University of Virginia Library

REDEMPTION OF BONDS

Copies of correspondence with the Governor concerning possible redemption on July 1, 1949
of outstanding bonds, and a report prepared by Mr. W. Allen Perkins, Attorney for the University,
were presented. These communications having been considered by the Board, the following resolution,
offered by Mrs. Wailes and seconded by Mr. Carrington, was unanimously adopted:

RESOLVED, That it is the opinion of this Board that all of the bonds of Mary Washington
College known as Administration Building Revenue Bonds and as Dormitory Building Revenue Bonds,
which will nature after July 1, 1949, and which are outstanding and unpaid as of that date, should
be paid in full and therefore this Board hereby elects to exercise its option of redeeming said
bonds on July 1, 1949, which is an interest payment date, at the redemption price of 105% of the
principal amount thereof and accrued interest thereon to the date of redemption, and Edgar E. Woodward,
Treasurer of Mary Washington College, is hereby instructed to give notice of the election of
this Board to redeem said bonds as aforesaid by publication in the Richmond Times Dispatch, a newspaper
published and of general circulation in the City of Richmond, Virginia, which notice shall be
published in all editions of said newspaper at least once at least six months prior to July 1, 1949,
and said notice shall be in the following form:

NOTICE OF REDEMPTION OF BONDS
OF
MARY WASHINGTON COLLEGE

TO THE HOLDERS OF OUTSTANDING ADMINISTRATION BUILDING REVENUE BONDS, and DORMITORY BUILDING
REVENUE BONDS of Mary Washington College (formerly known as State Teachers College at Fredericksburg,
Virginia, and now being Mary Washington College of the University of Virginia).

Notice is hereby given by the above named institution of its election to redeem on July 1,
1949, all of the following bonds heretofore issued by it.

FIRST: All of its ADMINISTRATION BUILDING REVENUE BONDS dated June 30, 1938, which were
issued pursuant to resolution of Virginia State Board of Education adopted June 28, 1938, now outstanding
and which will mature after July 1, 1949.

SECOND: All of its DORMITORY BUILDING REVENUE BONDS dated June 30, 1938, which were issued
pursuant to resolution of Virginia State Board of Education adopted June 30, 1938, now outstanding
and which will mature after July 1, 1949.

Holders of all of said bonds are hereby notified to present them for payment on July 1, 1949,
at the office of the Treasurer of Virginia in Richmond, Virginia, at which time and place said bonds
maturing after July 1, 1949, will be paid at the rate of one hundred and five per centum (105%) of the
principal amount thereof and accrued interest to July 1, 1949. Interest on said bonds shall cease to
be payable from and after July 1, 1949, and it being understood that no premium will be due or payable
on any of the bonds of either series which mature on July 1, 1949.

This notice is given by

MARY WASHINGTON COLLEGE OF THE UNIVERSITY OF VIRGINIA

By M. L. Combs, PRESIDENT

By order of The Rector and Visitors of the University of Virginia pursuant to Resolution of
its Board of Visitors adopted at a meeting of said Board held November 12, 1948.

COLGATE W. DARDEN, JR.

PRESIDENT

AND BE IT FURTHER RESOLVED, that Governor William M. Tuck is hereby requested to authorize
Mary Washington College of the University of Virginia to incur a deficit, if such be needed, to meet
the payment of the bonds herein called.