Board of Visitors minutes March 21, 1986 | ||
Section 8. 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 Exhibit D hereto, the anticipated net revenues received from the Fees pledged in Section 7 above will be sufficient to pay the Parking Current Expenses, the principal of, premium, if any, and interest on that portion of the Bonds issued to finance the Parking Project as the same become due, and debt service on any outstanding obligations issued to provide funds for University-owned parking facilities, so long as (i) the effective true interest cost on the Bonds does not exceed 9% per annum, and (ii) the aggregate amount of debt service actually payable in any bond year and all previous bond years on that portion of the Bonds issued to finance the Parking Project does not exceed the estimated aggregate amount of debt service for the corresponding years as shown on Exhibit D, 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 revenues pledged in Section 7 above will also be sufficient to pay the additional amount of actual debt service which for any bond year(s) exceeds the estimated amount shown on Exhibit D.
Board of Visitors minutes March 21, 1986 | ||