 | Board of Visitors minutes January 23, 1964 |  |
The Board of Visitors of the University of Virginia met on this date for a called meeting at
12:00 noon in the Office of the State Treasurer, Room 101, Finance Building, Richmond, Virginia, with
the following present: President Edgar F. Shannon, Jr. and Visitors Camp, Cross, Faulconer, Johnson,
Kendig, Lantor, Lewis, Martin, Montague, and Walker. Absent: Rector Albert V. Bryan and Visitors
Blanton, Fenwick, Hobbs, Rogers, Wilkerson, and Williams
In the absence of the Rector, the Board elected Gen. Montague to preside at this called meeting
RESOLUTION RATIFYING, APPROVING AND CONFIRMING THE MANNER OF SALE OF UNIVERSITY HALL REVENUE BONDS
Mr. Martin made a motion, seconded by Mr. Camp, that the following resolution be adopted
A RESOLUTION RATIFYING, APPROVING AND CONFIRMING
THE MANNER OF SALE OF $1,200,000 THE RECTOR AND
VISITORS OF THE UNIVERSITY OF VIRGINIA FIELD HOUSE
AND GYMNASIUM REVENUE BONDS (SERIES 1964) AND
AMENDING SECTION 401 OF THE RESOLUTION AUTHORIZING
THE ISSUANCE OF SAID BONDS
WHEREAS, Chapter 3, Title 23, Code of Virginia, 1950, as amended, pursuant to which the Rector
and Visitors of the University of Virginia (herein called the "Board") proposes to issue the
$1,200,000 The Rector and Visitors of the University of Virginia Field House and Gymnasium Revenue
Bonds (Series 1964), provides that bonds issued by educational institutions shall bear interest at
such rate or rates not exceeding six per centum per annum as the governing board with the approval
of the Governor shall authorize, and
WHEREAS, the Board has heretofore determined that prospective purchasers of the bonds should
be permitted to bid a maximum of four interest rates and the State Treasurer of the State of
Virginia has distributed a Notice of Sale and Proposal Form soliciting bids for the bonds on this
basis, and
WHEREAS, the Board has further determined to correct an inconsistency in Section 401 of the
Resolution entitled
"A RESOLUTION AUTHORIZING THE ISSUANCE OF
$1,200,000 THE RECTOR AND VISITORS OF THE
UNIVERSITY OF VIRGINIA FIELD HOUSE AND GYMNASIUM
REVENUE BONDS (SERIES 1964) TO PAY
A PART OF THE COST OF CONSTRUCTING AND EQUIPPING
A FIELD HOUSE AND GYMNASIUM AT THE UNIVERSITY
OF VIRGINIA, CHARLOTTESVILLE, VIRGINIA,
PROVIDING FOR THE PAYMENT OF SUCH BONDS AND
THE INTEREST THEREON FROM REVENUES, PROVIDING
FOR THE CHARGING AND COLLECTING OF A FIELD
HOUSE AND GYMNASIUM FEE, AND SETTING FORTH
THE RIGHTS AND REMEDIES OF THE HOLDERS OF
SUCH BONDS."
adopted by the Board on December 14, 1963 relating to the times when deposits shall be made to the
credit of the Sinking Fund for the bonds, now, therefore,
BE IT RESOLVED by the Rector and Visitors of the University of Virginia
Section 1. The action of the State Treasurer of the State of Virginia in soliciting bids for
the purchase of the $1,200,000 The Rector and Visitors of the University of Virginia Field House
and Gymnasium Revenue Bonds (Series 1964) on the terms and conditions set forth in the Notice of
Sale and Proposal Form hereto attached is hereby ratified, approved and confirmed and the terms
and conditions set forth in said Notice of Sale and Proposal Form shall be deemed to supersede
the terms and conditions set forth in the Resolution adopted by the Board on December 14, 1963
and entitled
"A RESOLUTION PROVIDING FOR THE SALE OF
$1,200,000 THE RECTOR AND VISITORS OF THE
UNIVERSITY OF VIRGINIA FIELD HOUSE AND GYMNASIUM
REVENUE BONDS (SERIES 1964)."
Section 2. Section 401 of the Resolution mentioned in the preambles of this resolution be
and the same is hereby amended to read as follows
"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 interest which will become due and
payable on February 1 of such fiscal year and of the principal and interest which will
become due and payable on August 1 of the next ensuing fiscal year."
Section 3. The Secretary of the Board is hereby authorized and directed to file a certified
copy of this resolution with the Governor and the Treasury Board
A vote being taken, said resolution was adopted by the following recorded vote. Ayes: William
M. Camp, Richard S. Cross, Hunter Faulconer, Walkley E. Johnson, Edwin L. Kendig, Jr., Mrs. Nathan
Lantor, Lawrence Lewis, Jr., Walter B. Martin, E. Sclater Montague, and Lewis M. Walker. Nays:
None
RESOLUTION AWARDING UNIVERSITY HALL REVENUE BONDS
Mr. Faulconer made a motion, seconded by Mr. Johnson, that the following resolution be
adopted
A RESOLUTION AWARDING $1,200,000 THE RECTOR AND
VISITORS OF THE UNIVERSITY OF VIRGINIA FIELD HOUSE
AND GYMNASIUM REVENUE BONDS (SERIES 1964) AND
AUTHORIZING THE PRINTING OF A LEGAL OPINION ON
SAID BONDS
BE IT RESOLVED by the Rector and Visitors of the University of Virginia
Section 1. At the request of the Rector and Visitors of the University of Virginia (hereinafter
sometimes called the "Board"), the State Treasurer of the State of Virginia solicited bids to be
received for and on behalf of the Board at the office of the State Treasurer in the City of Richmond,
Virginia, until 12 o'clock Noon, Eastern Standard Time, January 23, 1964, for the purchase of
$1,200,000 The Rector and Visitors of the University of Virginia Field House and Gymnasium Revenue
Bonds (Series 1964), dated February 1, 1964, maturing annually, August 1, in the following years and
in the following amounts, respectively
| Year of Maturity |
Principal Amount |
| 1966 | $ 25,000 |
| 1967 | 30,000 |
| 1968 | 35,000 |
| 1969 | 40,000 |
| 1970 | 45,000 |
| 1971 | 50,000 |
| 1972 | 55,000 |
| 1973 | 60,000 |
| 1974 | 65,000 |
| 1975 | $ 70,000 |
| 1976 | 75,000 |
| 1977 | 80,000 |
| 1978 | 85,000 |
| 1979 | 90,000 |
| 1980 | 95,000 |
| 1981 | 100,000 |
| 1982 | 100,000 |
| 1983 | 100,000 |
at which hour bidding was closed and the following bids were found to have been filed and to accord
in all respects to the terms of the Notice of Sale and Proposal Form, approved by the Board on
January 23, 1964, each bid offering to pay accrued interest and enclosing a certified or bank
cashier's or treasurer's check for $24,000 payable to the order of the State Treasurer of the State
of Virginia
(1) Bid of J. C. Wheat & Co. and Associates offering to pay $1,200,359 and accrued interest for
said bonds bearing interest at the rates set forth below in Column I.
(2) Bid of F. W. Craigie & Co. and Associates offering to pay $1,200,467.64 and accrued interest
for said bonds bearing interest at the rates set forth below in Column II.
(3) Bid of White Weld & Co. and Abbott, Proctor and Paine offering to pay $1,200,480 and accrued
interest for said bonds bearing interest at the rates set forth below in Column III
| Year of Maturity |
Principal Amount |
I | II | III |
| 1966 | $ 25,000 | 4 % | 3.5 % | 4.75% |
| 1967 | 30,000 | 4 % | 3.5 % | 4.75% |
| 1968 | 35,000 | 4 % | 3.5 % | 4.75% |
| 1969 | 40,000 | 4 % | 3.5 % | 4.75% |
| 1970 | 45,000 | 3 % | 3.5 % | 3.10% |
| 1971 | 50,000 | 3 % | 3 % | 3.10% |
| 1972 | 55,000 | 3 % | 3 % | 3.10% |
| 1973 | 60,000 | 3 % | 3 % | 3.10% |
| 1974 | 65,000 | 3 % | 3 % | 3.10% |
| 1975 | 70,000 | 3 % | 3 % | 3.10% |
| 1976 | 75,000 | 3.1 % | 3.1/4% | 3.25% |
| 1977 | 80,000 | 3.1 % | 3.1/4% | 3.25% |
| 1978 | 85,000 | 3.1/4% | 3.1/4% | 3.25% |
| 1979 | 90,000 | 3.1/4% | 3.1/4% | 3.25% |
| 1980 | 95,000 | 3.1/4% | 3.1/4% | 3.25% |
| 1981 | 100,000 | 3.1/4% | 3.1/4% | 3.30% |
| 1982 | 100,000 | 3.1/4% | 3.3 % | 3.30% |
| 1983 | 100,000 | 3.1/4% | 3.3 % | 3.30% |
Section 2. The bid offering to purchase the bonds at the lowest interest cost to The Rector
and Visitors of the University of Virginia, such cost being determined by deducting the total amount
of any premium bid from the aggregate amount of interest upon all of the bonds from their date until
their respective maturities, was the bid of J. C. Wheat & Co. and Associates offering to pay $1,200,359
and accrued interest for said bonds bearing interest at the rates set forth in Column I of the
foregoing tabulation.
Section 3. Said bid of J. C. Wheat & Co. and Associates is hereby accepted and said $1,200,000
The Rector and Visitors of the University of Virginia Field House and Gymnasium Revenue Bonds (Series
1964) are hereby awarded to J. C. Wheat & Co. and Associates at the price offered for said bonds
bearing interest at the rates set forth in Column I of the foregoing tabulation. This award is subject
to the consent and approval of the Governor of the State of Virginia and the Treasury Board of the
State of Virginia. Delivery of said bonds is to be made on or about February 20, 1964 in the office
of the State Treasurer in the City of Richmond, Virginia
Section 4. The checks of unsuccessful bidders shall be returned immediately
Section 5. There shall be printed on the reverse of each of said $1,200,000 The Rector and
Visitors of the University of Virginia Field House and Gymnasium Revenue Bonds (Series 1964) the
legal opinion of Mitchell, Pershing, Shetterly & Mitchell, Bond Counsel to The Rector and Visitors of
the University of Virginia, with respect to the validity of said bonds, and there shall be printed on
the reverse of each of said bonds immediately following such legal opinion a certificate signed with
the facsimile signature of the Rector of the University of Virginia substantially as follows
"I HEREBY CERTIFY that the foregoing is a true and
correct copy of the legal opinion upon the bonds
therein described which was manually signed by
Mitchell, Pershing, Shetterly & Mitchell, New York,
N.Y., and was dated as of the date of delivery of
and payment for said bonds
" . (Facsimile Signature)
Rector of the University of Virginia."
Section 6. All steps necessary to carry this resolution into effect shall be taken by the
proper officers of the Rector and Visitors of the University of Virginia and of the University of
Virginia
Section 7. The Secretary to the Board is hereby authorized and directed to file a certified
copy of this resolution with the Governor of the State of Virginia and the Treasury Board of the
State of Virginia
A vote being taken, said resolution was adopted by the following recorded vote. Ayes: William
M. Camp, Richard S. Cross, Hunter Faulconer, Walkley E. Johnson, Edwin L. Kendig, Jr., Mrs. Nathan
Lantor, Lawrence Lewis, Jr., Walter B. Martin, E. Sclater Montague, and Lewis M. Walker. Nays:
None
On motion the meeting was then adjourned at 12:25 p.m.
Rector
Secretary
| Board of Visitors minutes January 23, 1964 | |