University of Virginia Library

RESOLUTION ON BONDS
FOR LAMBETH FIELD HOUSING

• WHEREAS, pursuant to the provisions of Chapter 307 of the Acts of the General Assembly of Virginia of 1974, the Treasury Board was authorized, by and with the consent of the Governor, to sell and issue bonds of the Commonwealth of Virginia in an aggregate principal amount not exceeding $20,980,000 for the purpose of providing funds, with any other available funds, for paying the cost of acquiring or constructing revenue producing capital projects at institutions of higher learning of the Commonwealth, all in accordance with the provisions of Section 9(c) of Article X of the Constitution of Virginia; and
• WHEREAS, said revenue producing capital projects include the following project (the "Project") for The Rector and Visitors of the University of Virginia:
    

  Project	Amount
  Lambeth Field Housing	$5,200,000

  ; and
• WHEREAS, the Treasury Board proposes to issue on or about June 29, 1976, $19,555,000 of said bonds, designated "Higher Educational Institutions Bonds, Series 1976" (the "Bonds"), which include the sum of $5,200,000 to finance the Project;

NOW, THEREFORE, BE IT RESOLVED BY THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA:

Section 1. The Rector and Visitors of the University of Virginia (the "University") (a) covenants to fix, revise, charge and collect rates, fees and charges for or in connection with the use, occupation or services of the Project, and (b) pledges the net revenues therefrom to the payment of the principal of and the interest on that portion of the Bonds issued to finance the

Project. The University further covenants that such rates, fees and charges will be fixed, revised, charged and collected so that the net revenues from the Project will at all times be sufficient to pay the principal of and the interest on that portion of the Bonds issued to finance the Project. 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 Project may be used by the University for any other proper purpose.

Section 2. It is hereby found, determined and declared that, based upon responsible engineering and economic estimates and as shown on the computation of available net revenues attached hereto as Exhibit A, the anticipated net revenues pledged above will be sufficient to pay principal of and interest on that portion of the Bonds issued to finance the Project.

Section 3. The University covenants that it will pay to the State Treasurer 30 days before each semi-annual interest payment date the amount certified by the State Treasurer to be due and payable for the payment of the principal of and the interest on that portion of the Bonds issued on behalf of the University to finance the Project.

Section 4. The University covenants to pay from time to time the University's proportionate part of all expenses incurred in connection with the sale and issuance of the Bonds and all expenses thereafter incurred in connection with the payment of the principal of and the interest on the Bonds, all as certified by the State Treasurer to the University.