University of Virginia Library

APPROVAL OF INTENT TO ISSUE BONDS FOR THE ARTS & SCIENCES BUILDING, THE AQUATIC & FITNESS CENTER, THE EMMET STREET PARKING STRUCTURE AND THE CANCER CENTER RENOVATION PROJECT

WHEREAS, The Rector and Visitors of the University of Virginia (the "Institution") has undertaken or will undertake the acquisition of the School of Medicine research building, the construction of the Arts & Sciences building, an addition to the Aquatic & Fitness Center, the expansion of the Institution's hospital, the construction of the Emmet Street parking structure and the renovation of the Institution's Cancer Center facilities (collectively, the "Project"); and

WHEREAS, on November 9, 2000, the Board of Visitors of the Institution adopted a resolution declaring its official intent under Treasury Regulations Section 1.150-2 in connection with the acquisition of the School of Medicine research building, a portion of the Project, to issue indebtedness in the amount of $17,000,000 from which it expressed its expectation to reimburse itself for expenditures with the proceeds thereof; and

WHEREAS, on October 19, 2001, the Board of Visitors of the Institution adopted a resolution declaring its official intent under Treasury Regulations Section 1.150-2 in connection with the expansion of the Institution's hospital and the construction of the Emmet Street parking structure, each a portion of the Project, to issue indebtedness in the amounts of $54,000,000 and $14,000,000, respectively, from which it expressed its expectation to reimburse itself for expenditures with the proceeds thereof. With respect to the portion of the Project consisting of the construction of the Emmet Street parking structure, the Board of Visitors of the Institution now expects to issue an additional $3,500,000 in indebtedness; and

WHEREAS, the Institution has made or will make expenditures (the "Expenditures") in connection with the Project; and

WHEREAS, the Institution may determine that the funds advanced and to be advanced to pay Expenditures will be reimbursed to the Institution from the proceeds of one or more obligations to be issued by the Institution (the "Indebtedness"); and

RESOLVED that:

• 1. With respect to the portion of the Project consisting of the construction of the Emmet Street parking structure, the Board of Visitors of the Institution now expects to issue an additional $3,500,000 in Indebtedness from which the Institution expects to reimburse itself for Expenditures as provided herein and in the October 19, 2001, resolution and to such extent hereby so modifies the October 19, 2001, resolution. Other than as modified hereby, the October 19, 2001, resolution remains in full force and effect.


• 2. With respect to the portions of the Project not consisting of the acquisition of the School of Medicine research building, the construction of the Emmet Street parking structure and the expansion of the Institution's hospital, the Board of Visitors of the Institution hereby adopts this declaration of official intent under Treasury Regulations Section 1.150-2 and declares that the Institution intends to reimburse itself with the proceeds of Indebtedness for Expenditures made on, after or within 60 days prior to

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  the date of the adoption of this Resolution with respect to the Project, except that Expenditures made more than 60 days prior to the date hereof may be reimbursed as to certain de minimis or preliminary expenditures described in Treasury Regulations Section 1.150-2(f) and as to other expenditures permitted under applicable Treasury Regulations.


• 3. The maximum principal amount of Indebtedness expected to be issued for (i) the portion of the Project consisting of the Emmet Street parking structure is $17,500,000 and (ii) those portions of the Project excluding the acquisition of the School of Medicine research building, the construction of the Emmet Street parking structure and the expansion of the Institution's hospital is $19,500,000.


• 4. This Resolution shall take effect immediately upon its adoption.