 | Board of Visitors minutes October 6, 1906 |  |
—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.
| Board of Visitors minutes October 6, 1906 | |