 | Board of Visitors minutes October 10, 1981 |  |
ARTICLE III
AUTHORIZATION OF NOTES
AND TERMS THEREOF
Section 301. Authorization of Issue of Notes. Notes of the University in an aggregate principal amount of $7,500,000 are hereby authorized to be issued, subject to the terms, conditions and limitations provided or referred to herein.
Section 302. General Terms of the Notes. The Notes shall be dated November 5, 1981, be due and payable as to interest on May 5, 1982, November 5, 1982 and May 5, 1983, be in the denomination of $25,000 each, be in bearer form and bear interest at the rate determined pursuant to Section 601. The Notes shall mature on May 5, 1983, shall be numbered from one through 300 inclusive, and be payable as to both principal and interest in lawful money of the United States at the principal office of the Paying Agent, in the City of Richmond, Virginia, or at the option of the holder, at the principal office of the Co-Paying Agent, in the City of New York, New York. Each Note shall be executed in the name of the University by the facsimile signature of its Rector and its corporate seal (or facsimile thereof) shall be affixed, imprinted, engraved or otherwise reproduced thereon and attested by the manual signature of its Secretary or Assistant Secretary. The Notes shall be subject to redemption in whole prior to maturity at any time on or after November 5, 1981, at a redemption price of 100.375% of the par value thereof, plus accrued interest to the date of redemption. Notice of such redemption shall be given by
The Notes shall not be deemed to constitute a debt, a general obligation or a pledge of the faith and credit of the Commonwealth of Virginia or any political subdivision or governmental instrumentality thereof, including the University. Neither the Commonwealth of Virginia nor any political subdivision or governmental instrumentality thereof nor the University shall be obligated to pay the principal of the Notes, the interest thereof or other costs incident thereto except from the revenues and receipts pledged therefor, and neither the faith and credit nor the taxing power of the Commonwealth of Virginia or any political subdivision thereof will be pledged to the payment of such principal, interest or costs.
Section 303. Form of the Notes and Coupons. Subject to the provisions of this Note Resolution, each Note and Coupon shall be in substantially the following form, with such insertions or omissions, endorsements or variations as are not inconsistent with this Note Resolution.
(Form of Note)
No._______________________ $25,000.00
UNITED STATES OF AMERICA COMMONWEALTH OF VIRGINIA THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA BOND ANTICIPATION NOTE OF 1981
THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA (the "University"), a public body and governmental instrumentality of the
This Note is one of an issue of $7,500,000 The Rector and Visitors of the University of Virginia Bond Anticipation Notes of 1981 (the "Notes"), of like date and tenor except as to number authorized by a resolution duly adopted by the Board of Visitors of the University on October 9, 1981, (the "Resolution") and is issued pursuant to Section 23-30.01 of the Code of Virginia of 1950, as amended, to provide funds for the acquisition and installation of a telephone communications system for the University. The Notes are issued under the Resolution and are equally and ratably secured by a pledge of certain moneys and assets held in the University's unrestricted quasi-endowment. Reference is hereby made to the Resolution and to all amendments and supplements thereto for a description of the property pledged and the provisions, among others, with respect to the nature and extent of the security, the rights, duties and obligations of the University and the rights of the holders of the Notes and the terms upon which the Notes are issued and secured.
The Notes may not be called for redemption by the University prior to November 5, 1982. The Notes are subject to redemption by the University in whole at any time on or after November 5, 1982, upon payment of a redemption price of 100 3/8% of the par value thereof, plus accrued interest to the redemption date.
If the Notes are called for redemption, the University shall cause a notice thereof to be published once in a newspaper of general circulation published in the City of Richmond, Virginia, and in a daily newspaper of general circulation or a financial journal published in the Borough of Manhattan, New York, New York, not less than 30 nor more than 60 days prior to the redemption date. The Notes shall cease to bear interest on the redemption date, provided funds for their
This Note and the issue of which it is a part and the interest thereon are limited obligations of the University payable solely from the revenues and receipts derived from the assets pledged to secure the Notes, which revenues and receipts have been pledged to secure payment of the principal of and interest on the Notes. The Notes and the interest thereon shall not be deemed to constitute a debt, a general obligation or a pledge of the faith and credit of the Commonwealth of Virginia or any political subdivision or governmental instrumentality thereof, including the University. Neither the Commonwealth of Virginia nor any political subdivision or governmental instrumentality thereof nor the University shall be obligated to pay the principal of the Notes, the interest thereon or other costs incident thereto except from the revenues and receipts pledged therefor and neither the faith and credit nor the taxing power of the Commonwealth of Virginia or any political subdivision or governmental instrumentality thereof is pledged to the payment of the principal of the Notes or the interest thereon or other costs incident thereto.
This Note shall be fully transferable by delivery.
All acts, conditions and things required by the Constitution and statutes of the Commonwealth of Virginia to happen, exist or be performed precedent to and in the issuance of this Note have happened, exist and have been performed.
IN WITNESS WHEREOF, The Rector and Visitors of the University of Virginia has caused this Note to be signed by the facsimile signature of its Rector, its seal to be affixed or a facsimile thereof printed hereon and attested by its Secretary or Assistant Secretary, the attached coupons to be authenticated by the facsimile signature of its Rector and this Note to be dated as of November 5, 1981.
THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA
(SEAL) By_________________________________ Rector
ATTEST: _________________________________ Secretary
(Form of Coupon)
No._______________________________ $___________________________
On , 19__, unless the Note to which this coupon is attached has been duly called for prior redemption and provision made for payment thereof, The Rector and Visitors of the University of Virginia will pay to bearer, solely from the revenues and receipts pledged to the payment of the Note hereinafter mentioned, the amount shown hereon upon presentation and surrender hereof at the principal office of United Virginia Bank, Richmond, Virginia, or at the option of the holder, at the principal office of Bankers Trust Company, New York, New York, in lawful money of the United States of America, being the semi-annual interest then due on its Bond Anticipation Note of 1981, dated November 5, 1981, and numbered _______________________.
____________________________________ Rector
| Board of Visitors minutes October 10, 1981 | |