University of Virginia Library

(FORM OF COUPON BOND)

UNITED STATES OF AMERICA
STATE OF VIRGINIA

RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA CLINCH VALLEY COLLEGE
FACULTY HOUSING BOND OF 1958

No. _____

$1,000

The Rector and Visitors of the University of Virginia, Charlottesville, Virginia
(herein called the "Board"), a public corporation and governmental instrumentality of the
State of Virginia, acknowledges itself indebted and for value received hereby promises to
pay to bearer, or, if this Bond be registered as to principal, to the registered owner hereof,
on the 1st day of November, 19__, unless this Bond shall be redeemable and shall have been
duly called for previous redemption and payment of the redemption price shall have been duly
made or provided for, the principal sum of One Thousand Dollars ($1,000) and to pay interest
on such principal sum from date hereof at the rate of __________per centum (_____%) per
annum, payable semi-annually on the first day of May and November in each year, until the
principal hereof has been paid, only upon presentation and surrender of the coupons hereto
attached as they severally mature.

The principal of, the premium, if any, and the interest on, this Bond shall be payable
at the principal office of the Treasury Board of the State of Virginia, Richmond, Virginia,
or, at the option of the holder, at The Chase Manhattan Bank, in the Borough of Manhattan, City
and State of New York, in any coin or currency which, on the respective dates of payment, is
legal tender for the payment of debts due the United States of America.

This Bond is a special obligation of the Board, and is one of an issue of Bonds issued
by the Board pursuant to Chapter 3, Title 23, of the Code of Virginia, 1950, as amended, and
pursuant to a resolution of the Board entitled "Resolution authorizing the issuance of One Hundred
Fifty Thousand Dollars ($150,000) principal amount of Clinch Valley College Faculty Housing
Bonds of 1958 of the Rector and Visitors of the University of Virginia, fixing the form and
other details, securing the payment and providing for the rights of the holders thereof" (herein
called the "Resolution"), duly adopted by the Board to finance the construction of six single-family
dwellings and a four-unit apartment building, each with necessary appurtenant facilities
to house ten faculty families at Clinch Valley College of the University of Virginia, located
in Wise, Virginia (herein called the "Project"), and this Bond and the Bonds of the issue of
which it is a part are payable solely from the Gross Revenues of the Project after payment of
the Current Expenses of the Project, and from such other sources as provided in the Resolution.
Reference is hereby made to the Resolution for a description of the nature and extent of the
security for the Bond, the funds and revenues pledged, the nature and extent and manner of enforcement
of the pledge, the rights and remedies of the holder hereof with respect thereto, the
terms and conditions upon which the Bond is issued and the rights and obligations of the Board.

Coupon Bonds of this issue, of which this Bond is one, are numbered consecutively from
M1 to M150, inclusive, in the order of maturity. Bonds numbered M1 to M21, inclusive, maturing
November 1, 1960 through November 1, 1968, inclusive, are not subject to redemption prior to the
respective maturities thereof.

Bonds numbered M22 to M 120, inclusive, maturing November 1, 1969 through November 1,
1993, inclusive, are 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

           

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%

Bonds numbered M121 to M 150, inclusive, maturing November 1, 1994 through November
1, 1998, inclusive, are subject to redemption prior to their stated maturities, at the option
of the Board, in whole, or, from time to time, in part, in inverse numerical order on any interest
payment date from and after the issuance and delivery thereof 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
of the issue of which this Bond is one prior to the stated maturities thereof, Coupon Bonds numbered
M121 to M150, inclusive, shall first be redeemed.

Notice of any such redemption shall be given by registered mail to the registered
owners of the Bonds to be redeemed at their addresses appearing upon the bond registry books
at least thirty (30) days prior to the date fixed for redemption, and unless all of the Bonds
to be redeemed have been registered as to principal, notice of such redemption shall be given
by publication, one time only, in a financial newspaper published in the English language and
of general circulation in New York, New York. Said notice shall be published not more than
forty (40) nor less than thirty (30) days prior to the date fixed for redemption, unless waivers
of such notice of redemption shall have been duly filed in accordance with the provisions of the
Resolution. Bonds called for redemption shall cease to bear interest from and after the date
fixed for redemption unless presented for redemption on that date and not paid in accordance

with the notice of redemption.

This Bond and the Bonds of the issue of which it is a part are issued pursuant to
and under the authority of and in strict compliance with the Constitution and statutes of the
State of Virginia.

This Bond is subject to the Provisions for Registration endorsed on the back hereof
and, unless registered as to principal in accordance with such Provisions for Registration,
is transferable by delivery.

It is hereby certified, recited and declared that all acts, conditions and things
required by the Constitution and statutes of the State of Virginia to exist, to have happened
and to have been performed precedent to and in the issuance of this Bond, do exist, have
happened and have been performed in due time, form and manner as required by law.

IN WITNESS WHEREOF, the Board has caused this Bond to be executed in its name by its
President and the corporate seal of the said Board to be hereunto affixed and attested by the
Secretary of the Board, and the interest coupons hereto attached to be executed by the facsimile
signature of the said President, all as of the 1st day of November, 1958.

THE RECTOR AND VISITORS OF THE
UNIVERSITY OF VIRGINIA

By____________________
President

ATTEST
____________________
Secretary

(FORM OF COUPON)

No._____

$_____

On the 1st day of __________, 19__, unless the Bond hereinafter mentioned
shall be redeemable and shall have been duly called for previous redemption and payment of
the redemption price duly made or provided for, the Rector and Visitors of the University of
Virginia, Charlottesville, Virginia, a public corporation and governmental instrumentality
of the State of Virginia, will pay to bearer, at the principal office of the Treasury Board
of the State of Virginia, Richmond, Virginia, or, at the option of the bearer hereof, at the
principal office of The Chase Manhattan Bank, in the Borough of Manhattan, City and State of
New York, upon surrender hereof, and solely from the revenues applicable to the payment hereof
as provided in said Bond the sum of ____________________ Dollars ($__________),
in any coin or currency of the United States of America which at the time of payment hereof
is legal tender for the payment of debt due the United States of America, being the interest
then due on its Clinch Valley College Faculty Housing Bond of 1958, dated November 1, 1958,
and numbered M_____.

THE RECTOR AND VISITORS OF THE
UNIVERSITY OF VIRGINIA

By ____________________
President

(FORM OF REGISTRATION)

This Bond may be registered as to principal only in the name of the holder on books
of registration to be kept at the principal office of the Treasury Board of the State of Virginia
in Richmond, Virginia, such registration to be noted in the registration blank below.
After such registration no transfer hereof shall be valid, unless made on said books and similarly
noted hereon, but such registration may be made to bearer and thereupon transferability
by delivery shall be restored, after which this Bond, from time to time, again may be registered,
or may be made transferable by delivery as before. The registration of this Bond as to principal
only shall not affect the negotiability of the coupons hereto attached, which always shall
continue to be payable to bearer and to be transferable by delivery merely.

(Notice No writing on this Bond except by the Registrar)

DATE OF REGISTRATION
__________
__________
__________

IN WHOSE NAME REGISTERED
__________
__________
__________

SIGNATURE OF REGISTRAR
__________
__________
__________