University of Virginia Library

CLINCH VALLEY COLLEGE LOAN APPLICATION

(1) The President reported that the United States Department of Housing and Urban Development has approved a $455,000 loan application dated 30 April 1968 for the construction of Project No. CH-VA-55 (D), a dormitory for women at Clinch Valley College. The loan will be financed through the sale of revenue bonds payable solely from and secured by a first lien on and pledge of the net revenues derived from the operation of the dormitory. HUD has submitted a loan agreement to the University for approval and execution pursuant to the following resolution which is hereby unanimously adopted:

• WHEREAS, The Rector and Visitors of the University of Virginia, a public educational institution, organized and existing under and by virtue of the laws of the Commonwealth of Virginia (herein called the "Borrower"), has heretofore submitted an application to the United States of America, Department of Housing and Urban Development (herein called the "Government"), for a loan under Title IV of the Housing Act of 1950, as amended, for the purposes designated in the said application; and
• WHEREAS, the Government has approved the said application subject to certain conditions and has submitted to the Borrower a certain Loan Agreement dated as of 1 May 1969, (herein called the "Loan Agreement"), for approval and execution by the Borrower, which said Loan Agreement is satisfactory,
• NOW, THEREFORE, BE IT RESOLVED BY THE Board of Visitors of the Borrower that the said Loan Agreement, a copy of which is attached hereto, be and the same is hereby approved. The Comptroller is hereby authorized and directed to execute the said Loan Agreement in the name and on behalf of the Borrower, in as many counterparts as may be necessary, and the Secretary is hereby authorized and directed to affix or impress the official seal of the Borrower thereon and to attest the same. The proper officer is directed to forward the said executed counterparts of the said Loan Agreement to the Government, together with such other documents evidencing the approval and authorization to execute the same as may be required by the Government.

(2) The President reported that bids have been received for the construction of Project No. CH-VA-55 (D), the aforementioned dormitory for women at Clinch Valley College. In addition to the aforementioned $455,000 loan from the Department of Housing and Urban Development, it is estimated that a loan up to $22,500 may be necessary to meet costs of the project.

The following resolution was adopted:

• RESOLVED by The Rector and Visitors of the University of Virginia (herein called the "University") in connection with the construction of dormitory Project No. CH-VA-55 (D) for women at Clinch Valley College, over and above the $455,000 United States Department of Housing and Urban Development loan, the University is hereby authorized, through either its President or Comptroller, to borrow an additional amount up to $22,500, on such terms as may be negotiated, including, without limitation, by an unsecured obligation of the University, or by an obligation issued pursuant to the provisions of Chapter 3, Title 23, Code of Virginia;
• RESOLVED FURTHER that in connection with such loan the University hereby authorizes the execution and delivery of an obligation in such amount and upon such terms as may be negotiated, approval of any such obligation executed by the University's officers being conclusively evidenced by their execution thereof;
• RESOLVED FURTHER that all instruments whether or not specifically referred to above which are, in the opinion of the University's Special Counsel, necessary or proper in connection with such loan, are hereby authorized in such form as the officers executing each instrument shall approve, such approval to be conclusively evidenced by their execution thereof, provided, however, that all instruments to be executed in connection with such loan, whether or not specifically mentioned above, shall, prior to their execution, be approved by the University's Special Counsel.

(3) The President reported further that a housing loan application dated 31 March 1969 has been submitted to the United States Department of Housing and Urban Development for a loan for the construction of an addition to the aforementioned dormitory for women at Clinch Valley College. The following resolution ratifying execution of the College Housing Loan Application for the dormitory addition is hereby unanimously adopted:

• WHEREAS, The Rector and Visitors of the University of Virginia, a public educational institution of higher learning, organized and existing under and by virtue of the laws of the Commonwealth of Virginia, (herein called the "University"), has submitted an application dated 31 March 1969 to the United States of America, acting by and through the United States Department of Housing and Urban Development, (herein called "HUD"), for a loan for the construction of a dormitory addition at Clinch Valley College of the University of Virginia, Wise, Virginia pursuant to Title IV of the Housing Act of 1950, as amended.
• RESOLVED by The Rector and Visitors of the University of Virginia that the College Housing Loan Application dated 31 March 1969 executed in the name and on behalf of the University, by Vincent Shea, Comptroller, together with any subsequent amendments thereto, submitted to HUD for loan assistant under Title IV of the Housing Act of 1950, as amended, for construction of a dormitory addition at Clinch Valley College, Wise, Virginia, be and it is hereby is ratified and approved.