 | Board of Visitors minutes October 10, 1981 |  |
ARTICLE II
DETERMINATIONS, OBLIGATION OF THE
NOTE RESOLUTION AND NOTES
Section 201. Authority for Note Resolution. This Note Resolution is adopted pursuant to the Act.
Section 202. Note Resolution to Constitute Contract. In consideration of the purchase and acceptance of any and all of the Notes by those who shall hold the same from time to time, the provisions of this Note Resolution shall be a part of the contract of the University with the holders of the Notes and shall be deemed to be and shall constitute a contract between the University and the holders from time to time of the Notes, and such provisions are covenants and agreements with such holders which the University hereby determines to be necessary and desirable for the security and payment thereof. The provisions, covenants and agreements herein set forth to be performed by or on behalf of the University shall be for the benefit, protection and security of any of the holders of any and all of the Notes, all of which shall be of equal rank without preference, priority or distinction of any of the Notes over any other thereof.
Section 203. Obligation of Notes. The Notes shall be limited obligations of the University, payable solely from the revenues and receipts derived from the assets and funds pledged to secure the Notes.
| Board of Visitors minutes October 10, 1981 | |