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

SECTION 3.01. Coupon Bonds numbered M1 to M21, inclusive, maturing November 1, 1960,
through November 1, 1968, inclusive, shall not be subject to redemption prior to the respective
maturities thereof

Coupon Bonds numbered M22 to M120, inclusive, maturing November 1, 1969 through November
1, 1993, inclusive, shall be subject to redemption prior to the stated maturities thereof, at
the option of the Board, on any interest payment date after November 1, 1968 as a whole, or, from
time to time, in part in inverse numerical order, the redemption price to be paid with respect to
each such Bond to be the percentage of the principal amount thereof as set forth below, plus accrued
interest thereon to the date fixed for redemption, to-wit

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If Redeemed	Redemption Price (Percentage of Principal Amount Paid)
On or after May 1, 1969 to and including November 1, 1973	103.00%
Thereafter to and including November 1, 1978	102.50%
Thereafter to and including November 1, 1983	102.00%
Thereafter to and including November 1, 1988	101.50%
Thereafter at	101.00%

Coupon Bonds numbered M121 to M150, inclusive, maturing November 1, 1994 through
November 1, 1998, inclusive, shall be subject to redemption prior to their stated maturities,
at the option of the Board, on any interest payment date from and after the issuance and delivery
thereof, as a whole, or, from time to time, in part in inverse numerical order, at a
redemption price equal to the principal amount thereof, plus accrued interest to the date
fixed for redemption.

In the event that the Board shall exercise its option to redeem any of the Coupon
Bonds prior to the stated maturities thereof, as herein provided, Coupon Bonds numbered M121
to M150, inclusive, shall first be redeemed.

SECTION 3.02. Whenever the Board by resolution shall determine to redeem any of the
Coupon Bonds in accordance with the right reserved so to do, unless all of the Coupon Bonds to
be redeemed are registered Coupon Bonds, a notice of such redemption shall be given by publication
of a notice in a financial newspaper published in the English language and of general circulation
in New York, New York, such publication to be made not less than thirty (30) nor more
than forty (40) days prior to the date fixed for redemption. Such notice shall specify the
maturities and numbers of the Coupon Bonds to be redeemed (if less than all then outstanding)
and the date fixed for redemption.

SECTION 3.03. A notice similar in form to that prescribed in Section 3.02 shall be
deposited by the Treasury Board in the United States Mail, postage prepaid, at least thirty
(30) days prior to the redemption date, addressed to the owners of registered Coupon Bonds
called for redemption, at the addresses appearing upon the bond registry book.

SECTION 3.04. Notwithstanding the foregoing, if the Holders or Registered Owners
of all Coupon Bonds to be redeemed shall file a written waiver of notice with the Treasury
Board, such Coupon Bonds may be redeemed in inverse numerical order on the first day of the
month next following the receipt by the Treasury Board of such waiver of notice, without the
necessity of notice and without the payment of premiums, if so provided in the said waiver.

SECTION 3.05. Notice of redemption having been given by publication in the manner
hereinabove provided, if required, and notice of redemption having been mailed to the owners
of registered Coupon Bonds to be redeemed, or written waivers of notice having been filed with
the Treasury Board by the Holders or Registered Owners of all Coupon Bonds to be redeemed, and
the principal, the premium, if any, and the accrued interest payable having been deposited with
the State Treasurer, or having been set aside by the State Treasurer for that purpose, as provided
in this Resolution, on or prior to the date set for redemption, the Coupon Bonds so called
for redemption shall become payable on the redemption date so designated, and the interest on
such Coupon Bonds shall cease from such redemption date, whether such Coupon Bonds be presented for
redemption or not, and the coupons representing the interest on any of the said Coupon Bonds thereafter
to accrue shall from that date be void. The principal amount of all Coupon Bonds, the
applicable premium, if any, and the accrued and unpaid interest thereon to the date of redemption
shall be paid by the Treasury Board upon the presentation and surrender thereof in negotiable
form, accompanied by the coupons, if any, representing such interest. All coupons maturing subsequent
to the date of redemption must accompany each Coupon Bond so redeemed. All Coupon Bonds
so redeemed shall be cancelled and cremated by the Treasury Board.

B. Prepayment of Registered Bonds.

SECTION 3.06. The installments of principal of Registered Bonds maturing November 1,
1960 through November 1, 1968, inclusive, are not subject to prepayment.

The installments of principal of Registered Bonds maturing November 1, 1969 through
November 1, 1993, inclusive, shall be subject to prepayment prior to the stated maturities thereof,
at the option of the Board, on any interest payment date after November 1, 1968 as a whole,
or, from time to time, in part, in the amount of One Thousand Dollars ($1,000) or any multiple
thereof in the inverse order of maturity of the said installments upon payment of the price for
each One Thousand Dollars ($1,000) principal amount thereof as set forth below, plus accrued interest
thereon to the date fixed for prepayment, to-wit

If Prepaid	Prepayment Price (Percentage of Principal Amount Paid)
On or after May 1, 1969 to and including November 1, 1973	103.00%
Thereafter to and including November 1, 1978	102.50%
Thereafter to and including November 1, 1983	102.00%
Thereafter to and including November 1, 1988	101.50%
Thereafter at	101.00%

The installments of principal of Registered Bonds maturing November 1, 1994 through November 1,
1998, inclusive, shall be subject to prepayment prior to the stated maturities thereof, at the option
of the Board, on any interest payment date from and after the issuance and delivery thereof, as a
whole, or, from time to time, in part, in the amount of One Thousand Dollars ($1,000) or any multiple
thereof in the inverse order of maturity of the said installments upon payment of the principal
amount thereof, plus accrued interest to the date fixed for prepayment.

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In the event the Board shall exercise its option to prepay the principal installments
of any of the Registered Bonds prior to the stated maturities thereof as herein provided, the
principal installments maturing November 1, 1994 through November 1, 1998, inclusive, shall
first be prepaid

SECTION 3.07. Notice of any prepayment of the principal of any Registered Bond, or
any portion thereof, as hereinabove permitted shall be given by Registered Mail to the Registered
Owner of any such Registered Bond at least thirty (30) days prior to the date fixed
for prepayment, the amount of principal to be prepaid, the premium thereon, if any, and the
amount of accrued interest thereon to the date of prepayment.

SECTION 3.08. Anything herein to the contrary notwithstanding, so long as the Registered
Owner of any Registered Bond is the Government, the Board may, at its option, prepay,
on any date, the entire unpaid principal amount of any such Registered Bond so owned, or any
lesser portion of the said principal amount, from time to time, in the amount of One Thousand
Dollars ($1,000) or any multiple thereof, in the inverse order of maturity of the installments
of principal of any such Registered Bond, or of the said installments thereof, together with
accrued interest to the date of prepayment, it being the intent of this Section 3.08 that as
long as the Government is the Registered Owner of any such Registered Bond, all noncallable
provisions applicable to the principal of any such Registered Bond, or applicable to any of
the installments of principal thereof, all premiums for the prepayment of the principal of
any such Registered Bond, or for the prepayment of any of the installments of principal thereof,
all provisions for the publishing or mailing of notice of prepayment and all specific prepayment
dates, shall be deemed and considered as waived.

SECTION 3.09. Notice of any prepayment having been given in accordance with the requirements
of Section 3.07 of this Article III unless waived by the provisions of Section 3.08,
and the principal amount to be prepaid, the premium thereon, if any, and the accrued interest
payable thereon having been deposited with the State Treasurer, and having been set aside by
the State Treasurer for that purpose, as provided in this Resolution, on or prior to the date
of prepayment, the principal amount of any Registered Bond so called or designated for prepayment
shall become payable on the prepayment date so designated and the interest upon such principal
amount shall cease upon such prepayment date, whether or not a notation of such prepayment
is made upon the Payment Record attached to any such Registered Bond. During the time that the
Government is the Registered Owner of any Registered Bond, any prepayment of such Bond so owned
shall be made at the principal office of the Federal Reserve Bank of Richmond, Richmond, Virginia,
or at the principal office of any other depositary as the Government shall designate, and such
prepayment, except final payment, may be without the presentation or surrender of the Registered
Bond to the Treasury Board, but such prepayment shall be noted on the Payment Record
attached to such Registered Bond by the said Federal Reserve Bank of Richmond, or by any other
authorized depositary. If the Government shall assign any Registered Bond owned by it, any
prepayment to any assignee shall be made only upon the surrender by such assignee of such
Registered Bond to the Treasury Board for notation of such prepayment upon the said Payment Record.