 | Board of Visitors minutes July 31, 1877 |  |
July 31st 1877.
At a called meeting of the Board of Visitors of the University
of Virginia held on this day, July 31st 1877, there were
present the following members, viz. Messrs Bocock, Conrad, Goode,
Marye, Randolph and Whitehead.
In the absence of the Rector, on motion, Mr. Bocock was
chosen as Rector pro. tem., who thereupon called the Board to
order and they proceeded to business.
On motion the following resolution was adopted:
Whereas the Board of Visitors of the University having been
called together by the Rector at the instance of the Executive
Committee to take into consideration special matters pertaining
to the finances of the University and having met and organized
in pursuance of said call- Resolved that the Secretary of the
Board communicate this information to the Chairman of the Faculty
with the request that he present before the Board any matter he
may have for their consideration, if anything there be.
A copy of the foregoing resolution was sent to the Chairman
of the Faculty who soon thereafter waited upon the Board and informed
them that he had nothing to submit for their consideration
at this meeting.
On motion- Resolved that the lawyers of the Board of Visitors
be and are hereby appointed a Committee to consult with the Miller
Board as to the best mode of obtaining the money for the ten
thousand dollars of Bonds guaranteed by them.
On motion Messrs Marye, Goode and Whitehead were appointed as
the Committee under the foregoing resolution- The Committee
following as their report:
The Committee of the Board of Visitors of the University of
Virginia to whom was referred the subject of raising the funds
requisite to meet the engagements of the Board, in reference to
the Museum of Natural History recently established at the University,
have had said subject under consideration, and submit
the following Report
In view of the fact that the Board of Visitors have been
entirely unable to negotiate their Bonds with the guarantee given
by the Miller Board under their resolution of the day of
1876 we do recommend that the said Board of Visitors, shall execute
and deliver a mortgage on all the personal property of the University
other than that held in trust by them, under the Deed
from the Central College dated the 27th day of July 1818; which
mortgage shall secure the payment of the principal and interest,
on Eleven thousand and five hundred dollars of said Bonds- ten
thousand dollars of which shall be secured to said Miller Board,
if the payment thereof shall be required, under the stipulations
and provisions hereinafter contained. Upon the execution and
delivery of said mortgage, which this Committee deems legal and
proper to be made, they recommend that the Miller Board shall
purchase ten thousand dollars of said Bonds, selling if they
think it proper, Bonds of the City of Richmond to raise the funds
therefor- Said Sale and purchase being in the estimation of this
Committee, nothing more than the Exchange of one valuable security
for another equally valuable.
We further recommend that the Miller Board shall not collect
the interest on said Bonds amounting to ten thousand dollars, so
purchased and held by them, so long as they may cooperate with
and sustain the University of Virginia, but that they will treat
said interest as only a fair equivalent to the University for
the benefit and advantage derived to the Miller School from the
annual use of the Museum of Natural History, to which the proceeds
of said Bonds are to be applied.
We also recommend that the interest on the Bonds of the
Virginia Central Rail Road, held by the Miller Board, shall, as
fast as the same may be collected, be applied to the redemption
for the benefit of the University of the Bonds of that institution
held by the Miller Board as aforesaid, unless at any time it may
be agreed between the parties, that the Miller Board shall hold
said Bonds as an investment, collecting interest on them yearly,
in which event, the said Miller Board shall pay to the Board
of Visitors, an amount of money equal to the amount of the Bonds
so agreed to be held as an investment, and that the Miller Board
do alter and amend its resolution of the 11th day of April 1876,
so as to make it correspond with these arrangements.
And finally we recommend that the Board of Visitors do
present a memorial to the Legislature of Virginia at its next
session, asking for the passage of an act ratifying and approving
the mortgage, stupulated herein to be executed by said Board
of Visitors.
All of which is respectfully submitted. Signed
Jno L. Marye Jr
John Goode
Paul Whitehead
Which report upon being read and considered- On motion was
adopted and referred to the Miller Board for its approval. The
Secretary thereupon communicated to the Miller Board copies of
the foregoing report and resolution for the consideration of
that Board.
On motion the Board adjourned to meet tomorrow at 9 A.M.
Th: S. Bocock
Rector pro tem.
August 1st 1877
The Board met in pursuance of adjournment on yesterday-Present
the same members as on yesterday.
The Secretary of the Miller Board presented a copy from the
Minutes of that Board as the result of its action in reference
to the Report of the Committee of this Board referred to it on
yesterday which upon being read and considered, on motion was
ordered to be spread upon the minutes of this Board- and which
follows:
"The report of Messrs John L. Marye, John Goode & Paul
Whitehead (a Committee appointed by the Board of Visitors of the
University of Virginia), relating to the Museum or Cabinet of
Natural History & Mineralogy, having been adopted by said Board,
and (together with the resolution of the Board adopting it) submitted
to this Board for its action- Therefore: Resolved that
the plan for raising $11,500 for said Museum recommended by the
report aforesaid meets with the approbation of this Board.
2. Resolved, that, with a view to carrying said plan into
effect, the Treasurer of this Board is hereby directed to sell
$10,000 of the Richmond City bonds belonging to the to the
"Miller Fund" so as to create a fund with which to purchase at
par $10,000 of the bonds of the University of Va. mentioned in
the report aforesaid, and said Treasurer is hereby empowered to
transfer said Richmond City bonds on the books of the City of
Richmond to the parties buying them.
3d Resolved that said Treasurer with the proceeds of such
sale acquire the bonds of the University of Virginia aforesaid
to the amount of $10,000 so soon as the said bonds have been
secured by the Mortgage (mentioned in the report aforesaid)
duly acknowledged for record.
4. Resolved that said Treasurer shall apply the interest
on the bonds of the Virginia Central Rail Road Company held by
this Board, as the same may be collected to the redemption for
the benefit of the University of Va. of the bonds of said Institution
to be acquired as aforesaid by this Board- unless at any
time it may be agreed between the parties that the Miller Board
shall hold said bonds as a permanent investment, collecting interest
on them yearly, in which event the said Treasurer shall
out of said Va. Central Rail Road interest pay to the Board of
Visitors of the University of Va. an amount of money equal to
the amount of the Bonds so agreed to be held as a permanent investment.
The said Treasurer shall hold said Va. Central Railroad
interest to the extent used in redeeming the bonds aforesaid
as principal belonging to the "Miller Fund", and shall invest
5. That the appropriation of $800 for interest made by this
Board upon the 27th day of June 1877 be rescinded as in conflict
with these resolutions.
6. That the resolutions of this Board of the 11th day of
April 1876, so far as in conflict with these resolutions, be
hereby revoked.
7. That the report aforesaid of Messrs Marye & others, &
the resolutions of the Board of Visitors of the University of Va.
adopting it be spread upon the minutes of this Board.
On motion the following was adopted:
The Board of Visitors having been informed of the adoption
by the Miller Board, of the proposition for a loan, referred to
them on yesterday it was, Resolved that in order to secure the
payment of the Bonds of the University which the Miller Board
have agreed to purchase as above stated and to secure the loan
of the fifteen hundred dollars from the Society of Alumni of the
University, making in all the sum of Eleven thousand and five
hundred dollars, it is ordered that the Rector be authorized and
empowered in behalf of the Board of Visitors, to prepare and
execute a Deed of Trust, the Rector affixing the official seal
of the Rector and Visitors of the University of Virginia thereto
conveying for that purpose all the personal property of the University,
other than that held in trust under the Deed of the
Central College dated 29th day of July 1818.
Resolved that the Rector and Executive Committee be authorized
to prepare and present to the Legislature of Virginia at its
next session, a memorial praying for the passage of a law,
Resolved, that out of the money appropriated at the Annual
Meeting of the Board for the improvement of the grounds and repair
of[the]buildings, there may be expended, under the direction
of the Chairman of the Faculty, the sum of Twenty-five dollars
for the improvement of the Cholybeate Spring on the grounds of
the University near the turnpike at the base of Carr's Hill.
The Executive Committee of the of the Society of Alumni having
offered to lend to the University of Va. the amount needed
to pay for the additional cases for the Natural History Museum-Resolved,
1. That the Executive Committee be authorized to contract
with Professor Ward for the complementing cases on the
terms as specified in the contract for the original cases.
2d. That the Executive Committee be authorized to deliver three
five hundred dollar bonds secured by the mortgage on the personal
property to the Chairman of the Executive Committee of the
Alumni on the receipt of fifteen hundred dollars.
Resolved, that the resolution requiring that the Proctor
shall inspect Hotels and dormitories &c be and is hereby repealed.
Secretary
| Board of Visitors minutes July 31, 1877 | |