University of Virginia Library

PURCHASE OF DUKE PROPERTY

The President reported that the purchase of the two tracts of land containing 102.186 acres and
14.069 acres respectively, making up the Sunnyside tract owned by Mary White Duke and the Estate of the
late Cammann C. Duke, had been completed on August 22, 1963 by the delivery to the University of two
deeds, one from Mary White Duke and from the Executors of Cammann C. Duke, each conveying an
undivided one-half interest in the two tracts of land. The consideration for each conveyance was
$195,000.00. In accordance with the provisions of the contract with Mrs. Duke, the University paid her
$55,500.00 in cash and delivered to her its nine unsecured 5% bonds for $15,500.00 each, maturing one
to nine years after date. Under similar provisions of the contract with the Executors of Cammann C.
Duke, the University paid to the Estate $51,000.00 in cash and delivered to the Executors its nine
unsecured 5% bonds for $16,000.00 each, maturing one to nine years after date. All of these bonds
were executed on behalf of The Rector and Visitors of the University of Virginia by Vincent Shea,
its Comptroller, and the seal of the University was affixed and attested thereon by Weldon Cooper,
Secretary.

It was suggested that, in order to prevent any question arising as to the validity of such
execution, the actions of the Comptroller and Secretary should be ratified and confirmed by the
Board

After discussion, the following resolution was adopted

BE IT RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the actions of Vincent Shea, Comptroller, in executing in the name and on behalf of The Rector
and Visitors of the University of Virginia, and of Weldon Cooper, Secretary, in affixing and
attesting the seal of the University to, nine unsecured bonds in the principal sum of $15,500.00
each, dated August 22, 1963, payable to Mary White Duke, bearing interest at 5% per annum and
maturing one to nine years after date respectively, said bonds aggregating $139,500.00, and in
executing nine unsecured bonds in the principal sum of $16,000.00 each, also dated August 22, 1963,
payable to Virginia National Bank and Mary White Duke, Executors and Trustees u/w of Cammann C. Duke,
bearing interest at 5% per annum and also maturing one to nine years after date, respectively,
aggregating $144,000.00 which said bonds were evidencing deferred purchase money, and were executed
and delivered in accordance with the contracts for the purchase of the Duke lands consisting of two
tracts containing 102.186 acres and 14.069 acres respectively, be and the same are hereby ratified
and confirmed in all respects.