University of Virginia Library

APPROVAL OF RESOLUTION AUTHORIZING BONDS FOR LAMBETH FIELD

• The following resolution was adopted: Mr. Robert Buford did not participate in the discussion of this resolution, and did not vote on it.

RESOLUTION ON BONDS
FOR LAMBETH FIELD HOUSING

• WHEREAS, pursuant to the provisions of Chapter 307 of the Acts of the General Assembly of Virginia of 1974, the Treasury Board was authorized, by and with the consent of the Governor, to sell and issue bonds of the Commonwealth of Virginia in an aggregate principal amount not exceeding $20,980,000 for the purpose of providing funds, with any other available funds, for paying the cost of acquiring or constructing revenue producing capital projects at institutions of higher learning of the Commonwealth, all in accordance with the provisions of Section 9(c) of Article X of the Constitution of Virginia; and
• WHEREAS, said revenue producing capital projects include the following project (the "Project") for The Rector and Visitors of the University of Virginia:
    

  Project	Amount
  Lambeth Field Housing	$5,200,000

  ; and
• WHEREAS, the Treasury Board proposes to issue on or about June 29, 1976, $19,555,000 of said bonds, designated "Higher Educational Institutions Bonds, Series 1976" (the "Bonds"), which include the sum of $5,200,000 to finance the Project;

NOW, THEREFORE, BE IT RESOLVED BY THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA:

Section 1. The Rector and Visitors of the University of Virginia (the "University") (a) covenants to fix, revise, charge and collect rates, fees and charges for or in connection with the use, occupation or services of the Project, and (b) pledges the net revenues therefrom to the payment of the principal of and the interest on that portion of the Bonds issued to finance the

Project. The University further covenants that such rates, fees and charges will be fixed, revised, charged and collected so that the net revenues from the Project will at all times be sufficient to pay the principal of and the interest on that portion of the Bonds issued to finance the Project. Any such revenues in excess of the amounts required for the payment of principal of and interest on that portion of the Bonds issued to finance the Project may be used by the University for any other proper purpose.

Section 2. It is hereby found, determined and declared that, based upon responsible engineering and economic estimates and as shown on the computation of available net revenues attached hereto as Exhibit A, the anticipated net revenues pledged above will be sufficient to pay principal of and interest on that portion of the Bonds issued to finance the Project.

Section 3. The University covenants that it will pay to the State Treasurer 30 days before each semi-annual interest payment date the amount certified by the State Treasurer to be due and payable for the payment of the principal of and the interest on that portion of the Bonds issued on behalf of the University to finance the Project.

Section 4. The University covenants to pay from time to time the University's proportionate part 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 and the interest on the Bonds, all as certified by the State Treasurer to the University.

UNIVERSITY OF VIRGINIA
LAMBETH FIELD HOUSING

$5,200,000 General Obligation Bonds
Projected Debt Service

                      

FISCAL YEAR	Principal Balance	Principal Payment	Interest @ 5%	Total Principal & Interest	Net Revenue	Coverage %
1976-77	$5,200,000	$ 165,000	$ 260,000	$ 425,000	$500,100	118
1977-78	5,035,000	175,000	251,750	426,750	500,100	117
1978-79	4,860,000	185,000	243,000	428,000	500,100	117
1979-80	4,675,000	195,000	233,750	428,750	500,100	117
1980-81	4,480,000	205,000	224,000	429,000	500,100	117
1981-82	4,275,000	215,000	213,750	428,750	500,100	117
1982-83	4,060,000	225,000	203,000	428,000	500,100	117
1983-84	3,835,000	235,000	191,750	426,750	500,100	117
1984-85	3,600,000	250,000	180,000	430,000	500,100	116
1985-86	3,350,000	260,000	167,500	427,500	500,100	117
1986-87	3,090,000	275,000	154,500	429,500	500,100	116
1987-88	2,815,000	285,000	140,750	425,750	500,100	117
1988-89	2,530,000	295,000	126,500	421,500	500,100	119
1989-90	2,235,000	310,000	111,750	421,750	500,100	119
1990-91	1,925,000	320,000	96,250	416,250	500,100	120
1991-92	1,605,000	330,000	80,250	410,250	500,100	122
1992-93	1,275,000	340,000	63,750	403,750	500,100	124
1993-94	935,000	355,000	46,750	401,750	500,100	124
1994-95	580,000	365,000	29,000	394,000	500,100	127
1995-96	215,000	215,000	10,750	225,750	500,100	222
			$5,200,000	$3,028,750	$8,228,750

UNIVERSITY OF VIRGINIA
LAMBETH FIELD HOUSING

Estimated Net Revenue Available for Debt Service
For $5,200,000 General Obligation Bonds

             

ESTIMATED REVENUES:
Regular Session - (838 x $700)	$586,600
Summer Session - (300 x $135)	40,500
Conferences and Institutes	86,000
Total Estimated Revenue	$713,100
ESTIMATED OPERATING EXPENSES:
Maintenance	$ 27,000
Contractual Services (including heat, light and power)	135,000
Allocated portion of administrative costs	42,700
Supplies	6,000
Equipment replacement	2,300
Total Estimated Operating Expenses	$213,000
ESTIMATED NET REVENUE	$500,100