University of Virginia Library

ARTICLE IV

Revenues and Funds

Section 401. The Board covenants that it will at all times fix, charge and collect fees, rents
and charges for or in connection with the use, occupation or services of the Project, and that from
time to time and as often as it shall appear to be necessary it will revise such fees, rents and
charges in order that such fees, rents and charges will at all times be sufficient to provide for the
payment of the Current Expenses and to provide for making deposits to the credit of the Sinking Fund
in each fiscal year under the provisions of Section 404 of this Article of an amount equal to one
hundred ten per centum (110%) of the principal and interest which will become due and payable on
August 1 of such fiscal year and of the interest which will become due and payable on February 1 of
such fiscal year

Section 402. The Board covenants that such fees, rents and charges shall include the Field
House and Gymnasium Fee payable by each full time student enrolled at the Institution in an amount
not less than $15.00 per student for the regular school session, comprising the fall and spring
semesters at the Institution. The Board does hereby adopt and establish the Field House and
Gymnasium Fee in said amount commencing with the regular school session beginning September, 1965

Section 403. A special fund is hereby created in the State Treasury and designated "The Rector
and Visitors of the University of Virginia Field House and Gymnasium Revenue Bonds (Series 1964)
Revenue Fund" (hereinafter sometimes called the "Revenue Fund"). The Board covenants that all fees,
rents, charges and other revenues derived from the operation or ownership of the Project will be
collected by the Board and deposited to the credit of the Revenue Fund. Payment of Current Expenses
shall be made from the Revenue Fund as provided by law.

Section 404. A special fund is hereby created in the State Treasury and designated "The Rector
and Visitors of the University of Virginia Field House and Gymnasium Revenue Bonds (Series 1964)
Interest and Sinking Fund" (herein sometimes called the "Sinking Fund"). The Board covenants that,
on or before the 20th day of July in each fiscal year, it will provide for the transfer from moneys
held for the credit of the Revenue Fund to the credit of the Sinking Fund of an amount equal to one
hundred ten per centum (110%) of the principal and interest which will become due and payable on
August 1 of such fiscal year and that, on or before the 20th day of January in each fiscal year, it
will provide for the transfer from moneys held for the credit of the Revenue Fund to the credit of the
Sinking Fund of an amount equal to one hundred ten per centum (110%) of the interest which will become
due and payable on February 1 of such fiscal year, provided, however, that if the amount so transferred
to the credit of the Sinking Fund in any July or January shall be less than the required amount, the
requirement therefor shall nevertheless be cumulative and the amount of any deficiency in any July or
January shall be added to the amount otherwise required to be transferred in each July or January
thereafter until such time as such deficiency shall have been made up, and provided, further, that when
the moneys held for the credit of the Sinking Fund shall equal the principal of the outstanding bonds
and the interest which will become due and payable thereon to their respective maturities, no further
transfer need be made to the credit of the Sinking Fund. The balance in the Revenue Fund, if any,
after making the transfer provided to be made on or before July 20 in any fiscal year under the provisions
of this Section shall be used for the purposes of the Institution as provided by law

Section 405. Subject to the provisions of this resolution, moneys held for the credit of the
Sinking Fund shall be held in trust and applied (a) to the payment of interest upon the bonds as
such interest becomes due and payable, or (b) to the payment of the principal of the bonds at their
respective maturities, and such moneys are hereby pledged to and charged with the payments mentioned
in this Section

Section 406. The moneys in the Revenue Fund and the Sinking Fund shall be held in trust and
applied as hereinabove provided 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
further security of such holders until paid out or transferred as herein provided

Section 407. All bonds and interest coupons shall be cancelled upon their payment. Such bonds
and coupons may be cremated by the State Treasurer, who shall execute a certificate of cremation in
duplicate describing the bonds and coupons so cremated except that the numbers of the bonds to which
such coupons appertain may be omitted unless otherwise directed by the Board, and one executed
certificate shall be filed with the Comptroller of the Institution and the other executed certificate
shall be retained by the State Treasurer