University of Virginia Library

ARTICLE II.

Authorization, Form, Execution and Delivery of Bonds.

Section 201. For the purpose of paying the cost of the Project, there shall be issued dormitory
revenue bonds of the Institution in the aggregate principal amount of Three Million Dollars
($3,000,000). The bonds shall be designated "The Rector and Visitors of the University of Virginia
Dormitory Revenue Bonds (Series 1962)", shall consist of 600 bonds of the denomination of $5,000
each, numbered 1 to 600, inclusive, shall be dated as of the 15th day of June, 1962, shall be
stated to mature (without right of prior redemption), in numerical order, lowest numbers first, on
the 15th day of June in the following years and in the following amounts, respectively:

                                                           

Year of Maturity	Principal Amount
1964	$ 80,000
1965	65,000
1966	65,000
1967	70,000
1968	70,000
1969	75,000
1970	75,000
1971	80,000
1972	80,000
1973	85,000
1974	85,000
1975	90,000
1976	95,000
1977	95,000
1978	100,000
1979	$105,000
1980	105,000
1981	110,000
1982	115,000
1983	120,000
1984	120,000
1985	125,000
1986	130,000
1987	135,000
1988	140,000
1989	145,000
1990	150,000
1991	155,000
1992	135,000

and shall bear interest from their date until their payment at a rate or rates not exceeding six
per centum (6%) per annum as shall hereafter be determined by the Board and by the Treasury Board,
such interest to the respective maturities of the bonds being payable semi-annually on the 15th
days of June and December in each year. Both the principal of and the interest on the bonds shall
be payable at the office of the State Treasurer in the City of Richmond, Virginia, in any coin or
currency of the United States of America which, on the respective dates of payment thereof, is
legal tender for the payment of public and private debts.

Section 202. The bonds shall bear the facsimile signature of the Rector of the University of
Virginia and shall be signed by the Comptroller of the University of Virginia, and the official
seal of The Rector and Visitors of the University of Virginia shall be impressed on the bonds. The
interest coupons to be attached thereto shall be executed with the facsimile signature of the Rector
of the University of Virginia. The bonds and coupons shall be, respectively, in substantially the
following forms:

(Form of Bonds)

No. . . . . . .

$5,000

United States of America
State of Virginia

THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA

DORMITORY REVENUE BOND (SERIES 1962)

The Rector and Visitors of the University of Virginia, for value received, hereby promises to
pay, solely from the special fund provided therefor as hereinafter set forth, to the bearer on the
15th day of June, 19..., upon the presentation and surrender hereof, the principal sum of

FIVE THOUSAND DOLLARS

and to pay, solely from said special fund, interest thereon from the date hereof at the rate of ....
........................... per centum (.........%) per annum until payment of such principal sum,
such interest to the maturity hereof being payable semi-annually on the 15th days of June and
December in each year upon the presentation and surrender of the attached coupons representing such
interest as the same respectively become due. Both the principal of and the interest on this bond
are payable at the office of the State Treasurer in the City of Richmond, Virginia, in any coin
or currency of the United States of America which, on the respective dates of payment thereof, is
legal tender for the payment of public and private debts.

This bond shall not be deemed to constitute a debt of the State of Virginia or a pledge of the
faith and credit of the State, but shall be payable as to both principal and interest solely from
the special fund provided therefor as hereinafter set forth.

This bond is one of a duly authorized issue of $3,000,000 dormitory revenue bonds (hereinafter
called the "bonds"), known as "The Rector and Visitors of the University of Virginia Dormitory
Revenue Bonds (Series 1962)", consisting of bonds maturing in annual instalments on the 15th day of
June in the years 1964 to 1992, inclusive, and issued for the purpose of paying the cost of
constructing seven new dormitories at the University of Virginia, Charlottesville, Virginia (said
seven new dormitories being herein collectively called the "Project"). The proceeds of the bonds
are estimated to be sufficient to pay the cost of the Project.

All of the bonds are issued under and pursuant to a resolution (herein called the "Resolution")
duly adopted by the Rector and Visitors of the University of Virginia (herein sometimes called the
"Board") on June 1, 1962. Reference is hereby made to the Resolution for the provisions, among
others, with respect to the custody and application of the proceeds of the bonds, the collection
and disposition of revenues, the fund charged with and pledged to the payment of the interest on and
the principal of the bonds, the nature and extent of the security, the rights, duties and obligations
of the Board and the rights of the holders of the bonds, and, by the acceptance of this bond, the
holder hereof assents to all of the provisions of the Resolution.

This bond is issued and the Resolution was adopted under and pursuant to the Constitution and laws
of the State of Virginia, particularly Chapter 3, Title 23, Code of Virginia, 1950, as amended. The
Resolution provides for the fixing, revising, charging and collecting by the Board of fees, rents
and charges for or in connection with the use, occupation or services of the Project in order that
such fees, rents and charges will be sufficient to provide funds to pay the cost of maintaining,
repairing and operating the Project and to pay the principal of and the interest on the bonds as
the same shall become due and payable. The Resolution also provides for the deposit of a sufficient
amount of such fees, rents and charges over and above such cost of maintenance, repair and operation,
to the credit of a special fund designated "The Rector and Visitors of the University of Virginia
Dormitory Revenue Bonds (Series 1962) Interest and Sinking Fund", to pay the principal of and the
interest on the bonds as the same shall become due and payable, and said special fund is pledged to
and charged with the payment of such principal and interest.

As declared by said Chapter 3, this bond shall be fully negotiable within the meaning and for
all the purposes of Chapter 10, Title 6, Code of Virginia, 1950, as amended.

All acts, conditions and things required by the Constitution and laws of the State of Virginia
and the rules and regulations of the Board to happen, exist and be performed precedent to and in the
issuance of this bond have happened, exist and have been performed as so required.

IN WITNESS WHEREOF, The Rector and Visitors of the University of Virginia have caused this bond
to be issued in its name and have caused this bond to bear the facsimile signature of the Rector of
the University of Virginia and to be signed by the Comptroller of said University, and the official
seal of The Rector and Visitors of the University of Virginia to be impressed hereon, and the attached
interest coupons to be executed with the facsimile signature of said Rector, all as of the 15th day
of June, 1962.

..........................................
Comptroller of the University of Virginia

.....................................
Rector of the University of Virginia

(From of Coupons)

No..............

$..............

On ...................1, 19...,

The Rector and Visitors of the University of Virginia will pay to bearer at the office of the
State Treasurer in the City of Richmond, Virginia, upon presentation and surrender hereof, the sum
of ...................................... Dollars in any coin or currency of the United States of
America which at the time of payment is legal tender for the payment of public and private debts,
solely from the special fund referred to in, and for the semi-annual interest then due upon, its
Dormitory Revenue Bond (Series 1962), dated as of June 15, 1962, No....................

____________________
Rector of the University of Virginia.

Section 203. The proceeds (including accrued interest) of the bonds shall be paid into the
State Treasury and deposited to the credit of the special fund hereinafter created and designated
"The Rector and Visitors of the University of Virginia Dormitory Revenue Bonds (Series 1962)
Construction Fund" (hereinafter sometimes called "Construction Fund").

Section 204. In case any bond issued hereunder shall become mutilated or be destroyed or lost,
the Board shall cause to be executed a new bond of like date, number and tenor in exchange and substitution
for and upon the cancellation of such mutilated bond and its interest coupons, if any, or
in lieu of and in substitution for such bond and its coupons, if any, destroyed or lost, upon the
holder's paying the reasonable expenses and charges of the Board in connection therewith and, in the
case of a bond destroyed or lost, his filing with the Board evidence satisfactory to the Board that
such bond and coupons, if any, were destroyed or lost, and of his ownership thereof, and furnishing
the Board with indemnity satisfactory to the Board.