 | Board of Visitors minutes February 20, 1960 |  |
ARTICLE X
MISCELLANEOUS
SECTION 10.01. In case any Bond shall become mutilated, or shall be destroyed, stolen
or lost, the Board, in its discretion, may issue and deliver a new Bond of like date, tenor,
amount and maturity having attached the same corresponding coupons, if any, as the mutilated,
destroyed, stolen or lost Bond, in exchange and in substitution for such mutilated Bond and
attached coupons, if any, upon surrender and cancellation of such mutilated Bond and attached
coupons, if any, or in lieu of and in substitution for the Bond and attached coupons, if any,
destroyed, stolen or lost, upon the Holder filing with the Treasury Board evidence satisfactory
to the Board and to the Treasury Board that such Bond and attached coupons, if any, have been
destroyed, stolen or lost, and of his ownership thereof, and upon the Holder furnishing the
Board and the Treasury Board with indemnity satisfactory to the, and complying with such other
reasonable regulations as the Board and the Treasury Board may require. A charge, not exceeding
the actual cost thereof, shall be imposed upon the Bondholder to reimburse the Board and
the Treasury Board for the expenses of issuing each such new Bond, which cost shall be paid before
the delivery of the new Bond. All such mutilated Bonds and coupons, if any, so surrendered
to the Treasury Board shall be cancelled and cremated by the Treasury Board and a cremation certificate
filed with the Board by the Treasury Board. If any such Bond or coupon shall have
matured, or shall be about to mature, instead of issuing a substituted Bond or coupon, the
Board and the Treasury Board may pay the same, upon receiving evidence and being indemnified as
aforesaid, and, if such Bond or coupon be lost, stolen or destroyed, without the surrender
thereof
Any such duplicate Bonds and coupons issued pursuant to this Section 10.01 shall constitute
original additional contractual obligations on the part of the Board, whether or not the
lost, stolen or destroyed Bonds or coupons be at any time found by anyone, and such duplicated
Bonds and coupons shall be entitled to equal and proportionate benefits with all other Bonds
and coupons issued hereunder.
SECTION 10.02. No recourse under or upon any obligation, covenant or agreement contained
in this Resolution, or in any resolution supplemental hereto, or in any Bond or coupon
hereby secured, or because of any indebtedness hereby secured, shall be had against any past,
present or future member of the Board, officer or employee, as such of the Board, or of any
successor to the Board, under any rule of law, statute or constitutional provision, or by the
enforcement of any assessment, or by any legal or equitable proceeding, or otherwise, it being
expressly agreed and understood that this Resolution and any resolution supplemental hereto, and
the obligations hereby or thereby secured, are solely obligations of the Board and that no personal
liability whatsoever shall attach to or shall be incurred by such members of the Board,
officers or employees, as such, of the Board, or of any successor to the Board, or by any of them,
because of the incurring of the indebtedness hereby authorized, or under or by reason of any of
the obligations, covenants or agreements contained in this Resolution, or in any resolution supplemental
hereto, or in any of the Bonds or coupons hereby secured, or implied herefrom or
therefrom
SECTION 10.03. Nothing in this Resolution, expressed or implied, is intended, or
shall be construed, to confer upon, or to give to, any person or corporation, other than the
parties hereto and the Holders of the Bonds and coupons outstanding hereunder, any right, remedy
or claim under, or by reason of this Resolution or under, or by reason of, any covenant, condition
or stipulation hereof, and all of the covenants, stipulations, promises and agreements
in this Resolution contained by and on behalf of the Board shall be for the sole and exclusive
SECTION 10.04. The President of the Board is hereby authorized and directed to cause
the Bonds to be sold at public sale through the Treasury Board, pursuant to Chapter 3, Title
23 of the Code of Virginia, 1950, as amended, and pursuant to the provisions of the Loan Agreement,
after publication of a notice of sale of said Bonds at least once in The Daily Bond Buyer,
published in the City of New York, New York, the date of first publication of such notice of
sale to be not less than two (2) weeks nor more than four (4) weeks prior to the date fixed in
such notice for receipt of bids for the Bonds. Such notice of sale shall conform to the provisions
of Section 3 of the Loan Agreement, and shall specify that the Bonds shall be sold at
not less than the par value thereof, plus accrued interest thereon from their date to the date
of delivery to the purchaser or purchasers therof, and all such Bonds or each block thereof,
as may be awarded at such sale shall bear interest at such rate or rates averaging not more
than two and seven-eights per centum (2-7/8%) per annum, as specified in the successful bid
or bids.
In the event any or all of the Bonds are awarded to the Government, the Bonds so
awarded shall bear interest at the rate of two and seven-eighths per centum (2-7/8%) per annum,
as provided in the Loan Agreement.
In the event that any or all of the Bonds are awarded to a bidder or bidders other
than the Government, such Bonds shall bear interest at the rate or rates of interest specified
in the successful bid or bids for such Bonds, provided that the interest cost to maturity as
specified in each such bid shall not exceed two and seven-eighths per centum (2-7/8%) per annum.
The Treasury Board is hereby authorized to accept bids for the Bonds in accordance
with the provisions of this Section, and to fix the rate or rates of interest the Bonds shall
bear, all in accordance with the provisions of the successful bid or bids therefor, the Loan
Agreement, Chapter 3 of Title 23 of the Code of Virginia, 1950, as amended, and this Section.
SECTION 10.05. This Resolution shall be in effect from and after its passage in
accordance with the law and all resolutions or parts of resolutions in conflict herewith be
and the same hereby are repealed to the extent of such conflict.
| Board of Visitors minutes February 20, 1960 | |