Board of Visitors minutes September 30, 2005 | ||
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).
Board of Visitors minutes September 30, 2005 | ||