Board of Visitors minutes :: June 10, 1960 :: University of Virginia Library

The President reported that the 1960 General Assembly had authorized The Rector and Visitors
of the University of Virginia to borrow funds from either Federal or private sources for the construction
of apartment houses for married students and dormitories. In view of the prospect that
no Federal funds would be available, the President recommended the passage of a resolution which
would authorize him to borrow either from Federal or from private sources at the best interest
rates available.

After discussion, the President proposed and the Board adopted the following resolution

WHEREAS, under the provisions of Chapter 410 of the Acts of Assembly of Virginia, 1960, The
Rector and Visitors of the University of Virginia were authorized to borrow funds from the United
States or any agency thereof or from any other source for the purpose of building not exceeding
twelve apartment houses to house one hundred twenty married students, at a total cost not to
exceed $1,200,000 and to issue revenue bonds for the repayment of said loan which bonds shall be
payable from the revenue derived from rentals received from students occupying such apartments,
provided, however, that the Commonwealth of Virginia shall not at any time be required to provide
funds for the operation or maintenance of said apartments. The Act further provided

(1) That the full faith and credit of the State shall not be pledged to secure in any
way any such bonds,

(2) That the construction shall be in accordance with the Manual for the Planning and Execution
of Capital Outlays, Commonwealth of Virginia,

(3) That priority in the assignment of these apartments shall be given the residents of
Virginia;

(4) That Chapter 3 of Title 23 of the Code of Virginia, as now or hereafter amended, shall
be complied with in all respects in such transactions, and,

WHEREAS, under the provisions of Chapter 425 of the Acts of Assembly of Virginia, 1960, The
Rector and Visitors of the University of Virginia were authorized to borrow funds from the
United States or any agency thereof or from any other source for the purpose of building not
exceeding seven dormitories to house one hundred twenty students each at a total cost not to
exceed $3,000,000 and to issue revenue bonds for the repayment of said loan which bonds shall
be solely payable from the revenue derived from rentals received from students occupying such
dormitories, with the same provisos as those contained in Chapter 410 and hereinabove set forth,
and,

WHEREAS, The Rector and Visitors of the University of Virginia, deeming it of prime importance,
desires to take the necessary steps without delay toward the erection of said twelve
apartment houses and seven dormitories, and the borrowing of the necessary funds with which to
erect the same, and,

WHEREAS, undue delay may be caused by the fact that the next regular meeting of the Board
of Visitors of The Rector and Visitors of the University of Virginia will not be held until
October, 1960,

NOW THEREFORE, BE IT RESOLVED by the Board of Visitors of The Rector and Visitors of the
University of Virginia, a corporation created and existing under the laws of the State of Virginia,
that Vincent Shea, Comptroller of said body corporate, be and he is hereby authorized and empowered
to make, in the name and on behalf of The Rector and Visitors of the University of
Virginia, application or applications to the United States, to the Federal Housing and Home
Finance Agency, or to any other agency of the United States, and file the same, for loan assistance,
under Title IV of the Housing Act of 1950, as it may now or hereafter be amended, or under
any similar Act, in the amount of $1,200,000 for the erection at the University of Virginia,
Charlottesville, Virginia, of twelve apartment houses to house one hundred twenty married students,
and in the amount of $3,000,000 for the erection at the University of Virginia, Charlottesville,
Virginia, of seven dormitories to house one hundred twenty students each, such application or
applications to be subject to the provisions and limitations set forth in said Chapters 410 and
425 of the Acts of Assembly, 1960, hereinabove set forth.

Upon further consideration the following resolution was adopted

BE IT RESOLVED, that, in the event funds shall not be available from the United States or
any agency thereof for such purposes, the Finance Committee of this Board be and it is hereby
authorized and empowered to negotiate upon such terms and conditions, and to take such steps
and do such acts, as it may deem necessary or requisite, to borrow funds from sources other than
the United States or any agency thereof for purposes hereinabove set forth.