University of Virginia Library

APPROVAL OF EXPANDING THE POOL OF AVAILABLE
INTERNAL FUNDS BY $5.0 MILLION

WHEREAS, the Board of Visitors has assented to construct a new student center at the University of Virginia’s College at Wise and to renovate and expand Clark Hall; and

WHEREAS, these two projects are substantially under construction; and

WHEREAS, each will experience cash flow requirements for expenses incurred in advance of receiving the proceeds from expected funding sources; and

WHEREAS, controlling the cash flows by delaying further construction until funding is received would result in significantly higher costs later and cause other dislocations related to the efficient and optimal management of these projects; and

WHEREAS, the University already has in place a funding mechanism authorized by the Board of Visitors to address such short-term project needs; and

WHEREAS, other funding solutions are proscribed or impractical to implement; and

WHEREAS, the pro forma analyses prepared for each of these projects indicate that the short-term financing, if approved, can be satisfactorily repaid under terms customarily granted, including provisions for term and interest rate.

RESOLVED that the permanent revolving internal loan pool is expanded from its current level of $10.0 million to $15.0 million; and

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer is authorized to administer this expanded pool in accordance with present practices and guidelines, and execute such documents as may be necessary to effect the transactions.