University of Virginia Library

Article 8.

And the said Rector and Visitors do further covenant to
and with the said Trust Company and to and with the said parties
of the third part, that they, the said Rector and Visitors,
will well and truly establish, set apart, preserve, and
maintain a sinking fund of not less than two thousand dollars
annually out of the current income and revenues of said University
in preference to all other charges on such income and
revenues, (except as to those charges to which a superior preference
may have been given by law) which sinking fund shall be

accumulated, preserved and kept solely and exclusively for the
purpose of meeting and discharging the principal of the bonds
herein secured; and the same shall be from time to time invested
in safe interest bearing securities, or be used in taking
up, purchasing or retiring the bonds herein secured, or
any of them; but in case the same shall be so used in purchasing,
retiring or taking up any such bonds, then an amount equal
to all such interest as would thereafter otherwise have become
from time to time payable upon such bonds so purchased, retired
or taken up, shall be from time to time added to such sinking
fund over and above the said two thousand dollars per annum.