 | Board of Visitors minutes October 6, 1906 |  |
—III.—
And whereas at a meeting of the said Rector and Visitors
held at the said University on the 11th day of June, 1906, at
which eight out of the nine Visitors constituting the Board
were present, the following resolution was adopted by the unanimous
vote of all the members present.
"Resolved.-
"1. That this Board deems it expedient, in the exercise of
the powers conferred upon it by an act of the General Assembly
of Virginia, entitled, "An Act to authorize the Rector and
Visitors of the University of Virginia to issue new bonds, secured
by deed of trust, for the purpose of retiring certain
bonds now outstanding and secured in like manner." Approved,
March 10, 1906, to issue such new bonds to the amount of two
hundred thousand dollars bearing interest at the rate of four
per centum per annum, and secured by deed of trust as hereinafter
set forth,
"2. That the bonds of this corporation, to the amount aforesaid,
be accordingly so issued, of the denomination of Five
Hundred dollars each, bearing date on the first of November,
1906, and carrying interest from date at the rate of four per
centum per annum, the principal thereof 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 this date; the interest aforesaid to be payable on
the first day of May, and the first day of November each year,
but the same 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 that the proceeds of said bonds coming
into the hands of this corporation shall be devoted exclusively
to the purposes specified in said Act.
"3. That the said bonds, principal and interest, shall be secured
by deed of trust duly executed with general warranty with
this corporation to the Virginia Trust Company as trustee, conveying
and assigning in trust to secure the principal and interest
together with all buildings, betterments and improvements
erected and to be erected thereon; and also certain of its
personal property, to-wit its libraries, statuary and paintings,
and all its equipments, appliances, furniture, apparatus,
and other similar tangible chattel property used in the
conduct of the business of the University, or in connection
with the courses of instruction given at said institution,
including all tangible personal property of this character
and description, which may be hereafter acquired by this corporation;
and also all the interest of this corporation in
and all its claims to the estate or any part thereof of the
late Arthur W. Austin of Milton, in the State of Massachusetts,
by whom a certain legacy was bequeathed to this corporation.
"4. Said deed of trust shall be executed, acknowledged and
delivered in the name of and for and on behalf of this corporation
by its chief officer, the Rector; and attested by
its secretary with its 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 tangible
chattel property and replace them with others of equal or
greater value, which shall be subject to the 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 all the
said interest of this corporation in and all its claims to
the said estate of the said Austin, without the intervention
thereon shall remain in the hands of and be held by this corporation,
subject to said deed of trust, except that this
corporation may, until the right to foreclose, shall have accrued
under said trust deed, use the current income therefrom
for and about its current expenses. And said deed of trust
shall further contain such other provisions as the said Rector
may be advised are usual, apt and proper.
"5. 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 fire
insurance companies for the sume of One Hundred and Fifty Thousand
Dollars, until such time as the aggregate amount of such
bonds outstanding shall be reduced below said sum of $150,000.00,
after which time an amount of insurance at least equal to all
the bonds outstanding shall be sufficient. All such policies
of insurance shall 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 deed of trust shall also
further contain a covenant on the part of this corporation for
the establishment, setting apart and maintenance of a sinking
Fund of Two Thousand dollars per annum, out of appropriations
made by the General Assembly of Virginia for that purpose, or
out of the current revenues of the University, to meet and
discharge the principal of said bonds.
"6. The said bonds shall be signed by the said Rector and attested
by the Secretary, with the corporate seal affixed, and
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 the 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 intest thereon at
the rate of four per centum per annum, thereon from this date
until paid, payable semi-annually 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 issued in pursuance of an Act of the General
Assembly of Virginia approved March 10, 1906, entitled, "An Act
to authorize the Rector and Visitors of the University of Virginia
to issue new bonds, secured by deed of trust, for the purpose
of retiring certain bonds now outstanding and secured in
like manner," in which said act was stated that the bonds issued
thereunder were to be non-taxable; and this bond is one of
principal and interest whereof is secured by a deed of trust
of even date herewith upon all the real estate and certain
personal property of the said Rector and Visitors to the Virginia
Trust Company of Richmond, Virginia, as Trustee, to be
found of record in the Clerk's office of the Circuit 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.
"The said Rector and Visitors 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, Virginia, and for six days in a week
for three successive weeks, in some newspaper published in the
City of Richmond, Va., all the interest on this bond shall cease
and determine and no further interest accrue thereon; and all
coupons attached hereto 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
therafter 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 be thereafter 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 any such registered holder and such
assignment registered on 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 the said Rector and sealed
with its corporate seal, and attested by its Secretary this
first day of November Anno Domini 1906.
of Virginia
By
Secretary.
[Description: (corporate) (seal)]
And to which said bonds coupons for interest shall be annexed
to the following effect (the signatures thereto being
lithographed or engraved):
(Form of Coupon.)
| $10.00 | $10.00" |
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 __________
19__. Ten Dollars, being six months interest on their bond
No. ____ for Five Hundred Dollars: and this coupon is issued
and redeemable in accordance with the terms of the said bond.
_______________Bursar."
"7. None of the said bonds shall be issued until authenticated
and verified by a certificate endorsed on each bond by
an officer of said Trustee Company, or its successor in the
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 described.
Richmond, Virginia,
19__.
Virginia Trust Company,
By ."
"8. All the said bonds with the interest accruing thereon
shall stand secured equally and ratably in the said deed of
trust, without reference to the date of their issue.
"9. 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 thereof, this corporation shall determine
by lot the bond or bonds so to be called in and redeemed
out of those then outstanding."
| Board of Visitors minutes October 6, 1906 | |