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University of Virginia Library

Board of Visitors minutes
April 7, 2006

RESOLUTIONS ADOPTED BY THE BOARD OF VISITORS

TENTATIVE MINUTES SUBJECT TO THE APPROVAL OF THE BOARD OF VISITORS

APPROVAL OF THE MINUTES OF THE FEBRUARY 3, 2006 MEETING OF THE BOARD

INTRODUCTION OF NEW BOARD MEMBERS

INTRODUCTION OF MR. JAMES L. HILTON

ELECTION OF THE EXECUTIVE COMMITTEE

COMMITTEE MEMBERSHIPS

RESOLUTION FOR ADDENDA TO THE AGENDA

RESOLUTION COMMENDING CATHERINE S. NEALE

SETTING OF THE BOARD MEETING DATES FOR 2008

SUMMER ORIENTATION

EXECUTIVE SESSION

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NAMINGS AND PROFESSORSHIPS

NAMING OF THE CLAUDE MOORE NURSING EDUCATION BUILDING

NAMING OF THE BOYD TINSLEY COURTS

CHANGE IN THE NAME OF A PROFESSORSHIP TO THE JOHN L. COLLEY, JR., RESEARCH PROFESSORSHIP IN BUSINESS ADMINISTRATION

CHANGE IN THE NAME OF A PROFESSORSHIP TO THE NABI BIOPHARMACEUTICALS PROFESSORSHIP IN TRANSPLANTATION

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REPORT BY THE PRESIDENT

GIFTS AND GRANTS

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ADOPTION OF THE GOVERNOR’S STATEMENT ON EQUAL EMPLOYMENT OPPORTUNITY AS UNIVERSITY POLICY

APPROVAL OF INCREASE IN FACULTY AND STAFF HOUSING RATES FOR 2006-2007

APPROVAL TO ESTABLISH THE MELLON PROSTATE CANCER RESEARCH FUND WITH AN INVESTMENT OF $8 MILLION

APPROVAL OF HISTORICAL MARKER AT THE UNIVERSITY OF VIRGINIA CEMETERY

APPROVAL OF THE ESTABLISHMENT OF A PRESIDENTS’ PLOT AT THE UNIVERSITY CEMETERY

DELEGATION OF AUTHORITY TO ESTABLISH CEMETERY AND COLUMBARIUM POLICIES

APPROVAL OF CONTRACT RATES FOR DINING SERVICES FOR 2006-2007 FOR THE ACADEMIC DIVISION AND THE UNIVERSITY OF VIRGINIA'S COLLEGE AT WISE

APPROVAL OF AN INCREASE IN THE AMOUNT OF SHORT-TERM LOANS FOR THE CONSTRUCTION OF THE JOHN PAUL JONES ARENA

APPROVAL OF THE UNIVERSITY’S DEBT POLICY AND INTEREST RATE RISK MANAGEMENT POLICY

APPROVAL OF THE UNIVERSITY’S CAPITAL AND OPERATING RESERVES POLICY

RESOLUTION TO AUTHORIZE TRANSFER OF ENDOWMENT FUNDS FROM THE UNIVERSITY TO THE JEFFERSON SCHOLARS FOUNDATION

APPROVAL OF SUMMARY OF AUDIT FINDINGS

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FACULTY PERSONNEL ACTIONS

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ACTIONS RELATING TO CHAIRHOLDERS

(a) Election of Chairholders

(b) Change of Title of Chairholder

(c) Retirement of Chairholders

CHANGE IN THE TITLE OF THE PROMOTION OF DR. MARCIA MCDUFFIE

SPECIAL SALARY ACTIONS

CHANGE IN THE SPECIAL SALARY ACTION OF MR. EVAN S. MARCUS

RE-APPOINTMENTS

CHANGE IN THE TITLE OF THE RE-APPOINTMENT OF MS. LYNN M. MITCHELL

RE-ELECTION OF DR. ROBERT E. REYNOLDS AS VICE PRESIDENT AND CHIEF INFORMATION OFFICER

RE-ELECTION OF MS. YOKE SAN L. REYNOLDS AS VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

ELECTION OF PROFESSORS EMERITI

ELECTION OF ASSOCIATE PROFESSORS EMERITI

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THE UNIVERSITY OF VIRGINIA'S COLLEGE AT WISE

SPECIAL SALARY ACTIONS

ELECTION OF PROFESSOR EMERITUS

ADDENDUM TO THE OFFICIAL MINUTES OF THE MEETING OF THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA

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RESOLUTIONS NOT REQUIRING ACTION BY THE FULL BOARD

MEDICAL CENTER OPERATING BOARD, FEBRUARY 23, 2006 (ATTACHMENT C)

BUILDINGS AND GROUNDS COMMITTEE, APRIL 6, 2006 (ATTACHMENT D)

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ATTACHMENT A UNIVERSITY’S DEBT POLICY

University of Virginia Debt Policy

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II. Scope and Objectives

Objectives

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IV. Debt Affordability and Capacity

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Debt Affordability Measures

Debt Burden Percentage

Debt Service Coverage Ratio

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Debt Capacity Measures

Viability Ratio

Debt Capitalization Percentage

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V. Financing Sources

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Tax-Exempt Debt

Commercial Paper

University-issued vs. State-issued debt

Derivative Products

Other Financing Sources

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VI. Portfolio Management of Debt

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Variable-Rate Debt

Refinancing Outstanding Debt

Liquidity Requirements

Overall Exposure

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VII. Strategic Debt Allocation

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VIII. Central Loan Program Management

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De-linking External and Internal Debt Structures

Blended Interest Rate

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IX. Approval Process

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University of Virginia Interest Rate Risk Management Policy

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II. Scope and Objectives

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IV. Derivative Use Guidelines

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V. Allowable Derivative Instruments

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VI. Policy Controls

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Operating Controls

Exposure Controls

Interest Rate Risk Management Policy Appendix A

Interest Rate Risk Management Policy Appendix B

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MEDICAL CENTER OPERATING BOARD – FEBRUARY 23, 2006

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CREDENTIALING AND RECREDENTIALING ACTIONS

NEW APPOINTMENTS TO THE CLINICAL STAFF

REAPPOINTMENTS TO THE CLINICAL STAFF

SECONDARY RE-APPOINTMENTS TO THE CLINICAL STAFF

STATUS CHANGES TO CLINICAL STAFF

RESIGNATIONS FROM THE CLINICAL STAFF

PRIVILEGES FOR NEW ALLIED HEALTH PROFESSIONALS

RENEWAL OF PRIVILEGES FOR ALLIED HEALTH PROFESSIONALS

RESIGNATIONS OF ALLIED HEALTH PROFESSIONALS

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BUILDINGS AND GROUNDS COMMITTEE – APRIL 6, 2006 APPROVAL OF SCHEMATIC DESIGN FOR THE SOUTH LAWN PROJECT

APPROVAL OF SCHEMATIC DESIGN FOR THE OBSERVATORY HILL RESIDENCE HALL (ALDERMAN ROAD RESIDENCE AREA REPLACEMENT HOUSING – PHASE 1)

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Objectives

The objectives of this policy are to:

(i) Outline the University’s philosophy on debt

(ii) Establish a control framework for approving and managing debt

(iii) Define reporting guidelines

(iv) Establish debt management guidelines

The Debt Policy formalizes the link between the University’s Strategic Plan and the issuance of debt. Debt is a limited resource that must be managed strategically in order to best support University priorities.

The policy establishes a control framework to ensure that appropriate discipline is in place regarding capital rationing, reporting requirements, debt portfolio composition, debt servicing, and debt authorization. It establishes guidelines to ensure that existing and proposed debt issues are consistent with financial resources to maintain an optimal amount of leverage, a strong financial profile, and a strategically optimal credit rating.

Under this policy, debt is being managed to achieve the following goals:

(i) Maintaining access to financial markets: capital, money, and bank markets.

(ii) Managing the University’s credit rating to meet its strategic objectives while maintaining the highest acceptable creditworthiness and most favorable relative cost of capital and borrowing terms;

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(iii)Optimizing the University’s debt mix (i.e., short-term and long-term, fixed-rate and floating-rate, traditional and synthetic) for the University's debt portfolio;

(iv)Managing the structure and maturity profile of debt to meet liquidity objectives and make funds available to support future capital projects and strategic initiatives;

(v) Coordinating debt management decisions with asset management decisions to optimize overall funding and portfolio management strategies.

The University may use debt to accomplish critical priorities by more prudently using debt financing to accelerate the initiation or completion of certain projects, where appropriate. As part of its review of each project, the University evaluates all funding sources to determine the optimal funding structure to achieve the lowest cost of capital.