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APPROVAL OF A SHORT TERM CONSTRUCTION LOAN OF $13.0 MILLION FOR THE CARL SMITH CENTER/ SCOTT STADIUM EXPANSION
 
 
 
 
 
 
 
 
 
 
 
 
 
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5976

APPROVAL OF A SHORT TERM CONSTRUCTION LOAN OF $13.0 MILLION FOR THE CARL SMITH CENTER/ SCOTT STADIUM EXPANSION

WHEREAS, the University of Virginia's Athletic Department has a cash flow problem matching project expenses against receipt of private donations and other revenue for the expansion of the Carl Smith Center/Scott Stadium; and

WHEREAS, Athletic Department fundraising has resulted in a principal balance invested in a quasiendowment account in excess of $20 million; and

WHEREAS, a short-term loan to cover project expenses will permit the continued long-term investment of the quasi-endowment.

RESOLVED that the Board of Visitors hereby approves a short-term construction loan of up to $13.0 million to the Athletic Department for a five year term; and

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer is authorized to execute all necessary documents to effect the loan.