Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-08-06

PROSPECTUS or UNIVERSITY BONDS
WITH STATEMENT or SECURITIES
pIEDGED THEREFOR.

knVoL LVlU0 vi tHAlth1AA% &~@@e
WITH STATEMENT or SECURITIES
PLEDGED THEREFOR.
The Leeisiature OF Nirgnla, oy rs SsS
and visitors Of the University Of ylfy;n;a
10 issue their bonds for Szveoo. payable
AZ forty and rsdseraable az ten yeass n ,s,'s
all the properly o. TIE uniyeryity; end
further made continuing standing ap2ro-
Rria,ion Of $4,000 per anncm out Or tn ne
these bonds, thus piedging the faith cf the
State. In the Interest Of pubic eoucatvnt
10 provide for a prompt discharEe ot an
annual Interest accruing on The ioah.
This action was taken to restore losses ~
fire recsntly heretofore sustained oy tns
university.
and Visitors have issued seqo,ooo Of aaigcr-
sity bonds OF the denomination or NV
each. dated May ]. 1895, and bearing per
which under the above act are non-taxable
by State, county, city, or town, thue
eQualling In net returns an ordinary or
per cent Investment. ,...,.~ q,
the Virginia Trust Company or kicn-
mond Va, which has been duly accorded.
these bonds and all interek@ TO accrue
secured (over and above. the contip,hn{
appropriation above nagntd from ihe nrntoy
BY. the conveyance and assignment OF tns
following property
PERSONAL PROPERTY
Including watsr-works)
First. All the movable personal pro-
perty. equipment, and apparatus
OF the university or its premises
OF the value OF at least .......... ..$lDV,~1
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.,.. No,cu
Third. Interest In the water-works
owned by the university and the a. a.,
city OF Charlottesville, Va. ........ o'oo5
Total value OF personality and 49,.
waser-worSs '''s'''''
REAL ESTATE.
First. Four hundred and ninety
seven acres Of land at Char
lottesville, Va, with all the unit
vers ty buildings and improve. 49,.
Second. Buildings TO be erected out
OF contributions already I'm hand
and the proceeds of the bondB.... 10000
Total value OF property
pledged .....s.................. 81 s1ov,vv
The above real estate Is subject TO q
the payment Of which the State has al
ready made ample provision by law, ana
the university is further forbidden by law
70 contract any other debt than those
above named. without an express act OK
the Legislature sanctioning Il.
But besides this real estate the loan IS
secured as the first Hen upon persozat
property, etc. OF a present value largely
In excess OF the loan and OF the ultimate
value Of over $4,000, from which Il can
be realized in full ct any time in case OK
default in the Payment OF either principaA
1t will thus be sern 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
&6T50 mortgage on the real estatel mora
than six times the amount OF the loan.
The deed OF trust also further amply Sc
cures the bonds by providing for insurance
on the buildings and tho establishment Of
a sinking fund 10 cover the principal at
II may be added that the buildings. ana
improvements already upon the land IN
clude thirteen professors houses, 10 dor
mitories for students. the museum gym
Offices Offices and the beautifully arranged
grounds OF the university. Those TO be
erected with the proceeds OF the loan and
other contributions already in hand Will
make the buildings more complete and
valuable than ever before.
The university Is a free school for VIZ
ginia students. and while II Is al ipcor-
p sSp eq Il ni i IN the State e and the State
and protecting its Interest IN the property
pledged for the bonds, would necessarily
protect this loan. even II every otheY fe-
ourity therefor should by possibility rail.
the annual income Of the university Y
100000 Its whole ixad charges for all
the interest and sinking funds (which have
by law and under the terms OF the decd
OF trust TO be met In preference 10 every
other expenditure) are less than 10000 pss
annum. . .
For seventy years, and during all tbs
vicissltudes through which every financial
interest In the State has passed In that
time, the university has continued with y
steadily Increasing prosperity, and II
stands now with renewed Assurance or
continued progress and advancement; bus
whether prosperous or not. the principal
and Interest o. the bonds offered are se-
cured beyond doubt or question, even TX
the doors Of the institution should be
closed tomorrow.
II ir submitted that an investment. 10
seldom placed upon the market Offering
such inducements In the way OF undonbfei
and unquesti0nsd security. Immunity from
taxation, and so good rate OF interest;
and to investors seeking safe and remu-
neratiye returns Il affords an opportunity
rarely 70 be met with for placing their
issued by order OF The rector and visitors
this 18th day OF June, 1896.
w. c. n. RANDOLPH, Rector.