University of Virginia Library

State's Obligation

"We all thought that the room
rents the students paid were put
into a fund from which the
University paid off the principal
and interest on the bonds," he
stated.

"In truth," he continued, "The
rent money is sent to Richmond to
become part of the general revenues
of the Commonwealth. Then the
General Assembly has to appropriate
the necessary funds to cover the
bonds."

Mr. Dawbarn said that is was
"completely wrong" for the state
not to be obligated to pay off the
bonds after all the revenue is sent
into a central office.