 | Board of Visitors minutes June 12, 1905 |  |
The Old Debt.
We have now in the hands of the Virginia Trust Company,
Richmond, Va., for account of the Sinking Fund to meet the
bonds of the old debt of $69,500. maturing October 15th, 1905,
the following securities:
| Virginia Century 3 per cent bonds, par value, | $68,800 |
| Georgia Pacific R.R. 6 per cent bonds, par value | 2,000 |
| Total | $70,800 |
This debt of $69,500 will be settled by the 15th, of October,
1905. The bonds that we hold are now selling at 97 3/8;
should they go to 98 1/2 by that time, they will clear the
whole debt; if not, arrangements can be made either with the
Miller Board or with Prof. Stone, so that the remnant unsettled
in full can be continued at 6%, now holding. The debt of $200,000.
on the University property, can be lowered next year from
5% to 4%, making $8,000. a year instead of $10,000. Interest;
75
the Legislature the coming winter. When this debt is taken
up, it will relieve us of an annual payment of $7,200, for Interest
and Sinking Fund, which we have carried from 1874 to
date.
| Board of Visitors minutes June 12, 1905 | |