word "cost", as applied to the Project, shall embrase the cost of construction
and all obligations and expenses and all items of cost which are set forth in Section 303
of this resolution.

The term "Current Expenses" shall mean the Board's reasonable and necessary current
expenses of maintenance, repair and operation of the Project and shall include, without
limiting the generality of the foregoing, all ordinary and usual expenses of maintenance,
repair and operation, which may include expenses not annually recurring, premiums for
insurance, and any other expenses required or permitted to be paid by the Board under
the provisions of this resolution or by law, but shall not include any reserves for
extraordinary maintenance or repair, or any allowance for depreciation, or any general
administrative expenses of the Institution, or any deposits or transfers to the credit
of the special fund hereinafter created in the State Treasury and designated "The Rector
and Visitors of the University of Virginia Dormitory Revenue Bonds (Series 1962) Interest
and Sinking Fund" (hereinafter sometimes called the "Sinking Fund").

The term "fiscal year" shall mean the period commencing on the first day of July
and ending on the last day of June of the following year.