Board of Visitors minutes :: September 29, 1962 :: University of Virginia Library

Section 301. A special fund is hereby created in the State Treasury and designated "The
Rector and Visitors of the University of Virginia Student Apartment Buildings Revenue Bonds
(Series 1962) Construction Fund" (herein sometimes called the "Construction Fund"), to the credit
of which there shall be deposited the proceeds of the bonds required to be so deposited by
Section 203 of this resolution. The moneys in the Construction Fund shall be held in trust and
applied to the payment of the cost of the Project and, pending such application, shall be subject
to a lien and charge in favor of the holders of the bonds issued and outstanding under this
resolution and for the future security of such holders until paid out or transferred as herein
provided.

Section 302. Payment of the cost of the Project shall be made from the Construction Fund as
provided by law.

Section 303. For the purposes of this resolution the cost of the Project may include, without
intending thereby to limit or restrict or to extend any proper definition of such cost under any
applicable laws or this resolution, the following:

(a) obligations incurred for labor and materials and to contractors,
builders and materialmen in connection with the Project;

(b) interest accruing upon the bonds prior to and during construction
of the Project;

(c) taxes or other municipal or governmental charges lawfully levied or
assessed during construction upon the Project or any property acquired therefor,
and premiums on insurance, if any, in connection with the Project during construction;

(d) fees and expenses of engineers and architects for surveys and estimates
and other preliminary investigations, preparation of plans, drawings and specifications
and supervising construction, as well as for the performance of all other duties
of engineers and architects in relation to construction of the Project or the
issuance of bonds therefor;

(e) expenses of administration properly chargeable to the Project, legal
expenses and fees, financing charges, cost of audits and of preparing and issuing
the bonds, and all other items of expense not elsewhere in this Section specified
incident to the construction of the Project and the placing of the Project in
operation;

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(f) any obligation or expense heretofore or hereafter incurred by the
Board or by any other agency of the State of Virginia for any of the foregoing
purposes

Section 304. When the Project shall have been completed, as evidenced by a certificate signed
by the President or the Comptroller of the Institution and filed with the Secretary to the Board,
any balance in the Construction Fund not deemed by the Board to be necessary to be reserved and so
reserved by it for the payment of any remaining part of the cost of the Project shall be transferred
to the credit of the Sinking Fund.