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APPROVAL OF RESOLUTION AUTHORIZING BONDS FOR LAMBETH FIELD
 
 
 
 
 
 
 
 
 
 
 
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APPROVAL OF RESOLUTION AUTHORIZING BONDS FOR LAMBETH FIELD

  • The following resolution was adopted: Mr. Robert Buford did not participate in the discussion of this resolution, and did not vote on it.

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RESOLUTION ON BONDS
FOR LAMBETH FIELD HOUSING

  • WHEREAS, pursuant to the provisions of Chapter 307 of the Acts of the General Assembly of Virginia of 1974, the Treasury Board was authorized, by and with the consent of the Governor, to sell and issue bonds of the Commonwealth of Virginia in an aggregate principal amount not exceeding $20,980,000 for the purpose of providing funds, with any other available funds, for paying the cost of acquiring or constructing revenue producing capital projects at institutions of higher learning of the Commonwealth, all in accordance with the provisions of Section 9(c) of Article X of the Constitution of Virginia; and
  • WHEREAS, said revenue producing capital projects include the following project (the "Project") for The Rector and Visitors of the University of Virginia:
      
    Project  Amount 
    Lambeth Field Housing  $5,200,000 
    ; and
  • WHEREAS, the Treasury Board proposes to issue on or about June 29, 1976, $19,555,000 of said bonds, designated "Higher Educational Institutions Bonds, Series 1976" (the "Bonds"), which include the sum of $5,200,000 to finance the Project;

NOW, THEREFORE, BE IT RESOLVED BY THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA:

Section 1. The Rector and Visitors of the University of Virginia (the "University") (a) covenants to fix, revise, charge and collect rates, fees and charges for or in connection with the use, occupation or services of the Project, and (b) pledges the net revenues therefrom to the payment of the principal of and the interest on that portion of the Bonds issued to finance the


1139

Project. The University further covenants that such rates, fees and charges will be fixed, revised, charged and collected so that the net revenues from the Project will at all times be sufficient to pay the principal of and the interest on that portion of the Bonds issued to finance the Project. Any such revenues in excess of the amounts required for the payment of principal of and interest on that portion of the Bonds issued to finance the Project may be used by the University for any other proper purpose.

Section 2. It is hereby found, determined and declared that, based upon responsible engineering and economic estimates and as shown on the computation of available net revenues attached hereto as Exhibit A, the anticipated net revenues pledged above will be sufficient to pay principal of and interest on that portion of the Bonds issued to finance the Project.

Section 3. The University covenants that it will pay to the State Treasurer 30 days before each semi-annual interest payment date the amount certified by the State Treasurer to be due and payable for the payment of the principal of and the interest on that portion of the Bonds issued on behalf of the University to finance the Project.

Section 4. The University covenants to pay from time to time the University's proportionate part of all expenses incurred in connection with the sale and issuance of the Bonds and all expenses thereafter incurred in connection with the payment of the principal of and the interest on the Bonds, all as certified by the State Treasurer to the University.


1140

UNIVERSITY OF VIRGINIA
LAMBETH FIELD HOUSING

$5,200,000 General Obligation Bonds
Projected Debt Service

                      
FISCAL YEAR  Principal Balance  Principal Payment  Interest @ 5%  Total Principal & Interest  Net Revenue  Coverage % 
1976-77  $5,200,000  $ 165,000  $ 260,000  $ 425,000  $500,100  118 
1977-78  5,035,000  175,000  251,750  426,750  500,100  117 
1978-79  4,860,000  185,000  243,000  428,000  500,100  117 
1979-80  4,675,000  195,000  233,750  428,750  500,100  117 
1980-81  4,480,000  205,000  224,000  429,000  500,100  117 
1981-82  4,275,000  215,000  213,750  428,750  500,100  117 
1982-83  4,060,000  225,000  203,000  428,000  500,100  117 
1983-84  3,835,000  235,000  191,750  426,750  500,100  117 
1984-85  3,600,000  250,000  180,000  430,000  500,100  116 
1985-86  3,350,000  260,000  167,500  427,500  500,100  117 
1986-87  3,090,000  275,000  154,500  429,500  500,100  116 
1987-88  2,815,000  285,000  140,750  425,750  500,100  117 
1988-89  2,530,000  295,000  126,500  421,500  500,100  119 
1989-90  2,235,000  310,000  111,750  421,750  500,100  119 
1990-91  1,925,000  320,000  96,250  416,250  500,100  120 
1991-92  1,605,000  330,000  80,250  410,250  500,100  122 
1992-93  1,275,000  340,000  63,750  403,750  500,100  124 
1993-94  935,000  355,000  46,750  401,750  500,100  124 
1994-95  580,000  365,000  29,000  394,000  500,100  127 
1995-96  215,000  215,000  10,750  225,750  500,100  222 
$5,200,000  $3,028,750  $8,228,750 


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UNIVERSITY OF VIRGINIA
LAMBETH FIELD HOUSING

Estimated Net Revenue Available for Debt Service
For $5,200,000 General Obligation Bonds

             
ESTIMATED REVENUES: 
Regular Session - (838 x $700)  $586,600 
Summer Session - (300 x $135)  40,500 
Conferences and Institutes  86,000 
Total Estimated Revenue  $713,100 
ESTIMATED OPERATING EXPENSES: 
Maintenance  $ 27,000 
Contractual Services (including heat, light and power)  135,000 
Allocated portion of administrative costs  42,700 
Supplies  6,000 
Equipment replacement  2,300 
Total Estimated Operating Expenses  $213,000 
ESTIMATED NET REVENUE  $500,100