University of Virginia Library

Under authority granted by the Governor on November 12, 1954, Mary Washington College has
been authorized to borrow from current funds in the State Treasury $1,356,515.57 with interest at
the rate of one per centum per annum, beginning January 20, 1955 until paid.

You will note that the authorities in Richmond agreed to reduce the rate of interest from
one and one-half per cent, which we originally agreed upon, to one per cent. You will also
observe that interest on this amount will begin on January 20, 1955 and run until paid. I think
we are very fortunate indeed in getting this low rate of interest and having it deferred until
January 20, 1955, which saves more than a half-year's interest.

I am enclosing herewith the note in the amount and conditions set forth above, and I shall
greatly appreciate it if you will present this matter to the Board of Visitors at their next
meeting for approval.

$1,356,515.57

On or before July 1, 1956, the Board of Visitors of the University of Virginia, promises to
repay into the State Treasury the sum of $1,356,515.57 with interest at the rate of one per centum
per annum, from January 20, 1955, until paid, which has been borrowed from current funds in the
State Treasury under authority granted by the Governor on November 12, 1954, for Mary Washington
College.

This loan is made pursuant to the provisions of Section 46 and 47, Chapter 708 of the Acts
of 1954, and the source approved by the Attorney General in a letter to the Governor under date of
April 27, 1944.