RECITALS
WHEREAS, Chapter 9, Title 23 of the Code of Virginia of 1950, as amended
(the "Virginia Code"), establishes a public corporation under the name
and style of The Rector and Visitors of the University of Virginia (the
"University") which is governed by a Board of Visitors (the "Board");
and
WHEREAS, Chapter 3, Title 23 of the Virginia Code (the "Act") classifies
the University as an educational institution, declares it to be a public
body and constitutes it a governmental instrumentality for the
dissemination of education; and
WHEREAS, the Act empowers the University, with the consent and approval
of the General Assembly of the Commonwealth of Virginia (the
"Commonwealth") and the Governor of the Commonwealth to build,
construct, reconstruct, erect, extend, better, equip and improve any
building, facility, addition, extension or improvement of a capital
nature required by or convenient for the purposes of the University and
to borrow money and make, issue and sell bonds of the University for any
such purposes, including the refinancing of any such facilities, such
bonds to be issued and sold through the Treasury Board of the
Commonwealth (the "Treasury Board"); and
WHEREAS, the Act further authorizes the University to pledge to the
payment of the principal of and the interest on such bonds any monies
available for the use of the University including, but not limited to,
and subject to guidelines promulgated by the Secretary of Finance of the
Commonwealth (the "Secretary of Finance"), monies appropriated to the
University from the general funds of the Commonwealth or from nongeneral
funds, without regard to the source of such
monies, and
which are not required by law or by previous binding contract to be
devoted to some other purpose; and
WHEREAS, pursuant to a resolution adopted on February 1, 2003, the Board
determined to finance (i) the construction and equipping of an addition
to the Aquatic & Fitness Center consisting of a gymnasium complex,
fitness and weightlifting areas and the Engineering/Science chiller
plant; (ii) the renovation of the Cancer Center; (iii) the construction
and equipping of the Emmet Street Parking Structure; (iv) the
construction, renovation and equipping of a renovation and expansion
Project at the University's Hospital; (v) the acquisition of the School
of Medicine research building; (vi) the construction and equipping of
the University's new sports arena; (vii) the construction of a
replacement of Observatory Hill Dining Facility; and (viii) the
refunding of all or a portion of the outstanding principal amount of (a)
the University's General Revenue Pledge Bonds, Series 1993A, (b) the
University's General Revenue Pledge Bonds, Series 1993B, and (c) the
outstanding principal amount of the Commonwealth of Virginia Higher
Educational Institutions Bonds (Series 1992B) issued to finance certain
dining facilities at the University (collectively, the "Project"), and
delegated to the Executive Committee of the Board the power to approve
the final terms of such financing, within certain stated parameters;
and
WHEREAS, pursuant to a resolution adopted on February 1, 2003, the Board
determined to facilitate the financing or refinancing from time to time
of capital projects of the University on a short-term basis through the
issuance of short-term commercial paper in an aggregate outstanding
principal amount at any time not to exceed $100,000,000 (the "Program")
and delegated to the Executive Committee of the Board the power to
approve the final terms of such financing, within certain stated
parameters; and
WHEREAS, for the purpose of providing funds to finance or refinance the
acquisition, construction and equipping of the Project, the Executive
Committee of the Board, pursuant to the powers granted it under Section
23-75 of the Virginia Code, has determined to adopt the attached
Resolution (the "Series 2003A Resolution") authorizing the issuance of
general revenue pledge bonds of the University as Series 2003A Bonds
(the "Series 2003A Bonds"), and a second Resolution (the "Series 2003B
Resolution") authorizing the issuance of general revenue bonds of the
University as Series 2003B (the "Series 2003B Bonds" and together with
the Series 2003A Bonds, the "Series 2003 Bonds"); and
WHEREAS, for the purpose of providing funds to facilitate the short-term
financing of capital projects, the Executive Committee of the Board,
pursuant to the powers granted it under Section 23-75 of the Virginia
Code, has determined to adopt a resolution (the “Commercial Paper Series
2003A and 2003B Resolution”) authorizing the issuance of general revenue
pledge notes of the University as Commercial Paper Series 2003A and
2003B notes (the “Commercial Paper Series 2003A and 2003B Notes”);
and
WHEREAS, the Board anticipates that the bonds will be secured by a
general revenue pledge of the University and not be in any way a debt of
the Commonwealth and shall not create or constitute any indebtedness or
obligation of the Commonwealth, either legal, moral or otherwise;
RESOLVED that the Executive Committee of the University on behalf of the
Board, approves the following: The Bond Series 2003A Resolution, the
Bond Series 2003B Resolution, and the Commercial Paper Series 2003A and
2003B Resolution.
