University of Virginia Library

REPORT ON ACTIONS OF THE EXECUTIVE COMMITTEE

Mr. Sandridge reported on the following actions taken by the Executive Committee on July 14, 2000, and September 7, 2000:

1. APPROVAL OF ARCHITECT SELECTION FOR THE STUDIO ART BUILDING

(Adopted July 14, 2000)

RESOLVED that Machado & Silvetti Associates, Inc. of Boston, Massachusetts, is approved for the performance of architectural and engineering services for the Studio Art Building.

2. APPROVAL OF UNIVERSITY OF VIRGINIA MEDICAL CENTER LEGISLATIVE PROPOSALS

(Adopted July 14, 2000)

WHEREAS, the Executive Committee of the Board of Visitors has reviewed proposed legislative actions related to interest earnings on Medical Center operating cash balances and increased autonomy for Medical Center employee compensation and benefits, and procurement functions in the Medical Center; and

WHEREAS, the Executive Committee concludes that the proposed changes are prudent and in the best interest of the University;

RESOLVED that the Executive Vice President and Chief Operating Officer is authorized to seek legislation accomplishing the above-described purposes.

3. APPROVAL OF THE DISINVESTMENT OF MILLER CENTER GENERAL ENDOWMENT

(Adopted July 14, 2000)

RESOLVED by the Executive Committee of the Board of Visitors that the disinvestment of the Miller Center General Endowment, a quasi-endowment, be approved and that the proceeds be applied to the Miller Center Addition and Renovation project.

4. CONFLICT OF INTEREST EXEMPTION

(Adopted September 7, 2000)

WHEREAS, the School of Medicine wishes to enter into a sponsored research contract with EluSys Therapeutics, Inc., for developing technology for the treatment of chronic Hepatitis C; and

WHEREAS, Ronald P. Taylor, Ph.D., has disclosed in advance his equity interests of 3.3 percent in EluSys Therapeutics, Inc.; and

WHEREAS, the University's entry into a research agreement with EluSys Therapeutics, Inc., would thereby expose Mr. Taylor to violation of the Virginia Conflicts of Interests Act unless approved by the Board as permitted by §2.1-639.6(c) (7) of the Code of Virginia;

RESOLVED that the conflict of interest of Ronald P. Taylor, Ph.D., is approved by the Board of Visitors in order to permit the University to enter into an agreement with EluSys Therapeutics, Inc., for research funding for the development of technology for the treatment of Hepatitis C; provided, as required by the Virginia Conflict of Interests Act, Mr. Taylor files the required annual disclosure statement of personal interests in EluSys Therapeutics Inc., the University files the required annual report concerning the contract with the Secretary of the Commonwealth, and the relevant department chair vigilantly oversees application of University resources in the best interests of the University and in accordance with policy.

5. AUTHORIZATION TO AMEND THE FISCAL YEAR 2000-2001 ENDOWMENT INCOME DISTRIBUTION

(Adopted September 7, 2000)

RESOLVED that the Executive Vice President and

Chief Operating Officer is authorized to increase the Fiscal Year 2000-2001 income distribution of Class A shares from $89.39 to $90.56 per share and Class B shares from $122.76 to $125.89 per share.

6. APPROVAL OF RENEWAL OF LEASE ON LOWER APARTMENT, PAVILION VIII

(Adopted September 7, 2000)

RESOLVED by the Executive Committee of the Board of Visitors approves the renewal of the lease on the Lower Apartment in Pavilion VIII, held by Ms. Sarah Farrell, Assistant Professor of Nursing, for a term of two years; the lease shall expire on July 31, 2002.

The following resolution was adopted:

WHEREAS, the Board of Visitors approved a project for the renovation of the Observatory Hill Dining Hall, and

WHEREAS, the bids let for the project have come in considerably over budget; and

WHEREAS, a new dining hall with more space and better siting can be built for slightly more than the cost of renovating the building;

RESOLVED that the Board of Visitors approves the demolition of the Observatory Hill Dining Hall and the Tree House, which will be replaced by a new facility.