Section 2. It is hereby found, determined, and declared
that, based upon responsible engineering and economic estimates
and advice of appropriate officials of the University
as shown on Exhibits A and B hereto, the anticipated net
revenues received from the rentals, fees and charges pledged
above will be sufficient to pay the Current Expenses, the
principal of, premium, if any, and interest on that portion
of the Bonds issued to finance the Projects 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 true interest cost on
the Bonds does not exceed 8.50% per annum, and (ii) the
aggregate amount of debt service actually payable in any
bond year and all bond years on that portion of the Bonds
issued to finance the Projects does not exceed $105,368,
unless the Vice President for Business and Finance provides
the Governor and the Treasury Board of the Commonwealth of
Virginia with satisfactory evidence that the rentals, fees
and charges pledged in Section 1 above will also be sufficient
to pay the additional amount of actual debt service
which for any bond year(s) exceeds $105,368.
