As filed with the Securities and Exchange Commission on
April 2, 1996
Registration No. 2-64015
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
POST-EFFECTIVE AMENDMENT NO. 16
to
FORM S-6
FOR REGISTRATION UNDER THE SECURITIES ACT
OF 1933 OF SECURITIES OF UNIT INVESTMENT
TRUSTS REGISTERED ON FORM N-8B-2
A. Exact name of trust:
THE TAX-EXEMPT BOND FUND OF VIRGINIA,
SECOND SERIES
B. Name of depositor:
CRAIGIE INCORPORATED
C. Complete address of depositor's principal executive offices:
CRAIGIE INCORPORATED
823 East Main Street
Richmond, Virginia 23219
D. Name and complete address of agents for service:
ALLEN MEAD FERGUSON JOHN THOMAS WEST, IV
President Executive Vice President
Craigie Incorporated Craigie Incorporated
823 East Main Street 823 East Main Street
Richmond, Virginia 23219 Richmond, Virginia 23219
Copies to:
C. PORTER VAUGHAN, III
Hunton & Williams
951 East Byrd Street
Richmond, Virginia 23219
________________________
(X) It is proposed that this filing will become effective
immediately upon filing pursuant to paragraph (b) of
Rule 485.
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
Cross-Reference Sheet
Pursuant to Rule 404(c) of Regulation C
under the Securities Act of 1933
(Form N-8B-2 Items required by Instructions as
to the Prospectus in Form S-6)
Form N-8B-2 Form S-6
Item Number Heading in Prospectus
I. Organization and General Information
1. (a) Name of trust....................)
(b) Title of securities used.........) Prospectus, Part I,
front cover
2. Name and address of each depositor....)
3. Name and address of trustee...........) Prospectus, Part I,
rear cover
4. Name and address of principal
underwriters........................... Prospectus, Part I,
rear cover
5. State of organization of trust......... Objectives and
Organization of
the Fund
6. Execution and termination of........... Objectives and
trust agreement Organization of
the Fund; Amendment
and Termination of
Agreement
7. Changes of name.......................)
8. Fiscal year...........................) *
9. Litigation............................)
II. General Description of the Trust and Securities of the Trust
10. (a) Registered or bearer
securities....................... Description of
Certificate
(b) Cumulative or distributive
securities....................... Objectives and
Organization
of the Fund;
Interest and
Estimated Current
Return
(c) Redemption....................... Information
Regarding the
Fund, Part I; Market
for Units;
Redemption
__________
* Inapplicable, answer negative or not required
<PAGE>
(d) Conversion, transfer, etc........ Description of
Certificate;
Market for Units;
Redemption
(e) Periodic payment plan............ *
(f) Voting rights.................... Rights of
certificateholders
(g) Notice of certificateholders..... Investment
Supervision;
Administration of
the Fund;
Statements to
Certificateholders
(h) Consents required................ Rights of
Certificateholders;
Amendment and
Termination of
Agreement
(i) Other provisions................. Tax Status of the
Fund
11. Type of securities comprising
units................................. Prospectus, Part I,
front cover;
Information
Regarding the Fund,
Part I; Objectives
and Organization of
the Fund; Portfolio
12. Certain information regarding
periodic payment certificates......... *
13. (a) Load, fees, expenses, etc........ Prospectus, Part I,
front cover;
inside front cover,
Part I; Summary of
Essential
Information, Part I;
Information
Regarding the Fund,
Part I; Public
Offering Price;
Expenses of the
Fund; Distribution
of Units; Comparison
of Public Offering
Price and Redemption
Price; Interest and
Estimated current
return; Profits
of Sponsor and
Underwriter
(b) Certain information
regarding periodic
payment certificates............. *
(c) Certain percentages.............. Prospectus, Part I,
inside front cover;
Summary of Essential
Information, Part I;
Public Offering
Price; Estimated
Current Return
(d) Certain other fees, etc.,
payable by holders............... Description of
Certificate
__________
* Inapplicable, answer negative or not required
<PAGE>
(e) Certain profits receivable
by depositors, principal
underwriters, trustee or
affiliated persons............... Prospectus, Part I,
front cover;
Information
Regarding the Fund,
Part I; Summary of
Essential
Information, Part I;
Expenses of the
Fund; Distribution
of Units; Public
Offering Price;
Profits of Sponsor
and Underwriter;
Market for Units
(f) Ratio of annual charges to
income........................... *
14. Issuance of trust's securities........ Prospectus, Part I,
front cover;
Objectives and
Organization of
the Fund;
Description of the
Certificate;
Redemption
15. Receipt and handling of
payments from purchasers.............. Objectives and
Organization of
the Fund
16. Acquisition and disposition of
underlying securities................. Prospectus, Part I,
front cover;
Objectives and
Organization of the
Fund; Portfolio;
Investment
Supervision;
Redemption
17. Withdrawal or redemption.............. Information
Regarding the Fund,
Part I; Market for
Units; Redemption;
Comparison of Public
Offering Price and
Redemption Price
18. (a) Receipt, custody and
disposition of income............ Distributions to
Certificateholders;
Statements to
Certificateholders
(b) Reinvestment of distributions.... *
(c) Reserves or special funds........ Expenses of the Fund
(d) Schedule of distributions........ Estimated Current
Return; Summary
of Essential
Information, Part I
19. Records, accounts and reports......... Statements to
Certificateholders;
Evaluation of the
Fund; The Trustee
__________
* Inapplicable, answer negative or not required
<PAGE>
20. Certain miscellaneous provisions
of trust agreement
(a) Amendment.......................) Amendment and
Termination of
(b) Termination.....................) Agreement
(c) and (d) Trustee, removal
and successor.................... The Trustee
(e) and (f) Depositor, removal
and successors................... Successor Sponsor
21. Loans to security holders............. *
22. Limitations on liability.............. Limitations on
Liability; Portfolio
23. Bonding arrangements.................. Additional
Information--Item A
24. Other material provisions of
trust agreement...................... *
III. Organization, Personnel and Affiliated Persons of Depositor
25. Organization of depositor............. The Sponsor
26. Fees received by depositor............ See Items 13(a) and
13(e)
27. Business of depositor................. The Sponsor
28. Certain information as to
officials and affiliated
persons of depositor.................. Additional
Information--Item B
29. Voting securities of depositor........ *
30. Persons controlling depositor......... *
31. Payments by depositor for certain
services rendered to trust...........)
32. Payment by depositor for certain )
other services rendered to trust.....)
33. Remuneration of employees of ) *
depositor for certain services )
rendered to trust....................)
34. Remuneration of other persons for )
certain services rendered to trust...)
IV. Distribution and Redemption
35. Distribution of trust's securities
by state.............................. Distribution of
Units
__________
* Inapplicable, answer negative or not required
<PAGE>
36. Suspension of sales of trust's
securities...........................)
37. Revocation of authority to ) *
distribute...........................)
38. (a) Method of distribution..........) Distribution of
Units; Market
(b) Underwriting agreements.........) for Units; Public
Offering
(c) Selling agreements..............) Price
39. (a) Organization of principal
underwriters....................)
(b) N.A.S.D. membership of ) See Item 25
principal underwriters..........)
40. Certain fees received by principal
underwriters.......................... See Item 26
41. (a) Business of principal
underwriters..................... See Item 27
(b) Branch offices of principal
underwriters....................)
(c) Salesmen of principal )
underwriters....................)
42. Ownership of trust's securities by ) *
certain persons......................)
43. Certain brokerage commissions )
received by principal underwriters...)
44. (a) Method of valuation.............. Prospectus, Part I,
front cover;
inside front cover,
Part I; Summary
of Essential
Information, Part I;
Public Offering
Price; Distribution
of Units; Comparison
of Public Offering
Price and Redemption
Price; Evaluation of
the Fund; Expenses
of the Fund
(b) Schedule as to offering price.... *
(c) Variation in offering price
to certain persons............... Distribution of
Units
45. Suspension of redemption rights....... *
__________
* Inapplicable, answer negative or not required
<PAGE>
46. (a) Redemption valuation............. Information
Regarding the Fund,
Part I; Redemption;
Market for Units;
Comparison of Public
Offering Price and
Redemption Price
(b) Schedule as to redemption
price............................ *
47. Maintenance of position in under-
lying securities...................... Information
Regarding the Fund,
Part I; Market for
Units; Comparison of
Public Offering
Price and Redemption
Price; Redemption
V. Information Concerning the Trustee or Custodian
48. Organization and regulation
of trustee............................ The Trustee
49. Fees and expenses of trustee.......... Summary of Essential
Information,
50. Trustee's lien........................ Part I; Expenses of
the Fund;
Distributions to
Certificateholders
VI. Information Concerning Insurance of Holders of Securities
51. Insurance of holders of trust's
securities............................ *
VII. Policy of Registrant
52. (a) Provisions of trust agreement
with respect to selection or
elimination of underlying
securities....................... Prospectus, Part I,
front cover;
Objectives and
Organization of the
Fund; Portfolio;
Schedule of
Investments;
Investment
Supervision;
Redemption; Expenses
of the Fund
(b) Transactions involving
elimination of underlying
securities......................)
(c) Policy regarding substitution or
elimination of underlying
securities......................) Portfolio;
Investment
Supervision
(d) Fundamental policy not
otherwise covered...............)
__________
* Inapplicable, answer negative or not required
<PAGE>
53. Tax status of Trust................... Prospectus, Part I,
front cover;
Tax Status of the
Fund
VIII. Financial and Statistical Information
54. Trust's securities during
last ten years.........................
55.)
56.) Certain information regarding periodic *
57.) payment certificates
58.)
59.) Financial statements (Instruction 1(c)
to Form S-6)........................... *
____________________
*Inapplicable, answer negative or not required
<PAGE>
NOTE: Part I of this Prospectus may not be distributed
unless accompanied by Part II
THE TAX-EXEMPT BOND FUND OF VIRGINIA
Prospectus, Part I,
dated October 20, 1995
The Fund
The Tax-Exempt Bond Fund of Virginia, Second Series (the
"Fund") is a unit investment trust formed for the purpose of
gaining interest income free from Federal and Virginia income
taxes while conserving capital through a diversified investment
in tax-exempt bonds. The Bonds in the portfolio of the Fund
consist of obligations of political subdivisions, public
authorities and agencies of the Commonwealth of Virginia that
were rated "A" or better by Standard & Poor's Corporation or by
Moody's Investors Service, Inc. on the date of deposit. All
bonds deposited in the Fund were accompanied by copies of
opinions of recognized bond counsel to the effect that interest
thereon is exempt from all present Federal and Virginia income
taxes, except in certain instances depending on the
Certificateholder. In the opinion of counsel, such interest is
not taxable to the Fund and, with certain exceptions, is exempt
to Certificateholders from all present Federal and Virginia
income taxes, but may be subject to taxation by localities and
states other than Virginia. Capital gains, if any, will be
subject to Federal income taxes and may be subject to Virginia
income taxes to Certificateholders. (See "Tax Status of the
Fund" in Part II). Payment of interest and conservation of
capital are necessarily dependent upon the continuing ability of
the issuers of the bonds to meet their obligations. Each Unit of
interest ("Unit") at October 20, 1995 represented a 1/4,353th
fractional undivided interest in the $1,880,000 principal amount
of the Bonds and net income of the Fund in the ratio of 2.32
Units for each $1,000 par value of the bonds in the Fund. For a
summary of information about the composition of the portfolio,
see "Information Regarding the Fund" on page F-5.
The Units being offered by this Prospectus are issued and
outstanding Units that have been purchased by the Sponsor in the
secondary market or from the Trustee after having been tendered
for redemption. The Units are being offered at the Public
Offering Price plus interest accrued to the date of settlement.
The profit or loss resulting from the sale of Units will accrue
to the Sponsor. No proceeds from the sale will be received by
the Fund.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED
BY THE SECURITIES AND EXCHANGE COMMISSION NOR HAS THE
COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY
OF THIS PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
____________________
Sponsor: Craigie Incorporated
____________________
<PAGE>
Public Offering Price
Units are offered at the Public Offering Price, plus
accrued interest. The Public Offering Price per Unit is equal to
the aggregate offering price of the underlying Bonds in the
Fund's portfolio, divided by the number of Units outstanding,
plus an amount equal to 4.439% thereof, resulting in a sales
charge equal to 4.25% of the Public Offering Price. (See "Public
Offering Price" in Part II). At October 20, 1995 the Public
Offering Price was $462.99 plus accrued interest to expected date
of settlement (five business days after such date) of $4.07, or a
total of $467.06. The Public Offering Price on the date of this
Prospectus or on any subsequent date will vary from this price in
accordance with fluctuations in the prices of the underlying
Bonds. If the Bonds were available for direct purchase, the
purchase prices thereof would not include the sales charge
included in the Public Offering Price.
Estimated Current Return
Estimated Current Return per Unit, which was 5.87% on
October 20, 1995, is calculated by dividing net annual interest
income per Unit by the Public Offering Price. Since net interest
income will vary with changes in the expenses of the Fund and as
Bonds are redeemed, paid, sold or exchanged and the Public
Offering Price will vary with fluctuations in prices of the
underlying Bonds, there can be no guarantee that the Estimated
Current Return as of a particular date will be realized in the
future.
On January 1, April 1, July 1 and October 1 of 1992 the
Fund distributed to Certificateholders interest income of $11.29
per Unit, on January 1, April 1, July 1 and October 1 of 1993,
the Fund distributed to Certificateholders interest income of
$9.48 per Unit and on January 1, April 1, July 1 and October 1 of
1994, the Fund distributed to Certificateholders interest income
of $7.20 per Unit.
Retain both parts of this Prospectus for future reference.
F-2
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
Summary of Essential Information
As of October 20, 1995, the Evaluation Date
Principal amount of Bonds in Fund Calculation of Quarterly
$1,880,000* Interest Distribution
per Unit
Number of Units Net annual interest per
4,353 Unit.............$27.16
Divided by 4.....$ 6.79
Fractional Undivided Interest in Estimated Current Return
Fund represented by each Unit based on Public
1/4,353 Offering Price (see
"The Fund-Interest and
Estimated Current
Return" in Part II)
Public Offering Price: 5.87%
Aggregate Offering Price of Daily rate at which net
Underlying Bonds (see interest accrues per
Statement of Financial Unit
Condition on page D-2)......$1,929,729 $.0754
Record Days
Offering Price per Unit of The first day of March,
Underlying Bonds...............$443.31 June, September and
December
Distribution Days
Plus 4.439% Sales Charge The first day of
(Equal to 4.25% of Public January, April, July
Price)..........................$19.68 and October
Original cost of
Securities
Public Offering Price per
Unit.........................$462.99** Cost on Date of Deposit
(October 1, 1978) of
Bonds currently in
Redemption Value per Unit Fund.........$4,846,922
$441.14*** Minimum Principal
Distribution
Sponsor's Repurchase Price No distribution need be
Per Unit made from Principal
$443.31* Account if balance in
Account is less
than $5,000
Excess of Public Offering Price Trustee's annual fee
per Unit over Redemption Value $0.75 per $1,000
per Unit principal amount of
$21.85 Bonds per year,
payable quarterly
Evaluator's fee for
Excess of Public Offering Price each evaluation
per Unit over Sponsor's Re- Minimum of $35 plus
purchase Price per Unit $0.25 for each issue
$19.68 of Bonds in excess of
50 issues (treat
F-3
<PAGE>
Calculation of estimated net separate maturities of
annual interest per Unit: bonds as separate
issues)
Annual interest income Evaluation Time
per Unit.......................$27.16 4:00 p.m. New York
Time
Less estimated annual Minimum value of Fund
expenses per Unit..............$ 1.46 Trust Agreement may be
Net annual interest terminated if value of
income per Unit................$25.70 Fund is less than
$1,000,000
__________
* On the Date of Deposit the principal amount of Bonds in
the Fund was $5,000,000 and the Estimated Current Return at that
time was 6.40%.
** Exclusive of accrued interest. If Units had been
purchased on the Evaluation Date, accrued interest to the
settlement date of $4.07 would have been added to the Public
Offering Price.
*** Exclusive of accrued interest. The aggregate value
based on the bid side evaluation of Bonds in the Fund on the
Evaluation Date was $1,920,291.74.
F-4
<PAGE>
INFORMATION REGARDING THE FUND AT DECEMBER 31, 1994
Number of Issues General Obligations of a
8 Government Entity
Number of Issues..............1
Approximate Percentage of
Portfolio.................13%
Range of Fixed Maturity Issues Payable from the Income
Dates of Bonds of a Specific Project or
06-01-06 through 11-01-21 Authority
Number of Issues..............7
Ratings of Bonds Description by purpose of
Issues rated A or better issue: Housing, 2;
by Standard & Poor's Transportation, 1;
Corporation or by Moody's Water and Sewer, 2; Pollution
Investors Service, Control, 1; General
Inc.......................8 Obligation, 1.
HOUSING AUTHORITIES. Approximately 52.63% of the
aggregate principal amount of the Bonds consists of obligations
of Virginia housing authorities. Because such Bonds are
obligations of issuers whose revenues are primarily derived from
mortgage loans to housing projects, the ability of such issuers
to make debt service payments will be affected by events and
conditions affecting finance projects, including, among other
things, maintenance of adequate levels of occupancy and rental
income, increases in operating expenses, changes in laws and
social and economic trends affecting the localities in which the
projects are located. Weaknesses in Federal housing subsidy
programs and their administration may result in a decrease in
subsidies available for payment of principal and interest on
housing authority bonds. Economic developments, including
fluctuations in interest rates and increasing construction and
operating costs, may also adversely affect revenues of housing
authorities. In the case of some housing authorities, inability
to obtain additional financing could also reduce revenues to pay
existing obligations.
F-5
<PAGE>
SPONSOR'S PROFITS. Cash, if any, made available to the
Sponsor prior to a settlement date for the purchase of Units may
be used in the Sponsor's business, subject to the limitations of
17 C.F.R. Section 240.15c3-3 under the Securities Exchange Act of
1934, and may be of benefit to the Sponsor.
MARKET FOR UNITS. The Sponsor intends to continue to
offer to purchase Units of this and other series of The Tax-
Exempt Bond Fund of Virginia at prices, subject to change at any
time, based upon the offering side evaluation of the Bonds in the
Portfolio of this series and other series, but is under no
obligation to do so. (See "Market for Units" in Part II.)
F-6
<PAGE>
PART II
ADDITIONAL INFORMATION NOT INCLUDED IN THE PROSPECTUS
Item A. Bonding Arrangements of the Depositor.
The officers, Directors and employees of Craigie
Incorporated are covered under a Broker's Blanket Bond in the
amount of $5,000,000 with the Fidelity Deposit Insurance Company
of Maryland.
Item B. Information as to Officials and Affiliated Persons
of the Depositor.
The officers and Directors of Craigie Incorporated and
certain information as to their ownership of Common Stock (0 par
value) of Craigie Incorporated as of December 31, 1994, are set
forth below:
Owned Owned
Beneficially Beneficially
and of But Not of
Record Record
Title Amount Percent Amount Percent
Name Office of Class (1) of Class (2) of Class
James A. Vice
Alexander, President
III and Common 4,255 .46 1,001 .39
Director
J. Rand Vice
Baggesen President Common 3,500 .38 ___ ___
Jennifer L. Assistant
Barrett Vice
President Common 62 .006 ___ ___
Charles C. Vice
Bassett President Common 5,513 .60 ___ ___
Horatio A.E. Vice
Bigelow President Common ___ ___ 4,001 1.56
John D. Executive
Blair Vice
President
and
Director Common 104,533 11.31 ___ ___
William C. Chairman of
Boinest the Board
and Chief
Executive
Oficer Common 157,003 16.99 ___ ___
Bruce C. Vice
Boorman President Common 718 .08 ___ ___
Arnold W. Vice
Brown President Common 3,092 .33 4,835 1.89
II-1
<PAGE>
Owned Owned
Beneficially Beneficially
and of But Not of
Record Record
Title Amount Percent Amount Percent
Name Office of Class (1) of Class (2) of Class
Mary C. Assistant
Burlee Vice
President Common 473 .05 329 .09
Jeffrey T. Assistant
Catlett Vice
President Common 26 .001 ___ ___
William T. Vice
Clarke, Jr. President Common 2,436 .26 ___ ___
John J. Assistant
Conrad Vice
President Common 592 .06 38 .01
Nicholas G. Vice
Costas President Common 525 .06 ___ ___
Daniel R. Vice
Cox President Common 65 .007 ___ ___
Nancy K. Assistant
Corbin Vice
President Common 2,546 .28 2,476 .97
Carthron P. Senior Vice
Coyner President Common 40,962 4.43 760 .30
Vicki W. Vice
Davis President Common 184 .02 34 .009
Joseph E. Executive
Dauses Vice
President Common 38,579 4.17 18,729 7.32
Donald B. Vice
De Vore President Common 183 .02 ___ ___
Mark T. Vice
Dillon President Common 1,460 .16 ___ ___
W. Randall Vice
Dunning President Common 710 .08 ___ ___
Allen M. President
Ferguson and
Director Common 96,860 10.48 45,789 17.91
David G. Vice
Fischer President Common 335 .04 ___ ___
Julian R. Assistant
FitzGerald Vice
President Common 8 .0009 ___ ___
II-2
<PAGE>
Owned Owned
Beneficially Beneficially
and of But Not of
Record Record
Title Amount Percent Amount Percent
Name Office of Class (1) of Class (2) of Class
Tracy A. Assistant
Freeman Vice
President Common 12 .02 ___ ___
John F. Senior Vice
Garth President Common 4,748 .52 ___ ___
Holmes Ginn Vice
President Common 317 .03 ___ ___
Merlin T. Vice
Grim President Common 2,097 .23 214 .08
Irene M. Vice
Guthrie President Common 136 .01 909 .36
Melvin J. Senior Vice
Harley, Jr. President
and
Director Common 5,831 .63 16,150 6.31
Cynthia E. Vice
Harris President Common 1,200 .13 7,441 2.90
J. Grier Vice
Hudson President Common 300 .03 774 .30
Christine A. Assistant
Hunt Vice
President Common 465 .05 149 .06
Sarah N. Assistant
Jones Vice
President Common 4 .0004 100 .04
John B. Senior Vice
Jung, Jr. President
and
Director Common 14,123 1.53 1,308 .51
Harry R. Vice
Lankenau President Common 4,318 .47 ___ ___
James E. Vice
Levitt President Common 1,544 .17 ___ ___
Joseph M. Senior Vice
Lowry, Jr. President
and
Director Common 5,063 .55 1,796 .70
John De Vice
Maght President Common 65 .007 ___ ___
Charles P. Vice
Moncure, Jr. President Common 742 .08 ___ ___
Frederick T. Assistant
Naschold Vice
President Common 572 .06 ___ ___
Stephen P. Vice
Olsson President Common 660 .07 ___ ___
II-3
<PAGE>
Owned Owned
Beneficially Beneficially
and of But Not of
Record Record
Title Amount Percent Amount Percent
Name Office of Class (1) of Class (2) of Class
Pamela J. Assistant
Patterson Vice
President Common 14 .001 ___ ___
H. Elizabeth Vice
Powell President Common 2,245 .24 1,015 .40
George B. Executive
Pugh, Jr. Vice
President
and
Director Common 109,600 11.85 37,398 14.63
James P. Vice
Register President Common 500 .05 464 .18
Richard M. Vice
Reid President Common 349 .04 ___ ___
William B. Executive
Reynolds Vice
President
and
Director Common 48,124 5.20 35,945 14.06
Randall B. Assistant
Saufley Vice
President Common 6 .0006 ___ ___
Peter H. Senior Vice
Shea President
and
Director Common 22,800 2.47 7,967 3.12
Bradley K. Senior Vice
Smallwood President
and
Director Common 8,962 .97 1,733 .67
Denise Y. Assistant
Togger Vice
President Common 2,042 .22 31 .01
Jonathan R. Vice
Wallace President Common 3,487 .38 ___ ___
John T. Executive
West, IV Vice
President
and
Director Common 124,152 13.43 28,582 11.18
Geoffrey W. Vice
Williams President Common 6,098 .66 ___ ___
John W. Vice
Wright President Common 4,920 .53 2,073 .81
__________
(1) Numbers of shares.
(2) Numbers of shares held in an employee stock ownership
plan as to which the rights of the respective persons
named are vested.
II-4
<PAGE>
The business address of all of the foregoing Officers and
Directors is 823 East Main Street, Richmond, Virginia 23219,
except for Messrs. Bruce C. Boorman and Thomas D. Thalman, whose
business address is One First Union Center, Suite 2120, 301 S.
College Street, Charlotte, North Carolina 28202. All of the
Officers and Directors have been associated with Craigie
Incorporated for at least five years, except for the following:
Bruce C. Boorman
Frederick T. Naschold
Thomas D. Thalman
Nicholas G. Costas
David G. Fischer
Harry R. Lankenau
John De Maght
Richard M. Reid
Holmes Ginn
II-5
<PAGE>
CONTENTS OF REGISTRATION STATEMENT
This Post-Effective Amendment to the Registration
Statement on Form S-6 comprises the following papers and
documents:
The facing sheet of Form S-6.
The cross-reference sheet.
The Prospectus.
Additional information.
Written consent of independent certified public
accountants.
II-6
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of
1933, the registrant, The Tax-Exempt Bond Fund of Virginia,
Second Series, certifies that it meets all of the requirements
for effectiveness of this Amendment to Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has
duly caused this Amendment to Registration Statement to be signed
on its behalf by the undersigned thereunto duly authorized, in
the City of Richmond and State of Virginia on the 31st day of
January, 1996.
THE TAX-EXEMPT BOND FUND OF
VIRGINIA, SECOND SERIES
(Registrant)
By: CRAIGIE INCORPORATED
(Depositor)
By: /s/ John Thomas West, IV
John Thomas West, IV
Executive Vice President
II-7
<PAGE>
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to Registration Statement has been signed below by the
following persons in the capacities indicated on the 31st day of
January, 1996.
Signature Title
/s/ James T. Alexander, III Director
James T. Alexander, III
/s/ John D. Blair Director
John D. Blair
/s/ Allen M. Ferguson Director
Allen M. Ferguson
/s/ Melvin J. Harley, Jr. Director
Melvin J. Harley, Jr.
/s/ John B. Jung, Jr. Director
John B. Jung, Jr.
/s/ Joseph M. Lowry, Jr. Director
Joseph M. Lowry, Jr.
/s/ George B. Pugh, Jr. Director
George B. Pugh, Jr.
/s/ William B. Reynolds Director
William B. Reynolds
/s/ Peter H. Shea Director
Peter H. Shea
/s/ Bradley K. Smallwood Director
Bradley K. Smallwood
/s/ John T. West, IV Director
John T. West, IV
II-8
<PAGE>
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
The Tax-Exempt Bond Fund of
Virginia, Second Series
As independent certified public accountants, we hereby
consent to the use in Post-Effective Amendment No. 16 to
Registration Statement No. 2-64015 of our report, dated
March 21, 1995, and to the reference to our firm under the
caption "Auditors" in the Prospectus that is part of the
Amendment.
CHARLES M. TERRY & COMPANY
Richmond, Virginia
February 1, 1996
<PAGE>
INDEPENDENT AUDITOR'S REPORT
The Sponsors, Trustee and Unit Holders of
The Tax-Exempt Bond Fund of Virginia, Second Series
We have audited the accompanying statement of assets and
liabilities of The Tax-Exempt Bond Fund of Virginia, Second
Series, including the schedule of portfolio investments, as of
December 31, 1994 and the related statements of operations and
changes in net assets for each of the three years in the period
then ended, and selected per unit data and ratios for each of the
five years in the period then ended. These financial statements
and per unit data and ratios are the responsibility of the Fund's
management. Our responsibility is to express an opinion on these
financial statements and per unit data and ratios based on our
audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we
plan and perform the audit to obtain reasonable assurance about
whether the financial statements and per unit data and
ratios are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1994 by
correspondence with the custodian. An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and selected per
unit data and ratios referred to above present fairly, in all
material respects, the financial position of The Tax-Exempt Bond
Fund of Virginia, Second Series, as of December 31, 1994, the
results of its operations for the year then ended and the changes
in its net assets for each of the three years in the period then
ended, and selected per unit data and ratios for each of the five
years in the period then ended in conformity with generally
accepted accounting principles.
CHARLES M. TERRY & COMPANY
Richmond, Virginia
March 21, 1995
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
TRUST PROPERTY
ASSETS:
Investment in securities at market
value (cost $1,828,131) (Note 1) $1,845,965
Interest receivable 44,128
Total Assets $1,890,093
LIABILITIES AND NET ASSETS
LIABILITIES:
Distribution payable (Note 2) $ 27,685
Cash overdraft 13,283
Total Liabilities $ 40,968
NET ASSETS:
Balance applicable to 4,353 units of fractional
undivided interest outstanding: (Note 4)
Capital, plus unrealized appreciation of
investments of $17,834 $1,845,976
Balance of distributable funds (applicable
to unit holders) 3,149
Net Assets $1,849,125
Value per unit (4,353 units) $ 424.79
See Notes To Financial Statements
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 1993
Aggregate Name of Issuer Coupon Maturity
Principal and Title of Bond Ratings(1) Rate Dates
$ 500,000 Virginia Housing
Development Authority,
Multi-Family Mortgage
Bonds, 1978 Series B AA+ 6.70% 11-1-2021
100,000 Harrisonburg-Rockingham
Regional Sewer Authority
(Virginia), Sewer Revenue
Bonds, Series A (Harrison-
burg, Bridgewater and
Dayton Guaranteed) A+ 5.875% 7-1-2007
250,000 City of Harrisonburg,
Virginia, Elderly
Housing Facility General
Obligation Bonds,
Series of 1979 A 6.50% 2-1-2010
215,000 Richmond Metropolitan
Authority, Expressway
Revenue Refunding Bonds,
Series of 1973 A 5.40% 1-15-2013
245,000 Fairfax County Water
Authority (Virginia),
Water Revenue Refunding
Bonds, Series 1977 AAA* 5.80% 1-1-2016
<PAGE>
Redemption Current
Provisions Cost Evaluation
02-01-95 @ 101-Opt.
11-01-99 @ 100-S.F. $ 486,300 $ 480,135
93,180 99,169
02-01-95 @ 100-S.F. 253,325 251,500
01-15-95 @ 100-S.F. 179,031 193,227
221,137 223,665
See Notes to Financial Statements
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
SCHEDULE OF PORTFOLIO INVESTMENTS AS OF DECEMBER 31, 1994
(Continued)
Aggregate Name of Issuer Coupon Maturity
Principal and Title of Bond Ratings(1) Rate Dates
$ 90,000 Industrial Development
Authority of the City
of Lynchburg, Virginia,
Industrial Development
Revenue Bonds (Mead-
Lynchburg Foundry
Project), Series 1976-A A3(*) 7.00% 6-1-2006
500,000 Richmond Redevelopment
and Housing Authority,
Richmond, Virginia,
Revenue Bonds (Chippenham
Place Section 8 Assisted
Project), Series of 1979 A- 7.625% 8-1-2010
$1,900,000
(1) All ratings are by Standard & Poors Corporation except
those indicated by (*) which are by Moody's Investors
Service, Inc. A brief description of the rating symbols
used and their meanings appears in the Prospectus,
Part II.
<PAGE>
Redemption Current
Provisions Cost Evaluation
06-01-95 @ 100-S.F. $ 93,708 $ 90,284
08-01-98 @ 102-Opt.
08-01-00 @ 100-S.F. 501,450 507,985
$1,828,131 $1,845,965
See Notes To Financial Statements
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
STATEMENTS OF OPERATIONS
For The Years Ended December 31, 1994, 1993 and 1992
1994 1993 1992
INTEREST INCOME $ 131,043 $ 176,140 $ 197,346
EXPENSES:
Trustee's fees (Note 3) $ 1,867 $ 4,520 $ 2,476
Evaluator's fees
(Note 3) 2,100 1,855 1,925
Stationery, printing
and postage 2,191 487 727
Professional fees 3,101 2,430 2,795
Total Expenses $ 9,259 $ 9,292 $ 7,923
Investment Income
- Net $ 121,784 $ 166,848 $ 189,423
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Realized gain (loss)
from securities
transactions $ 21,567 $ 33,994 ($ 38,547)
Unrealized appreciation
(depreciation) during
the year ( 147,707) 24,809 78,063
Net gain (loss) on
investments ($ 126,140) $ 58,803 $ 39,516
Net Increase (Decrease)
in Net Assets
Resulting From
Operations ($ 4,356) $ 225,651 $ 228,939
See Notes To Financial Statements
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
STATEMENTS OF CHANGES IN NET ASSETS
For The Years Ended December 31, 1994, 1993 and 1992
1994 1993 1992
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS:
Investment income - net $ 121,784 $ 166,848 $ 189,423
Net realized gain (loss)
from securities sold 21,567 33,994 ( 38,547)
Net unrealized market
appreciation
(depreciation) ( 147,707) 24,809 78,063
Net Increase (Decrease)
in Net Assets Resulting
From Operations ($ 4,356) $ 225,651 $ 228,939
DISTRIBUTIONS TO UNIT HOLDERS:
(Note 2)
Investment income
- net $ 125,411 $ 169,549 $ 193,230
Proceeds from the
disposition of
investments 827,026 59,984 550,480
Total Distributions $ 952,437 $ 229,533 $ 743,710
Decrease in Net Assets ($ 956,793) ($ 3,882) ($ 514,771)
NET ASSETS:
Beginning of year 2,805,918 2,809,800 3,324,571
End of year (including
undistributed net
investment income of
$3,149, $6,776 and
$9,476, for 1994, 1993,
and 1992, respectively) $1,849,125 $2,805,918 $2,809,800
See Notes To Financial Statements
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
NOTES TO FINANCIAL STATEMENTS
December 31, 1994
NOTE 1: SIGNIFICANT ACCOUNTING POLICIES:
The Fund is registered under the Investment Company Act
of 1940, as amended, as a Unit Investment Trust. The
following is a summary of significant accounting
policies followed by the Fund in the preparation of its
financial statements.
Basis of Presentation
The Fund maintains its books on a cash basis. The
accompanying financial statements have been adjusted to
record the unrealized appreciation (depreciation) of
investments and to record expenses and interest income
on the accrual basis.
Securities
Securities are stated at value as determined by
the Evaluator as explained under "Public Offering of
Units - Evaluation of the Fund" (Prospectus, Part II),
based on bid side evaluation. Cost was based on
offering side evaluation at the date of deposit. The
difference between cost and market value is reflected as
unrealized appreciation (depreciation) of investments.
Realized gains and losses from securities transactions
are determined for federal income tax and for financial
reporting purposes on the basis of the cost of specified
certificates. Security transactions are recorded on the
trade date.
Income Taxes
The Fund's policy is to comply with the
requirements of the Internal Revenue Code that are
applicable to regulated investment companies and to
distribute all its taxable income to its certificate-
holders. Therefore, no income tax provision is
required.
NOTE 2: DISTRIBUTIONS:
Net investment income is distributed to unit holders on
the first day of each calendar quarter. Such
distributions are accrued on the record dates, which are
March 1, June 1, September 1, and December 1. The
distribution payable at December 31, 1994 amounted to
$6.36 per unit. Distributions of principal from the
sale or maturation of securities, if any, are made and
recorded in the manner described above.
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
NOTES TO FINANCIAL STATEMENTS
(Continued)
December 31, 1994
NOTE 3: TRUSTEE AND EVALUATOR FEES:
The Fund pays a fee for services rendered by the Trustee
of $.89 per year per $1,000 of outstanding investment
principal, payable quarterly, plus expenses. The Fund's
Evaluator is paid a fixed fee of $35 for each portfolio
valuation plus expenses.
NOTE 4: ORIGINAL COST TO UNIT HOLDERS:
The original cost to unit holders represents the
aggregate initial offering price as of the date of
deposit exclusive of accrued interest. A reconciliation
of the original cost of units to investors to the net
amount applicable to investors as of December 31, 1994,
is set forth below:
Original cost to investors $5,062,060
Plus: Undistributed proceeds from
securities sold or redeemed 11
Net unrealized appreciation of
securities 17,835
Less: Gross underwriting
commissions ( 215,138)
Cost of securities sold or
redeemed since date of
deposit ( 3,018,791)
Net amount applicable to investors $1,845,977
<PAGE>
THE TAX-EXEMPT BOND FUND OF VIRGINIA, SECOND SERIES
NOTES TO FINANCIAL STATEMENTS
(Continued)
December 31, 1994
NOTE 5: SUPPLEMENTARY INFORMATION:
Selected data for a unit of the Fund outstanding
throughout each period follows:
1994 1993 1992 1991 1990
Interest income $ 30.10 $ 40.47 $ 45.34 $ 51.99 $ 58.88
Expenses 2.13 2.14 1.82 1.72 1.86
Investment income
- net $ 27.97 $ 38.33 $ 43.52 $ 50.27 $ 57.02
Income
distributions ( 28.81) ( 38.95) ( 44.39) ( 50.55)( 58.40)
($ .84) ($ .62) ($ .87) ($ .28)($ 1.38)
Principal
distributions ( 189.99) ( 13.78) ( 126.46) ( 25.73)( 188.29)
Net realized gain
(loss) and change
in unrealized
appreciation
(depreciation) ( 28.98) 13.51 9.08 33.76 ( 20.08)
Increase
(decrease)
in net asset
value ($219.81) ($ .89) ($118.25) $ 7.75 ($209.75)
Net asset value,
beginning of the
period 644.60 645.49 763.74 755.99 965.74
Net asset value,
end of the
period, including
distributable
funds $424.79 $644.60 $645.49 $763.74 $755.99
Ratios:
Expense to
average net
assets (%) .40 0.33 0.26 0.23 0.22
Net investment
income to
average net
assets (%) 5.23 5.94 6.18 6.62 6.62
