Board of Visitors minutes :: June 1, 1962 :: University of Virginia Library

Section 301. A special fund is hereby created in the State Treasury and designated "The Rector
and Visitors of the University of Virginia Dormitory Revenue Bonds (Series 1962) Construction Fund"
(herein sometimes called the "Construction Fund"), to the credit of which there shall be deposited
the proceeds of the bonds required to be so deposited by Section 203 of this resolution. The
moneys in the Construction Fund shall be held in trust and applied to the payment of the cost of
the Project and, pending such application, shall be subject to a lien and charge in favor of the
holders of the bonds issued and outstanding under this resolution and for the future security of
such holders until paid out or transferred as herein provided.

Section 302. Payment of the cost of the Project shall be made from the Construction Fund as
provided by law

Section 303. For the purposes of this resolution the cost of the Project may include, without
intending thereby to limit or restrict or to extend any proper definition of such cost under any
applicable laws or this resolution, the following

(a) obligations incurred for labor and materials and to contractors, builders
and materialmen in connection with the Project,

(b) interest accruing upon the bonds prior to and during construction of the
Project,

(c) taxes or other municipal or governmental charges lawfully levied or assessed
during construction upon the Project or any property acquired therefor, and premiums
on insurance, if any, in connection with the Project during construction,

(d) fees and expenses of engineers and architects for surveys and estimates and
other preliminary investigations, preparation of plans, drawings and specifications
and supervising construction, as well as for the performance of all other duties of
engineers and architects in relation to construction of the Project or the issuance
of bonds therefor,

(e) expenses of administration properly chargeable to the Project, legal expenses
and fees, financing charges, cost of audits and of preparing and issuing the bonds,
and all other items of expense not elsewhere in this Section specified incident to
the construction of the Project and the placing of the Project in operation,

(f) any obligation or expense heretofore or hereafter incurred by the Board or
by any other agency of the State of Virginia for any of the foregoing purposes

Section 304. When the Project shall have been completed, as evidenced by a certificate signed
by the President or the Comptroller of the Institution and filed with the Secretary to the Board,
any balance in the Construction Fund not deemed by the Board to be necessary to be reserved and so
reserved by it for the payment of any remaining part of the cost of the Project shall be transferred
to the credit of the Sinking Fund