 | Board of Visitors minutes May 24, 1991 |  |
APPROVAL OF RESOLUTION FOR AUTHORIZATION TO PARTICIPATE
IN COMMONWEALTH OF VIRGINIA 9-C BOND ISSUE (4 PROJECTS)
The following resolution was adopted: (Mr. S. Buford Scott abstained from voting.)
RESOLUTION OF THE
RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA
WHEREAS, there has been passed by the General Assembly of Virginia an act entitled "Commonwealth of Virginia Higher Educational Institutions Bond Act of 1991" (the "Act") which has been signed by the Governor;
WHEREAS, pursuant to the Act, the Treasury Board of the Commonwealth of Virginia (the "Treasury Board") is authorized, by and with the consent of the Governor, to sell and issue bonds of the Commonwealth of Virginia for the purpose of providing funds, with other available funds, for paying the cost of acquiring, constructing, renovating, enlarging, improving and equipping certain revenue-producing capital projects at certain institutions of higher learning of the Commonwealth and for paying issuance costs, reserve funds and other financing expenses (the "Financing Expenses"), all in accordance with the provisions of Section 9(c) of Article X of the Constitution of Virginia;
WHEREAS, such revenue-producing capital projects include a parking facility (Capital Outlay Project Number 14638) (the "Project") for the Rector and Visitors of the University of Virginia (the "Institution"), which will be a component of the Institution's parking system (the "System"); and
WHEREAS, the Treasury Board is proposing to sell and issue bonds pursuant to the Act for such revenue-producing capital projects, in one or more series;
NOW, THEREFORE, BE IT RESOLVED BY THE RECTORS AND VISITORS OF THE UNIVERSITY OF VIRGINIA:
Section 1. The Board of Visitors of the Institution (the "Board") requests the Treasury Board to sell and issue bonds in an aggregate principal amount not to exceed $11,972,862 to finance all or a portion of the cost of the Project plus Financing Expenses (the "Project Bonds"). The Project Bonds will be identified by amount and maturities by the State Treasurer upon issuance of any bonds.
Section 2. The Board (a) covenants to fix, revise, charge and collect rates, fees and charges, including without limitation parking fees, for or in connection with the use, occupation and services of the System and (b) pledges such rates, fees and charges remaining after payment of the expenses of operating the System ("Net Revenues") to the payment of the principal of, premium, if any, and interest on the Project Bonds. The Board further covenants that it will fix, revise, charge and collect such rates, fees and charges in such amounts so that Net Revenues will at all times be sufficient to pay, when due, the principal of, premium, if any, and interest on the Project Bonds and on any other obligations secured by Net Revenues (such payments collectively the "Required Payments"). The Project Bonds shall be secured on a parity with such other obligations so secured by Net Revenues (other than any obligations secured by a prior right in Net Revenues). Any Net Revenues pledged herein in excess of
Section 3. It is hereby found, determined and declared that, based upon responsible engineering and economic estimates and advice of appropriate officials of the Institution, as shown on the Financial Feasibility Study attached hereto as Exhibit A, the anticipated Net Revenues pledged herein will be sufficient to pay the Required Payments so long as the aggregate amount of net debt service on the Project Bonds actually payable in any bond year does not exceed the amounts assumed in the Financial Feasibility Study.
Section 4. The Board covenants that the Institution will furnish the Treasury Board its general purpose financial statements, within 30 days of their issuance and receipt, audited by a firm of certified public accountants or the Auditor of Public Accounts which shall include a schedule of revenues and expenditures for auxiliary enterprise systems. At the same time, the Institution will furnish the Treasury Board a certificate of the chief financial officer of the Institution stating whether Net Revenues were sufficient to pay Required Payments during the period covered by such financial statements. If Net Revenues were insufficient to pay Required Payments during such period, such certificate shall include the Institution's plan to generate Net Revenues sufficient to make Required Payments in the future.
Section 5. The Board covenants that so long as any of the Bonds are outstanding, the Institution will pay to the State
Section 6. The Board covenants that the Institution will pay from time to time its proportionate share of all expenses incurred in connection with the sale and issuance of any series of bonds that includes Project Bonds (the "Bonds") and all expenses thereafter incurred in connection with the Bonds, including without limitation the expense of calculating any rebate to the United States of the earnings derived from the investment of gross proceeds of the Bonds, all as certified by the State Treasurer to the Institution.
Section 7. The Board covenants that the Institution will not take or omit to take any action the taking or omission of which will cause the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, including regulations issued pursuant thereto (the "Code"), or otherwise cause interest on the Bonds to be includable in the gross income of the owners thereof for federal income tax purposes under existing laws. Without limiting the generality of the foregoing, the Institution will pay from time to time its proportional share of any rebate to the United States of the earnings derived from the investment of the gross proceeds of the Bonds.
Section 8. The Board covenants that the Institution will proceed with due diligence to undertake and complete the Project and that the Institution will spend all of the available proceeds derived from the sale of the Project Bonds for costs associated with the Project and appropriated for the Project by the General Assembly.
Section 9. The Board covenants that the Institution will not permit the proceeds of the Project Bonds to be used in any manner that would result in (a) 5% or more of such proceeds being used in a trade or business carried on by any person other than a governmental unit, as provided in Section 141(b) of the Code, (b) 5% or more of such proceeds being used with respect to any output facility within the meaning of Section 141(b) (4) of the Code, or (c) 5% or more of such proceeds being used directly or indirectly to make or finance loans to any persons other than a governmental unit, as provided in Section 141(c) of the Code. The Institution need not comply with such covenants if the Institution obtains the written approval of the State Treasurer and an opinion of nationally recognized bond counsel acceptable to the Treasury Board that such covenants need not be complied with to prevent the interest on the Bonds from being includable in the gross income of the owners thereof for federal income tax purposes.
Section 10. The Board covenants that for so long as any of the Bonds are outstanding the Institution will not enter into any operating lease, management contract or similar agreement with any person or entity, other than a state or local governmental
Section 11. The Board covenants that for so long as any of the Bonds are outstanding, the Institution will not sell or dispose of all or any part of the Project without first obtaining the written approval of the State Treasurer and an opinion of nationally recognized bond counsel acceptable to the Treasury Board that such sale or disposition will not cause interest on the Bonds to be included in the gross income of the owners thereof for federal income tax purposes.
Section 12. The officers of the Institution are authorized and directed to execute and deliver all certificates and instruments and to take all such further action as may be considered necessary or desirable in connection with the sale and issuance of the Bonds.
Section 13. The Board acknowledges that the Treasury Board will rely on the representations and covenants set forth herein in issuing the Bonds, that such covenants are critical to the security for the Bonds and the exclusion of the interest on the Bonds from the gross income of the owners thereof for federal income tax purposes, that the Board will not repeal, revoke, rescind or amend any of such covenants without first obtaining
Section 14. This resolution shall take effect immediately.
RESOLUTION OF THE
RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA
WHEREAS, there has been passed by the General Assembly of Virginia an act entitled "Commonwealth of Virginia Higher Educational Institutions Bond Act of 1991" (the "Act") which has been signed by the Governor;
WHEREAS, pursuant to the Act, the Treasury Board of the Commonwealth of Virginia (the "Treasury Board") is authorized, by and with the consent of the Governor, to sell and issue bonds of the Commonwealth of Virginia for the purpose of providing funds, with other available funds, for paying the cost of acquiring, constructing, renovating, enlarging, improving and equipping certain revenue-producing capital projects at certain institutions of higher learning of the Commonwealth and for paying issuance costs, reserve funds and other financing expenses (the "Financing Expenses"), all in accordance with the provisions of Section 9(c) of Article X of the Constitution of Virginia;
WHEREAS, such revenue-producing capital projects include a dining facility (Capital Outlay Project Number 15013) (the "Project") for the Rector and Visitors of University of Virginia (the "Institution"), which will be a component of the Institution's dining facilities system (the "System"); and
WHEREAS, the Treasury Board is proposing to sell and issue bonds pursuant to the Act for such revenue-producing capital projects, in one or more series;
NOW, THEREFORE, BE IT RESOLVED BY THE RECTOR AND VISITORS OF UNIVERSITY OF VIRGINIA:
Section 1. The Board of Visitors of the Institution (the "Board") requests the Treasury Board to sell and issue bonds in an aggregate principal amount not to exceed $4,872,030 to finance all or a portion of the cost of the Project plus Financing Expenses (the "Project Bonds"). The Project Bonds will be identified by amount and maturities by the State Treasurer upon issuance of any bonds.
Section 2. The Board (a) covenants to fix, revise, charge and collect rates, fees and charges, including without limitation student dining fees, for or in connection with the use, occupation and services of the System and (b) pledges such rates, fees and charges remaining after payment of the expenses of operating the System ("Net Revenues") to the payment of the principal of, premium, if any, and interest on the Project Bonds. The Board further covenants that it will fix, revise, charge and collect such rates, fees and charges in such amounts so that Net Revenues will at all times be sufficient to pay, when due, the principal of, premium, if any, and interest on the Project Bonds and on any other obligations secured by Net Revenues (such payments collectively the "Required Payments"). The Project Bonds shall be secured on a parity with such other obligations so secured by Net Revenues (other than any obligations secured by a prior right in Net Revenues). Any Net Revenues pledged herein in
Section 3. It is hereby found, determined and declared that, based upon responsible engineering and economic estimates and advice of appropriate officials of the Institution, as shown on the Financial Feasibility Study attached hereto as Exhibit A, the anticipated Net Revenues pledged herein will be sufficient to pay the Required Payments so long as the aggregate amount of net debt service on the Project Bonds actually payable in any bond year does not exceed the amounts assumed in the Financial Feasibility Study.
Section 4. The Board covenants that the Institution will furnish the Treasury Board its general purpose financial statements within 30 days of their issuance and receipt, audited by a firm of certified public accountants or the Auditor of Public Accounts which shall include a schedule of revenues and expenditures for auxiliary enterprise systems. At the same time, the Institution will furnish the Treasury Board a certificate of the chief financial officer of the Institution stating whether Net Revenues were sufficient to pay Required Payments during the period covered by such financial statements. If Net Revenues were insufficient to pay Required Payments during such period, such certificate shall include the Institution's plan to generate Net Revenues sufficient to make Required Payments in the future.
Section 5. The Board covenants that so long as any of the Bonds are outstanding, the Institution will pay to the State
Section 6. The Board covenants that the Institution will pay from time to time its proportionate share of all expenses incurred in connection with the sale and issuance of any series of bonds that includes Project Bonds (the "Bonds") and all expenses thereafter incurred in connection with the Bonds, all as certified by the State Treasurer to the Institution.
Section 7. The Board covenants that the Institution will proceed with due diligence to undertake and complete the Project and that the Institution will spend all of the available proceeds derived from the sale of the Project Bonds for costs associated with the Project and appropriated for the Project by the General Assembly.
Section 8. The Board covenants that for so long as any of the Bonds are outstanding, the Institution will not sell or dispose of all or any part of the Project without first obtaining the written approval of the State Treasurer.
Section 9. The officers of the Institution are authorized and directed to execute and deliver all certificates and instruments and to take all such further action as may be considered necessary or desirable in connection with the sale and issuance of the Bonds.
Section 10. The Board acknowledges that the Treasury Board will rely on the representations and covenants set forth herein in issuing the Bonds, that such covenants are critical to the security for the Bonds, that the Board will not repeal, revoke, rescind or amend any of such covenants without first obtaining the written approval of the Treasury Board, and that such covenants will be binding upon the Board so long as any of the Bonds are outstanding.
Section 11. This resolution shall take effect immediately.
RESOLUTION OF THE
RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA
WHEREAS, there has been passed by the General Assembly of Virginia an act entitled "Commonwealth of Virginia Higher Educational Institutions Bond Act of 1991" (the "Act") which has been signed by the Governor;
WHEREAS, pursuant to the Act, the Treasury Board of the Commonwealth of Virginia (the "Treasury Board") is authorized, by and with the consent of the Governor, to sell and issue bonds of the Commonwealth of Virginia for the purpose of providing funds, with other available funds, for paying the cost of acquiring, constructing, renovating, enlarging, improving and equipping certain revenue-producing capital projects at certain institutions of higher learning of the Commonwealth and for paying issuance costs, reserve funds and other financing expenses (the "Financing Expenses"), all in accordance with the provisions of Section 9(c) of Article X of the Constitution of Virginia;
WHEREAS, such revenue-producing capital projects include a student residence facility (Capital Outlay Project Number 15089) (the "Project") for the Rector and Visitors of the University of Virginia (the "Institution"), which will be a component of the Institution's dormitory system (the "System"); and
WHEREAS, the Treasury Board is proposing to sell and issue bonds pursuant to the Act for such revenue-producing capital projects, in one or more series;
NOW, THEREFORE, BE IT RESOLVED BY THE RECTORS AND VISITORS OF THE UNIVERSITY OF VIRGINIA:
Section 1. The Board of Visitors of the Institution (the "Board") requests the Treasury Board to sell and issue bonds in an aggregate principal amount not to exceed $14,360,886 to finance all or a portion of the cost of the Project plus Financing Expenses (the "Project Bonds"). The Project Bonds will be identified by amount and maturities by the State Treasurer upon issuance of any bonds.
Section 2. The Board (a) covenants to fix, revise, charge and collect rates, fees and charges, including without limitation room rents, for or in connection with the use, occupation and services of the System and (b) pledges such rates, fees and charges remaining after payment of the expenses of operating the System ("Net Revenues") to the payment of the principal of, premium, if any, and interest on the Project Bonds. The Board further covenants that it will fix, revise, charge and collect such rates, fees and charges in such amounts so that Net Revenues will at all times be sufficient to pay, when due, the principal of, premium, if any, and interest on the Project Bonds and on any other obligations secured by Net Revenues (such payments collectively the "Required Payments"). The Project Bonds shall be secured on a parity with such other obligations so secured by Net Revenues (other than any obligations secured by a prior right in Net Revenues). Any Net Revenues pledged herein in excess of
Section 3. It is hereby found, determined and declared that, based upon responsible engineering and economic estimates and advice of appropriate officials of the Institution, as shown on the Financial Feasibility Study attached hereto as Exhibit A, the anticipated Net Revenues pledged herein will be sufficient to pay the Required Payments so long as the aggregate amount of net debt service on the Project Bonds actually payable in any bond year does not exceed the amounts assumed in the Financial Feasibility Study.
Section 4. The Board covenants that the Institution will furnish the Treasury Board its general purpose financial statements, within 30 days of their issuance and receipt, audited by a firm of certified public accountants or the Auditor of Public Accounts which shall include a schedule of revenues and expenditures for auxiliary enterprise systems. At the same time, the Institution will furnish the Treasury Board a certificate of the chief financial officer of the Institution stating whether Net Revenues were sufficient to pay Required Payments during the period covered by such financial statements. If Net Revenues were insufficient to pay Required Payments during such period, such certificate shall include the Institution's plan to generate Net Revenues sufficient to make Required Payments in the future.
Section 5. The Board covenants that so long as any of the Bonds are outstanding, the Institution will pay to the State
Section 6. The Board covenants that the Institution will pay from time to time its proportionate share of all expenses incurred in connection with the sale and issuance of any series of bonds that includes Project Bonds (the "Bonds") and all expenses thereafter incurred in connection with the Bonds, including without limitation the expense of calculating any rebate to the United States of the earnings derived from the investment of gross proceeds of the Bonds, all as certified by the State Treasurer to the Institution.
Section 7. The Board covenants that the Institution will not take or omit to take any action the taking or omission of which will cause the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, including regulations issued pursuant thereto (the "Code"), or otherwise cause interest on the Bonds to be includable in the gross income of the owners thereof for federal income tax purposes under existing laws. Without limiting the generality of the foregoing, the Institution will pay from time to time its proportional share of any rebate to the United States of the earnings derived from the investment of the gross proceeds of the Bonds.
Section 8. The Board covenants that the Institution will proceed with due diligence to undertake and complete the Project and that the Institution will spend all of the available proceeds derived from the sale of the Project Bonds for costs associated with the Project and appropriated for the Project by the General Assembly.
Section 9. The Board covenants that the Institution will not permit the proceeds of the Project Bonds to be used in any manner that would result in (a) 5% or more of such proceeds being used in a trade or business carried on by any person other than a governmental unit, as provided in Section 141(b) of the Code, (b) 5% or more of such proceeds being used with respect to any output facility within the meaning of Section 141(b)(4) of the Code, or (c) 5% or more of such proceeds being used directly or indirectly to make or finance loans to any persons other than a governmental unit, as provided in Section 141(c) of the Code. The Institution need not comply with such covenants if the Institution obtains the written approval of the State Treasurer and an opinion of nationally recognized bond counsel acceptable to the Treasury Board that such covenants need not be complied with to prevent the interest on the Bonds from being includable in the gross income of the owners thereof for federal income tax purposes.
Section 10. The Board covenants that for so long as any of the Bonds are outstanding the Institution will not enter into any operating lease, management contract or similar agreement with any person or entity, other than a state or local governmental
Section 11. The Board covenants that for so long as any of the Bonds are outstanding, the Institution will not sell or dispose of all or any part of the Project without first obtaining the written approval of the State Treasurer and an opinion of nationally recognized bond counsel acceptable to the Treasury Board that such sale or disposition will not cause interest on the Bonds to be included in the gross income of the owners thereof for federal income tax purposes.
Section 12. The officers of the Institution are authorized and directed to execute and deliver all certificates and instruments and to take all such further action as may be considered necessary or desirable in connection with the sale and issuance of the Bonds.
Section 13. The Board acknowledges that the Treasury Board will rely on the representations and covenants set forth herein in issuing the Bonds, that such covenants are critical to the security for the Bonds and the exclusion of the interest on the Bonds from the gross income of the owners thereof for federal income tax purposes, that the Board will not repeal, revoke, rescind or amend any of such covenants without first obtaining
Section 14. This resolution shall take effect immediately.
RESOLUTION OF THE
RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA
WHEREAS, there has been passed by the General Assembly of Virginia an act entitled "Commonwealth of Virginia Higher Educational Institutions Bond Act of 1991" (the "Act") which has been signed by the Governor;
WHEREAS, pursuant to the Act, the Treasury Board of the Commonwealth of Virginia (the "Treasury Board") is authorized, by and with the consent of the Governor, to sell and issue bonds of the Commonwealth of Virginia for the purpose of providing funds, with other available funds, for paying the cost of acquiring, constructing, renovating, enlarging, improving and equipping certain revenue-producing capital projects at certain institutions of higher learning of the Commonwealth and for paying issuance costs, reserve funds and other financing expenses (the "Financing Expenses"), all in accordance with the provisions of Section 9(c) of Article X of the Constitution of Virginia;
WHEREAS, such revenue-producing capital projects include student residence facility (Capital Outlay Project Number 15161) (the "Project") for Clinch Valley College, a division of the University of Virginia (the "Institution"), which will be a component of the Institution's dormitory system (the "System"); and
WHEREAS, the Treasury Board is proposing to sell and issue bonds pursuant to the Act for such revenue-producing capital projects, in one or more series;
NOW, THEREFORE, BE IT RESOLVED BY THE RECTOR AND VISITORS OF UNIVERSITY OF VIRGINIA:
Section 1. The Board of Visitors of the Institution (the "Board") requests the Treasury Board to sell and issue bonds in an aggregate principal amount not to exceed $719,000 to finance all or a portion of the cost of the Project plus Financing Expenses (the "Project Bonds"). The Project Bonds will be identified by amount and maturities by the State Treasurer upon issuance of any bonds.
Section 2. The Board (a) covenants to fix, revise, charge and collect rates, fees and charges, including without limitation room rents, for or in connection with the use, occupation and services of the System and (b) pledges such rates, fees and charges remaining after payment of the expenses of operating the System ("Net Revenues") to the payment of the principal of, premium, if any, and interest on the Project Bonds. The Board further covenants that it will fix, revise, charge and collect such rates, fees and charges in such amounts so that Net Revenues will at all times be sufficient to pay, when due, the principal of, premium, if any, and interest on the Project Bonds and on any other obligations secured by Net Revenues (such payments collectively the "Required Payments"). The Project Bonds shall be secured on a parity with such other obligations so secured by
Section 3. It is hereby found, determined and declared that, based upon responsible engineering and economic estimates and advice of appropriate officials of the Institution, as shown on the Financial Feasibility Study attached hereto as Exhibit A, the anticipated Net Revenues pledged herein will be sufficient to pay the Required Payments so long as the aggregate amount of net debt service on the Project Bonds actually payable in any bond year does not exceed the amounts assumed in the Financial Feasibility Study.
Section 4. The Board covenants that the Institution will furnish the Treasury Board its general purpose financial statements, within 30 days of their issuance and receipt, audited by a firm of certified public accountants or the Auditor of Public Accounts which shall include a schedule of revenues and expenditures for auxiliary enterprise systems. At the same time, the Institution will furnish the Treasury Board a certificate of the chief financial officer of the Institution stating whether Net Revenues were sufficient to pay Required Payments during the period covered by such financial statements. If Net Revenues were insufficient to pay Required Payments during such period, such certificate shall include the Institution's plan to generate Net Revenues sufficient to make Required Payments in the future.
Section 5. The Board covenants that so long as any of the Bonds are outstanding, the Institution will pay to the State Treasurer, not less than 30 days before each interest or principal payment date, the amount certified by the State Treasurer to be due and payable on such date as principal of, premium, if any, and interest on the Project Bonds.
Section 6. The Board covenants that the Institution will pay from time to time its proportionate share of all expenses incurred in connection with the sale and issuance of any series of bonds that includes Project Bonds (the "Bonds") and all expenses thereafter incurred in connection with the Bonds, including without limitation the expense of calculating any rebate to the United States of the earnings derived from the investment of gross proceeds of the Bonds, all as certified by the State Treasurer to the Institution.
Section 7. The Board covenants that the Institution will not take or omit to take any action the taking or omission of which will cause the Bonds to be "arbitrage bonds" within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, including regulations issued pursuant thereto (the "Code"), or otherwise cause interest on the Bonds to be includable in the gross income of the owners thereof for federal income tax purposes under existing laws. Without limiting the generality of the foregoing, the Institution will pay from time to time its proportional share of any rebate to the United States of
Section 8. The Board covenants that the Institution will proceed with due diligence to undertake and complete the Project and that the Institution will spend all of the available proceeds derived from the sale of the Project Bonds for costs associated with the Project and appropriated for the Project by the General Assembly.
Section 9. The Board covenants that the Institution will not permit the proceeds of the Project Bonds to be used in any manner that would result in (a) 5% or more of such proceeds being used in a trade or business carried on by any person other than a governmental unit, as provided in Section 141(b) of the Code, (b) 5% or more of such proceeds being used with respect to any output facility within the meaning of Section 141(b)(4) of the Code, or (c) 5% or more of such proceeds being used directly or indirectly to make or finance loans to any persons other than a governmental unit, as provided in Section 141(c) of the Code. The Institution need not comply with such covenants if the Institution obtains the written approval of the State Treasurer and an opinion of nationally recognized bond counsel acceptable to the Treasury Board that such covenants need not be complied with to prevent the interest on the Bonds from being includable in the gross income of the owners thereof for federal income tax purposes.
Section 10. The Board covenants that for so long as any of the Bonds are outstanding the Institution will not enter into any
Section 11. The Board covenants that for so long as any of the Bonds are outstanding, the Institution will not sell or dispose of all or any part of the Project without first obtaining the written approval of the State Treasurer and an opinion of nationally recognized bond counsel acceptable to the Treasury Board that such sale or disposition will not cause interest on the Bonds to be included in the gross income of the owners thereof for federal income tax purposes.
Section 12. The officers of the Institution are authorized and directed to execute and deliver all certificates and instruments and to take all such further action as may be considered necessary or desirable in connection with the sale and issuance of the Bonds.
Section 13. The Board acknowledges that the Treasury Board will rely on the representations and covenants set forth herein in issuing the Bonds, that such covenants are critical to the security for the Bonds and the exclusion of the interest on the Bonds from the gross income of the owners thereof for federal
Section 14. This resolution shall take effect immediately.
On motion, the meeting adjourned at 4:20 p.m.
AGG:jb
| Board of Visitors minutes May 24, 1991 | |