Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-04
FINANCIAL
PROSPECTUS OF UNIVERSITY BONDS
WITH STATEMENT OF SECURITIES
pLEnGEn THEREEON.

PLEDGED THEREFOR.
The Legislature Of Virginia. by It's act
OF January g. 1896. authorized the rector
and visitors OF the University OF Virginia
TO issue their bonds for $4,000. payable
at forty and redeemable at ten years after
date, and secured by a deed OF trust upon
all the property OF the university; and
further made continuing standing appro-
pration OF $1,000 per annum out OF the
State revenues 10 meet the interest on
these bonds. thus pledging the faith or the
State, In the interest OF public education,
10 provide for a prompt discharge OF all
annual interest accrulng on tne loan.
This action was taken TO restore losses pr
fire recently Heretofore sustained by the
university.
In pursuance OF this authority the rector
and visitors have issued $1,000 OF univ s.i,
each. dated May l. 1856, and bearins Ter
cent interest, payable semi-annuaily,
by State, county. city, or town, thus
eQualling In net returns an ordinary or
per cent. investment
BY deed Of trust from tho university 20
the Virginia Trust Company, OF Rich
mond, Va. which has been duly recorded,
these bonds and ali interest to accrue
thereon are most amply and completely
appropriation above named from the STATED
by the conveyance and assignment OF the
following property;
PERSONAL PROPERTY
Uncludlng water-worlks.)
First. All the movable personal pro-
perty, equipment. and apparatus
of the university on its premises.
of the value OF at least ......... .Slv0,vU
| Second. The. Austin legacy, under
the will Of the late Arthur w.
| Austin, OF Norfolk county. Mass,
in the hands of trustees, the face
value of which, 10 hereafter ac-
| crue, is $4,000, and the present
! value of which already exceeds. =. 10000
| Third. Interest in the water-works
owned by the university and thc
city OF Charlottesville, Va. ........ 1000
Total value Of personally and
water-works .S5-uotN
REAL ESTATE
First Four hundred and ninety
seven acres OF land at Char
lcttesville, Va, with all the uni
vers ~ buildings and Improve 90.
Second. Buildings to be erected out
OF contributions already in hand
and the proceeds Of the bonds.... 10000
Total value OF property
| pledged ........................l, zso'vVV
The above real estate is subject TO.
| prior lien amounting TO only S6,lo. Tor
the payment Of which the state has al.
! ready made ample provision by law, ana
the university Is further loroidaen oy law
| above named. without IN express act or
| the Legislature sanctioning II.
But besides this real estate the loan Is
property. etc, OF a present value largely
| In excess OF the loan and OF the ultimate
| value Of over $4,000, from which 1t can
| be realized i'm full al any time In case or
default In the payment Of either principal
| or interest.
IL wiz thus be seen that independently
| OF any aid provided by the State, the
| value OF the property pledged as security
for the bonds is after providing for said
| $5G.75 mortgage on the real estatel more
! than six times the amount of the loan.
| no ~ frtlc al
| cures the bonds by providing for insurance
on the buildings and the establishment or
a sinking fund to cover the principal at
IL may be added that the buildings and
improvements already upon the land IN
clude thirteen professors houses, 2l0 dor
mitories for students, the museum, gym
nasium. ipfrmary, observatory. hotels,
clearinghouse. lecture-rooms, halls,
offices. and the beautifully arranged
grounds Of the university, IN, Those ,oa 10 %
other contributions already In hand Will
make the buildings more complete ana
| valuable than ever before.
The university is q free school for vir-
| ginia students, and while IL Is an incor-
porated institution. the beneficial owner
ship Of It Is in the State; and the state.
and protecting Its interest In the property
pledged for the bonds, would necessarily
protect this loan, even II every other Sc
| curity therefor should by possibility fail.
The annual income Of the university Is
$4,000 Its whole fixed charges for all
the interest and sinking funds (Which have
| by law and under the terms or the deed
! OF trust to be met IN preference to every
other expenditure are less than $4,000 per
| annum .
For seventy years. and during all the
! yicissitudes through which every financial
interest in the State has passed In that
time, the university has continued with a
steadily increasing prosperity. and II
stands now with renewed assurance. or
continued progress and advancement: but
whether prosperous or not. the principal
| and interest OF the bonds offered are Sc
! cured beyond doubt or question: even X
the doors of the institution should be
| closed Tomorrow.
Ii Is submitted that an Investment Is
seldom placed upon the market Offering
such Inducements In the way OF undoubted
| and unquestioned security. immunity from
| taxation, and so good a rate Of interest;
and 10 investors seeking safe and remu-
nerative returns Il affords an opportunity
rarely to be met with for placing their
| funds.
Issued by order Of the rector and visitors
this 18th day OF June, 1896
w. G. N. RANDOLPH, Rector.
Attest:
L. r. WATTS,