 | Board of Visitors minutes April 25, 1896 |  |
II.
And whereas, at a meeting of the said Rector and Visitors
held at the said University on the 25th day of April, 1896, at
which six Visitors out of the nine constituting the Board were
present, the following resolution was adopted by the unanimous
vote of all the Visitors present:
Resolved:
1st. That the provisions of an act of the General Assembly
of Virginia entitled, `An act to enable the Rector and
Visitors of the University of Virginia to repair the loss sustained
by that institution by the fire of October 27th 1895,'
approved January 23d, 1896, be, and the same are hereby, accepted.
2d. That the bonds of this corporation to the amount of
two hundred thousand dollars be issued as provided in said Act,
of the denomination of Five Hundred Dollars each, bearing interest,
payable semi-annually, at the rate of five per centum
per annum, the same to be dated on the first day of May, 1896,
and the principal to be payable forty years after date, but
with the option to this corporation to redeem and pay the same
or any of them, at any time after ten years from their date;
and the interest aforesaid to be payable on the first day of
to cease from and after such time as the principal of the
bonds respectively upon which it accrues shall be called in
for payment, and provision made for such payment; and that
the proceeds of said bonds coming into the hands of this corporation
shall be devoted exclusively to the purposes specified
in the said act.
3d. That the said bonds, principal and interest shall
be secured by a deed of trust to be duly executed with general
warranty by this corporation to the Virginia Trust Company,
as trustee, conveying and assigning in trust to secure
the principal and interst of said bonds, all the real estate
of this corporation, together with all buildings, betterments,
and improvements erected, and to be erected thereon; also certain
of its personal property, to-wit: its libraries, statuary
and paintings, and all its equipments, appliances, furniture,
apparatus and other similar chatel property used in
the conduct of the business of the University, or in connection
with the different courses of instruction given at said
institution, including all personal property of this character
and description, which may be hereafter acquired by this
corporation, and also all the interest and claim of this corporation
in and to a certain legacy bequeathed to it by the
last will and testament of Arthur W. Austin, of Milton, in the
State of Massachusetts, which said will is of record in the
County of Norfolk and State of Massachusetts, in the courts
of which county the said will was probated.
4th. Said deed of trust shall be executed, acknowledged
and delivered in the name of and for and on behalf of this
corporation by the Rector and attested by the Secretary with
the Corporate seal affixed, and shall contain a provision
giving to this corporation the right from time to time to sell
or exchange said articles of chattel property and replace them
with others of equal or greater value which shall be subject
to said deed of trust; and also reserving to this corporation
the right in its own name to demand, sue for, receive, receipt
for, and collect; and also to commute, compromise, and adjust
the said legacy without the intervention of said trustee company,
provided that all amounts realized thereon shall remain
in the hands of and be held by this corporation subject to
said trust deed; and said deed shall further contain such other
provisions as the said Rector may be advised are usual, apt
and proper in the premises.
5th. And for the purpose of further securing said bonds,
the said trust deed shall contain a covenant that the said
buildings shall be kept insured in some one or more, reputable
insurance companies for the sum of One hundred and fifty thousand
dollars until such time as the aggregate amount of said
bonds shall be reduced below said sum of $150,000, after which
time an amount of insurance at least equal to all of said bonds
outstanding shall be sufficient; all such policies of insurance
to be drawn or assigned so that loss, if any, shall be payable
to said Trust Company for the protection of the holders of said
bonds; and said trust deed shall further contain a covenant on
the part of this corporation for the establishment, setting
thousand dollars per annum out of the current revenues of the
University to meet and discharge the principal of said bonds.
6th. The said bonds shall also be signed by said Rector
and attested by the Secretary with the corporate seal affixed;
and shall consist of a series of four hundred bonds for Five
Hundred Dollars each, numbered consecutively from one to four
hundred.
The form of said bond shall be as follows:
| $500.00 | $500.00 |
Coupon Mortgage Bond No. . . . .
The Rector and Visitors of the University of Virginia, a
public corporation created and existing under the laws of the
State of Virginia, for value received, hereby acknowledges
itself indebted and promises to pay to the bearer of this bond,
or in case the same be registered then to the registered owner
thereof, forty years after date hereof, at the office of the
Virginia Trust Company, at Richmond, Virginia, the sum of Five
Hundred Dollars in the true and lawful money of the United
States of America, with interest thereon at the rate of five
per centum per annum from this date until paid, payable semiannually
on the first day of May and the first day of November
in each year at the said office of the said Trust Company, on
the presentation and surrender of the proper coupons representing
the same, hereto attached.
This bond is one of an issue of Two Hundred Thousand Dollars
of bonds, the principal and interest whereof is secured
estate, and certain personal property of the said Rector and
Visitors, to the Virginia Trust Company, of Richmond, Virginia,
as trustee, and of record in the clerk's office of the County
Court of Albemarle County.
In case of default in the payment of the above interest
for ninety days after any instalment of the same is due, and
has been demanded, the principal of this bond shall, at the
option of the holder thereof, and in accordance with the terms
and conditions of the said deed of trust, become forthwith due
and payable.
This bond is issued in pursuance of an act of the General
Assembly of Virginia, approved January 23d, 1896, entitled `An
Act to enable the Rector and Visitors of the University of Virginia
to repair the loss sustained by that institution by the
fire of October 27th 1895, which said act provides that this
bond shall be exempt from taxation in any manner by said State,
or by any county, town, or other corporation exercising the
powers of taxation under the authority of the said State.
The said Rector and Visitors as provided in said Act, do
hereby reserve the right to pay the principal of this bond at
any time after ten years from this date; and after this bond
shall have been called in by the said Rector and Visitors in
pursuance of this provision, and after notice of such call
shall have been published once a week for four successive weeks
in some newspaper published in the City of Charlottesville, Va,
and for the period of thirty days in some newspaper published
shall cease and determine and no further interest accrue
thereon; and all coupons hereto attached and thereafter maturing
shall be and become wholly void, and of no effect; but
the principal together with any interest, theretofore accrued
and represented pro tanto by the coupon next thereafter maturing
is to be paid upon the presentation and surrender of this
bond and all the said coupons thereafter maturing.
The holder of this bond may cause the same to be registered
on the books of the University in the name of such holder,
and the same shall thereafter be transferable only on such
books; and until there be a further transfer thereof on said
books, the principal thereof shall be payable only to such registered
holder, or to the legal representatives of such holder;
the coupons or interest warrants remaining always transferable
by delivery,- but when assigned to bearer by such registered
holder and such assignment registered on the said books, this
bond shall again become negotiable and transferable by delivery,
and will so continue until again registered in the name of
an assignee; and each successive registration shall be endorsed
thereon.
This bond shall not be valid until the certificate endorsed
thereon shall be signed by the said Trust Company, or some officer
thereof.
In Testimony Whereof, the said Rector and Visitors have
caused this bond to be signed by their said Rector and sealed
with their corporate seal, and attested by their Secretary,
this first day of May, Anno Domini 1896.
The Rector and Visitors of the University of Virginia,
By . . . . . . . .
And to which said coupon bond coupons shall be annexed
to the following effect, (the signature thereto being lithographed
or engraved)
(Form of Coupon)
| $12.50. | $12.50. |
The Rector and Visitors of the University of Virginia
will pay to the bearer at the office of the Virginia Trust
Company, Richmond, Virginia, on the 1st day of _____ 18(or
19 —) Twelve Dollars and Fifty Cents, being six months
interest on their bond No. . . . . . . for Five Hundred Dollars;
and this coupon is issued and redeemable according to
the terms of said bond.
(Signed) . . . . . . . . , Proctor.
7.th. None of said bonds shall be issued until authenticated
and verified by certificate endorsed on each bond by
an officer of the said Trustee Company, or its successor in
trust, to the following effect:
(Form of Certificate)
The Virginia Trust Company, of Richmond, Virginia, the
trustee referred to in the within instrument, hereby certifies
that this is one of the issue of bonds to the amount of
Two Hundred Thousand Dollars therein specified and subscribed.
Richmond, Virginia, . . . . . 18 . . . .
Virginia Trust Company,
By . . . . . . . . .
8th. All the said bonds with the interest accruing thereon
shall stand secured equally and ratably in the said trust deed
without reference to the date of their issue, and it is understood
that the said trust deed is secondary and subordinate to
a deed of trust heretofore executed by the said Rector and
Visitors to S. V. Southall and others, trustees, conveying the
real estate aforesaid, dated July 2nd, 1875, and of record in
Albemarle County and given to secure $95,000 of the bonds of
this corporation, of which said bonds, however, there are now
outstanding only the sum of $69,500, the remainder having been
paid and cancelled; of said $69,500, the further sum of $12,750
is already provided for, to be met at maturity by a sinking
fund in the hands of the said Rector and Visitors, thus leaving
of said prior loan, unpaid and unprovided for, only the sum of
$56,750.
9th: And there shall also be conveyed and assigned in the
said deed of trust, along with the other property therein embraced,
all the interest and claim of this corporation in and
to its waterworks, dams, reservoirs, mains and pipes, and appliances
and fixtures therewith connected, and in and to all
lands, easements, and privileges acquired used or held in connection
therewith; the said lands easements, privileges, water
works, dams, reservoirs, mains, pipes, appliances and fixtures,
being all those either held jointly by this corporation and the
City of Charlottesville, Va., or solely by this corporation, and
including all future extensions thereof and additions thereto.
"10th: If at any time after the lapse of ten years from the
date of said bonds it should be determined to call in and redeem
a portion of said bonds by way of investment of the sinking
fund or otherwise, the said Rector and Visitors shall determine
by lot the bond or bonds so to be called in and redeemed
out of those then outstanding."
| Board of Visitors minutes April 25, 1896 | |