University of Virginia Library

SOUTHERN WELDING BOND ISSUE

The following resolution was adopted:

• WHEREAS, The Rector and Visitors of the University of Virginia is authorized by Section 23-30.02 of the Code of Virginia of 1950, as amended, upon the affirmative vote of at least two-thirds of the Board of Visitors and by and with the approval of the Governor, to borrow money for the acquisition of real estate and to issue its bonds and secure payment thereof by a lien on such real estate; and
• WHEREAS, in connection with the improvement of its Medical Center, the University of Virginia has entered into a contract for the purchase of certain properties located in the City of Charlottesville, Virginia, and more commonly known as Southern Welding, such contract providing that $430,000 of the $530,000 purchase price is to be paid by the University issuing pursuant to Section 23-30.02 of the Code of Virginia of 1950, as amended, and delivering to Sellers certain serial bonds as more fully described below;
• BE IT RESOLVED by The Rector and Visitors of the University of Virginia that pursuant to Section 23-30.02 of the Code of Virginia of 1950, as amended, there are hereby authorized to be issued and sold, with the approval of the Governor, 20 serial bonds of the University, in the amount of $430,000 secured by a vendor's lien upon the real property conveyed to the University, such bonds to be dated January 1, 1972, numbered (1) through (20) inclusive, each of which has a principal face amount of $21,500 and bears interest at the rate of 4 percent per annum. Interest payments will be due semi-annually on July 1 and January 1 of each year in which interest is payable, the first of such payments to be due July 1, 1972. One of the twenty consecutively numbered bonds will become due and payable on January 1 of each year, the first of such bonds to be payable on January 1, 1973. Such bonds and the interest thereon shall be paid from the William J. Rucker Memorial Fund, a part of the University's endowment funds.