Board of Visitors minutes January 26, 1990 | ||
APPROVAL OF RESOLUTION FOR AUTHORIZATION TO PARTICIPATE IN COMMONWEALTH OF VIRGINIA 9-C BOND ISSUE
- The following resolution was adopted:
- WHEREAS, there has been enacted by the General Assembly of Virginia of 1986 an act entitled "Commonwealth of Virginia Higher Educational Institutions Bond Act of 1986" (the "Act");
- WHEREAS, pursuant to the Act, the Treasury Board of the Commonwealth of Virginia is authorized, subject to the approval of the Governor, to sell and issue bonds of the Commonwealth of Virginia in an aggregate principal amount not exceeding $42,465,000 for the purpose of providing funds, together with other available funds, for paying the cost of acquiring, constructing and equipping certain revenue-producing capital projects, including the enlarging and improving thereof, at certain institutions of higher learning in the Commonwealth, all in accordance with the provisions of Section 9(c) of Article X of the Constitution of Virginia;
- WHEREAS, such revenue-producing capital projects under the Act include the construction of an addition to the Judge Advocate School (the "Project") for the University of Virginia (the "University"); and
- WHEREAS, the Treasury Board of the Commonwealth of Virginia is expected to agree to sell a portion of the above bonds, which bonds are expected to bear interest at rates subject to inclusion in gross income for federal income tax purposes and are tentatively to be designated "Higher Educational Institutions Taxable Bonds, Series 1989A" (the "Bonds"), in the aggregate principal amount of up to $7,175,000 for the purpose of financing the cost of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA:
Section 1. The Board of Visitors of the University of Virginia (the "Board") (a) covenants to fix, revise, charge and collect rentals, fees and charges for or in connection with the use, occupation and services of the Project and (b) pledges such rentals, fees and charges to the payment of the principal of, premium, if any, and interest on the bonds issued to finance the Project; provided that the current expenses of operating the Project (the "Current Expenses") shall be a first charge on such rentals, fees and charges. The Board further covenants that such rentals, fees and charges will be fixed, revised, charged and collected so that the revenues therefrom, after payment of Current Expenses,
Section 2. It is hereby found, determined and declared that, based on responsible engineering and economic estimates and advice of appropriate officials of the University, as shown on Exhibit A hereto, the anticipated revenues received from the rentals, fees and charges pledged herein will be sufficient to pay Current Expenses, the principal of, premium, if any, and interest on the bonds issued to finance the Project as the same become due, and debt service on any outstanding obligations which are secured by the rentals, fees and charges pledged herein so long as (i) the effective
Section 3. The Board covenants that so long as the bonds are outstanding, the University will pay to the Treasurer of Virginia not less than 30 days before each interest or principal and interest payment date, the amount certified by the Treasurer of Virginia to be due and payable on such date as principal of, premium, if any, and interest on the bonds issued on behalf of the University to finance the Project.
Section 4. The Board covenants that the University will pay from time to time its proportionate share of all expenses incurred in connection with the sale and issuance of the bonds and all expenses thereafter incurred in connection with the payment of the principal of, premium, if any, and
Section 5. This resolution shall take effect immediately.
The undersigned Secretary of The Rector and Visitors of the University of Virginia does hereby certify that the foregoing is a true and correct copy of a resolution adopted at a meeting of the Board of Visitors of the University of Virginia duly convened and held on ______________, 1990, at which a quorum was present and voting, and that such resolution is now in full force and effect.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of The Rector and Visitors of the University of Virginia this ___ day of ________, 1990.
(SEAL)
Board of Visitors minutes January 26, 1990 | ||