Section 1. The Rector and Visitors of the
University of Virginia (the "University") (a)
covenants to fix, revise, charge and collect rentals
for or in connection with the use and occupation
of the Projects, and (b) pledges the same to
the payment of the principal of and the
interest on that portion of the Bonds issued
to finance the Projects. The University
further covenants that such rentals will be
fixed, revised, charged and collected so
that the net revenues from the Projects will
at all times be sufficient, when added to
other funds available for the purpose, to
pay the principal of and the interest on that
portion of the Bonds issued to finance the Projects.
Any such revenues in excess of the amounts
required for the payment of principal of and
interest on that portion of the Bonds issued
to finance the Projects may be used by the
University of Virginia for any other proper
purpose.
