Board of Visitors minutes September 30, 2005 | ||
• AMENDING AND AUTHORIZING COMMERCIAL PAPER GENERAL REVENUE PLEDGE NOTES AND AUTHORIZING GENERAL REVENUE PLEDGE BONDS
WHEREAS, Chapter 9, Title 23 of the Code of Virginia of 1950, as amended, establishes a public corporation under the name and style of The Rector and Visitors of the University of Virginia which is governed by a Board of Visitors; and
WHEREAS, Chapter 3, Title 23 of the Code of Virginia classifies the University of Virginia as an educational institution, declares it to be a public body and constitutes it a governmental instrumentality for the dissemination of education; and
WHEREAS, this Act empowers the University of Virginia, with the consent and approval of the General Assembly of the Commonwealth of Virginia and the Governor of the Commonwealth to build, construct, reconstruct, erect, extend, better, equip and improve any building, facility, addition, extension, or improvement of a capital nature required by or convenient for the purposes of the University of Virginia and to borrow money and make, issue, and sell bonds of the University of Virginia for any such purposes, including the refinancing of any such facilities; and
WHEREAS, this Act further authorizes the University of Virginia to pledge to the payment of the principal of and the interest on such bonds any monies available for the use of the University of Virginia including, but not limited to, and subject to guidelines promulgated by the Secretary of Finance of the Commonwealth of Virginia, monies appropriated to the University of Virginia from the general funds of the Commonwealth of Virginia or from non-general funds, without regard to the source of such monies, and which are not required by law or by previous binding contract to be devoted to some other purpose; and
WHEREAS, pursuant to a resolution adopted on June 11, 2005, by the Board of Visitors that the aggregate outstanding principal amount of the existing short-term commercial paper program at any time should not exceed $175,000,000; and
WHEREAS, pursuant to the same resolution adopted on June 11, 2005, the Board of Visitors determined to finance (i) the construction of a new 15,000-seat Arena and Special Events facility, (ii) the Hospital Expansion Project, which consists of an addition, renovation, fit-out of an additional floor and equipment
WHEREAS, the Board of Visitors anticipates that the bonds will be secured by a general revenue pledge of the University of Virginia and not be in any way a debt of the Commonwealth of Virginia and shall not create or constitute any indebtedness or obligation of the Commonwealth of Virginia, either legal, moral or otherwise; and
WHEREAS, for the purpose of providing funds to finance or refinance the acquisition, construction and equipping of these projects, the Executive Committee of the Board of Visitors, pursuant to the powers granted it under Section 23-75 of the Code of Virginia, has determined to adopt the attached Resolution (the “Series 2005 Resolution”) authorizing the issuance of general revenue pledge bonds of the University of Virginia as Series 2005 Bonds (the “Series 2005 Bonds”); and,
WHEREAS, for the purpose of providing funds to facilitate the short-term financing of capital projects, the Executive Committee of the Board of Visitors, pursuant to the powers granted it under Section 23-75 of the Code of Virginia, has determined to adopt a resolution (the “Commercial Paper Series 2003A and 2003B Resolution”) amending and authorizing the issuance of general revenue pledge notes of the University of Virginia as Commercial Paper Series 2003A and 2003B notes (the “Commercial Paper Series 2003A and 2003B Notes”).
RESOLVED, the Executive Committee, acting on behalf of the Board of Visitors of the University of Virginia, approves the following: The Series 2005 Resolution, and the Commercial Paper Series 2003A and 2003B Resolution.
Board of Visitors minutes September 30, 2005 | ||