Board of Visitors minutes :: June 24, 1965 :: University of Virginia Library

Section 201. For the purpose of paying the cost of the Project, there shall be issued
student apartment and dormitory buildings revenue bonds of the Institution in the aggregate
principal amount of Four Million One Hundred Thousand Dollars ($4,100,000). The bonds shall
be designated "The Rector and Visitors of the University of Virginia Student Apartment and
Dormitory Buildings Revenue Bonds (Series 1965)," shall consist of 820 bonds of the denomination
of $5,000 each, numbered 1 to 820, inclusive, shall be dated as of the 1st day of May, 1965,
shall be stated to mature (without right of prior redemption), in numerical order, lowest
numbers first, on the 1st day of May in the following years and in the following amounts,
respectively:

Year of Maturity	Principal Amount
1967	$135,000
1968	115,000
1969	120,000
1970	125,000
1971	130,000
1972	135,000
1973	135,000
1974	140,000
1975	145,000
1976	150,000
1977	155,000
1978	160,000
1979	$170,000
1980	175,000
1981	180,000
1982	185,000
1983	195,000
1984	200,000
1985	205,000
1986	215,000
1987	220,000
1988	230,000
1989	235,000
1990	245,000

and shall bear interest from their date until their payment at a rate or rates not exceeding
six per centum (6%) per annum as shall hereafter be determined by the Board and by the Treasury
Board, such interest to the respective maturities of the bonds being payable semi-annually on
the 1st days of May and November in each year. Both the principal of and the interest on the
bonds shall be payable at the office of the State Treasurer in the City of Richmond, Virginia,
in any coin or currency of the United States of America which, on the respective dates of payment
thereof, is legal tender for the payment of public and private debts.

Section 202. The bonds shall bear the facsimile signature of the Rector of the University
of Virginia and shall be signed by the Comptroller of the University of Virginia and the
official seal of The Rector and Visitors of the University of Virginia shall be impressed on
the bonds. The interest coupons to be attached thereto shall be executed with the facsimile
signature of the Rector of the University of Virginia. The bonds and coupons shall be, respectively,
in substantially the following forms:

(Form of Bonds)

No.

$5,000

United States of America
State of Virginia

THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA

STUDENT APARTMENT AND DORMITORY BUILDINGS
REVENUE BOND (SERIES 1965)

The Rector and Visitors of the University of Virginia, for value received, hereby
promises to pay, solely from the special fund provided therefor as hereinafter set forth, to
the bearer on the 1st day of May, 19 , upon the presentation and surrender hereof, the
principal sum of

FIVE THOUSAND DOLLARS

and to pay, solely from said special fund, interest thereon from the date hereof at the rate
of per centum ( %) per annum until payment of such
principal sum, such interest to the maturity hereof being payable semi-annually on the 1st
days of May and November in each year upon presentation and surrender of the attached coupons
representing such interest as the same respectively become due. Both the principal of and the
interest on this bond are payable at the office of the State Treasurer in the City of Richmond,
Virginia, in any coin or currency of the United States of America which, on the respective
dates of payment thereof, is legal tender for the payment of public and private debts.

This bond shall not be deemed to constitute a debt of the State of Virginia or a pledge
of the faith and credit of the State, but shall be payable as to both principal and interest
solely from the special fund provided therefor as hereinafter set forth.

This bond is one of a duly authorized issue of $4,100,000 student apartment and dormitory
buildings revenue bonds (hereinafter called the "bonds"), known as "The Rector and Visitors
of the University of Virginia Student Apartment and Dormitory Buildings Revenue Bonds.

112

(Series 1965)," consisting of bonds maturing in annual instalments on the 1st day of May,
in the years 1967 to 1990, inclusive, and issued for the purpose of paying the cost of constructing
fourteen apartment buildings to house married students and four new dormitories and to
reconstruct eight existing dormitories at the University of Virginia, Charlottesville, Virginia
(said fourteen apartment buildings, four new dormitories and eight existing dormitories being
herein collectively called the "Project"). The proceeds of the bonds are estimated to be
sufficient to pay the cost of the Project.

All of the bonds are issued under and pursuant to a resolution (herein called the
"Resolution") duly adopted by the Rector and Visitors of the University of Virginia (herein
sometimes called the "Board") on June 24, 1965. Reference is hereby made to the Resolution for
the provisions, among others, with respect to the custody and application of the proceeds of the
bonds, the collection and disposition of revenues, the fund charged with and pledged to the
payment of the interest on and the principal of the bonds, the nature and extent of the security,
the rights, duties and obligations of the Board and the rights of the holders of the bonds, and,
by the acceptance of this bond, the holder hereof assents to all of the provisions of the Resolution.

This bond is issued and the Resolution was adopted under and pursuant to the Constitution
and laws of the State of Virginia, particularly Chapter 3, Title 23, Code of Virginia, 1950,
as amended. The Resolution provides for the fixing, revising, charging and collecting by the
Board of fees, rents and charges for or in connection with the use, occupation or services of
the Housing System, defined in the Resolution to include the Project and four additional existing
dormitories at the University of Virginia, in order that such fees, rents and charges will be
sufficient to provide funds to pay the cost of maintaining, repairing, and operating the Housing
System and to pay the principal of and the interest on the bonds as the same shall become due and
payable. The Resolution also provides for the deposit of a sufficient amount of such fees, rents
and charges over and above such cost of maintenance, repair and operation, to the credit of a
special fund designated "The Rector and Visitors of the University of Virginia Student Apartment
and Dormitory Buildings Revenue Bonds (Series 1965) Interest and Sinking Fund," to pay the
principal of and the interest on the bonds as the same shall become due and payable, and said
special fund is pledged to and charged with the payment of such principal and interest.

As declared by said Chapter 3, this bond shall be fully negotiable within the meaning and
for all the purposes of Chapter 10, Title 6, Code of Virginia, 1950, as amended.

All acts, conditions and things required by the Constitution and laws of the State of
Virginia and the rules and regulations of the Board to happen, exist and be performed precedent
to and in the issuance of this bond have happened, exist and have been performed as so
required.

IN WITNESS WHEREOF, The Rector and Visitors of the University of Virginia have caused this
bond to be issued in its name, to bear the facsimile signature of the Rector of the University
of Virginia and to be signed by the Comptroller of said University, and the official seal of
The Rector and Visitors of the University of Virginia to be impressed hereon, and the attached
interest coupons to be executed with the facsimile signature of said Rector, all as of the 1st
day of May, 1965.

Comptroller of the University of
Virginia.

Rector of the University of
Virginia.

(Form of Coupons)

No .

$ .

On . 1, 19 ,

The Rector and Visitors of the University of Virginia will pay to bearer at the office of
the State Treasurer in the City of Richmond, Virginia, upon presentation and surrender hereof,
the sum of . . Dollars in any coin or currency
of the United States of America which at the time of payment is legal tender for the payment of
public and private debts, solely from the special fund referred to in, and for the semi-annual
interest then due upon, its Student Apartment and Dormitory Buildings Revenue Bond (Series 1965),
dated as of May 1, 1965, No.

Rector of the University of
Virginia.

Section 203. The proceeds (including accrued interest) of the bonds shall be paid into the
State Treasury and deposited to the credit of the special fund hereinafter created and designated
"The Rector and Visitors of the University of Virginia Student Apartment and Dormitory Buildings
Revenue Bonds (Series 1965) Construction Fund" (hereinafter sometimes called the "Construction
Fund").

Section 204. In case any bond issued hereunder shall become mutilated or be destroyed or
lost, the Board shall cause to be executed a new bond of like date, number and tenor in exchange
and substitution for and upon the cancellation of such mutilated bond and its interest coupons,
if any, or in lieu of and in substitution for such bond and its coupons, if any, destroyed or
lost, upon the holder's paying the reasonable expenses and charges of the Board in connection
therewith and, in the case of a bond destroyed or lost, his filing with the Board evidence satisfactory
to the Board that such bonds and coupons, if any, were destroyed or lost, and of his
ownership thereof, and furnishing the Board with indemnity satisfactory to the Board.