APPROVAL OF A SHORT-TERM LOAN FOR THE CONSTRUCTION OF THE JOHN PAUL
JONES ARENA
WHEREAS, the John Paul Jones Arena Project
requires short-term funding in anticipation of the receipt of
pledged donations;
RESOLVED that the Board of Visitors approves a
short-term loan, or loans, of up to $20 million for a term of up
to four years for the purpose of providing short-term financing
in anticipation of the collection of pledged gifts associated
with this project; and
RESOLVED FURTHER that the Executive Vice President
and Chief Operating Officer is authorized to execute all
necessary documents to effect the short-term loan(s).
