Board of Visitors minutes March 21, 1986 | ||
Section 7. The Board (a) covenants to fix, revise, charge and collect Parking Fees at the University for or in connection with the use or services of its University-owned parking facilities, including the Parking Project, and (b) pledges such Fees to the payment of the principal of, premium, if any, and interest on that portion of the Bonds issued to finance the Parking Project; provided that the current expenses of operating the Parking Project (the "Parking Current Expenses") shall be a first charge on such Fees. The Board further covenants that such Fees will be fixed, revised, charged and collected so that the net revenues therefrom, after payment of the Parking Current Expenses, will at all times be sufficient to pay the principal of, premium, if any, and interest on that portion of the Bonds issued to finance the Parking Project as and when the same become due, and to pay debt service on any outstanding obligations, if any, that have been previously issued to provide funds for University-owned parking facilities, that portion of the Bonds issued to finance the Parking Project to be secured on a parity with such obligations. Any such revenues in excess of the amounts required for the payment of the Parking Current Expenses, the payment of the principal of, premium, if any, and interest on that portion of the Bonds issued to finance
Board of Visitors minutes March 21, 1986 | ||