University of Virginia Library

The word "Board" shall mean the Rector and Visitors of the University of
Virginia or, if said Board shall be abolished, the board or body succeeding
to the principal functions thereof.

The word "cost," as applied to the Project, shall embrace the cost of
construction and all obligations and expenses and all items of cost which are
set forth in Section 303 of this resolution.

The term "Current Expenses" shall mean the Board's reasonable and necessary
current expenses of maintenance, repair and operation of the Housing System and
shall include, without limiting the generality of the foregoing, all ordinary and
usual expenses of maintenance, repair and operation, which may include expenses
not annually recurring, premiums for insurance, and any other expenses required
or permitted to be paid by the Board under the provisions of this resolution or
by law, but shall not include any reserves for extraordinary maintenance or
repair, or any allowance for depreciation, or any general administrative
expenses of the Institution, or any deposits or transfers to the credit of the
special fund hereinafter created in the State Treasury and designated "The
Rector and Visitors of the University of Virginia Student Apartment and Dormitory
Buildings Revenue Bonds (Series 1965) Interest and Sinking Fund" (hereinafter
sometimes called the "Sinking Fund").

The term "Housing System" shall mean and shall include the Project and
the Existing Dormitories.

The term "fiscal year" shall mean the period commencing on the first day
of July and ending on the last day of June of the following year:

The term "Revenues of the Housing System" or the word "Revenues" shall
mean all moneys received by the Board as a result of its ownership and
operation of the Housing System.