 | Board of Visitors minutes September 6, 1933 |  |
A called meeting of the Rector and Visitors was held on this date with the Rector,
Fred W. Scott, and Visitors Hall, McIntire, Munford, Rinehart, Stuart, Walker, L. C.
Williams and R. Gray Williams present.
The minutes of the previous meeting, which had been copied and sent to the members
of the Board, were approved.
The Board gave consideration to the election of a president, but it was determined
to gather additional information before proceeding to a final choice. It was decided that
Dr. J. L. Newcomb be continued as Acting President until the end of the session of 1933-34;
unless a president be elected who will take office prior to such date.
An application was presented from Dr. Kenneth F. Maxcy for a loan of $5,000 for
five years, to be secured on his residence property on Burnley Avenue, Charlottesville,
together with the further security of $26,000 of life insurance to be assigned to the
University. The application, having been investigated by the Acting President and Mr.
Rinehart and Mr. McIntire of the Finance Committee and approved by them, was granted.
At the meeting of the Rector and Visitors on June 12, 1933, application was made
by the Sigma Nu Fraternity for a loan of $3,315 and approved; and the matter having been
put in proper form was presented to the Board for its approval. On motion, duly made and
seconded, the following resolution was adopted:
WHEREAS, the Rector and Visitors of the University of Virginia, as lessor,
and The Hopkins Society of the Sigma Nu Fraternity, Inc., as lessee, are
parties to a deed of lease dated October 1, 1927, whereby a lot situated on
the southwest slope of Carr's Hill, at said University, was leased for
ninety-nine years for use as the site of the chapter house for Beta Chapter
of Sigma Nu Fraternity, a national organization of college men with head-quarters
now at Indianapolis, Indiana, and
WHEREAS, the lessee is obtaining a re-loan of some of the moneys which it
has heretofore repaid to said fraternity upon a former loan and the said
fraternity's custom now is as one of the conditions of loans for the benefit
of its chapters, of which the said Beta is one, to require the creation of
a reversionary interest in the board of trustees of said fraternity so that
in the event of the suspension or discontinuance of the respective chapter
for any reason or in the event of the dissolution of the borrowing organization,
the title or interest of the borrowing organization to or in the
respective premises shall become vested in the board of trustees of said
fraternity, and in this particular case the said fraternity, as a condition
for the aforesaid re-loan, is asking that this agreement be made.
NOW, THEREFORE, IT IS HEREBY AGREED by and between the aforesaid lessor and
lessee that in the event the lessor shall become entitled to give any notice
or to become repossessed or to take possession as provided in paragraph
"Seventh" of and in the aforesaid deed of lease, the respective notice shall
be given, in duplicate, one of which notices shall be given as provided in
said paragraph "Seventh" and the other of which shall be mailed to the General
Secretary of Sigma Nu Fraternity, at Illinois Building, Indianapolis, Indiana,
or at such other address as the said fraternity shall have last furnished in
writing to the said lessor, and
IT IS FURTHER LIKEWISE AGREED that in the event said Beta Chapter shall be
suspended for an indefinite time or ceases to exist for any reason, or if
the aforesaid lessee shall be dissolved, the board of trustees of the said
Sigma Nu Fraternity shall thereupon immediately and automatically become
substituted for the said lessee, and become entitled to all its property rights,
and privileges, subject to the obligations of said lessee, in and under the
aforesaid deed of lease, and subject to all conditions expressed in said deed.
The consideration for this agreement, viz: the reloaning of money by said
Sigma Nu Fraternity to said lessee for use in repairing and improving the
aforesaid chapter house which is security for a loan made by lessor to lessee,
inures to the benefit of both parties hereto and this agreement is made for
the benefit of said Sigma Nu Fraternity and of both parties hereto.
IN WITNESS WHEREOF, the Rector and Visitors of the University of Virginia has
caused its name to be signed hereto by Fred W. Scott, its Rector, and its
corporate seal to be hereunto affixed and attested by E. I. Carruthers, its
secretary, which is done in accordance with a resolution adopted on the 6th
day of September, 1933, and said The Hopkins Society of The Sigma Nu Fraternity
its corporate seal to be hereunto affixed and attested by E. J. Carruthers,
its secretary, all of which is done the 6th and 15th days of September,
1933; this contract being executed in duplicate.
OF VIRGINIA
By: Fred W. Scott, Rector.
[Description: (SEAL OF UNIVERSITY OF VIRGINIA)]
Secretary.
INCORPORATED
By: Quinn Tamm, President.
[Description: (SEAL OF HOPKINS SOCIETY)]
Secretary.
With respect to securing a loan from the Federal Government under the provisions
of an Act of Congress of the United States, known as the National Industrial Recovery Act,
the following motion, duly made and seconded, was unanimously adopted:
BE IT RESOLVED that-
(1) For a number of years past this Board and the Officers of the
University have recognized the urgent need for a building properly designed
and of adequate size to care for the several departments of the School of
Engineering, the buildings now used by the School being entirely inadequate.
(2) In view of this fact, we are of opinion that the provisions of an
Act of Congress of the United States, known as the National Industrial
Recovery Act, approved on June 16th, 1933, and any Acts amendatory thereof
and supplemental thereto, taken in conjunction with the provisions of an
Act of the Legislature of Virginia, originating as House Bill No. 41, which
will become a law on approval of the Governor, which Acts, taken together,
provide a means whereby the erection of such a building as is needed may be
economically and practically financed, should be taken advantage of in order
that the required funds may be obtained with which to supply this urgent need.
(3) We, therefore, propose to issue the bonds of this Corporation to the
extent of $275,700.00, which shall bear interest at the rate of 4%, said
interest to be paid, said bonds to respectively mature, and such provisions
for amortization of said bonds to be fixed, in strict accordance with the provisions
of the Acts above referred to.
(4) In order to provide for the payment of principal and interest of
said bonds, and all costs of issuing same, this Board will hereafter, by
proper resolution, pledge a sufficient part of the revenues and receipts to
be derived either directly or indirectly from fees received from students of
the Engineering School; and a sufficient sum from said source shall be
specifically set apart to be applied not only to such payment of principal
and interest, but to the maintenance and operation of said Engineering
building, and specific provisions will be made covering all other requirements
of either or both of the Acts above referred to in so far as said Acts,
or either of them, may bear upon the specific project in view.
(5) The Acting President is hereby requested to submit a copy of this
Resolution to the Governor, requesting that be signify his consent to the
plan expressed therein. And if the Governor approves said plan the Acting
President is further requested to have prepared and submit to this Board, at
its next regular or special meeting, a detailed plan for the issuance of said
bonds, and the payment thereof, in accordance with the terms of the Acts
referred to above.
On motion the meeting then adjourned to 11 o'clock October t, 1933, when consideration
will be given the election of a president.
Rector.
Secretary.
| Board of Visitors minutes September 6, 1933 | |