University of Virginia Library

RESOLUTION ON BOND ISSUE IN SUPPORT OF COPELEY HILL APARTMENTS
PHASE IV, AND EXECUTIVE CENTER HOUSING

• The following resolution was adopted:
• WHEREAS, pursuant to the provisions of Chapter 809 of the Acts of the General Assembly of Virginia of 1978, 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 $15,275,000 for the purpose of providing funds, with any other available funds, for paying the cost of acquiring, constructing and equipping revenue producing capital projects, including the enlarging and improving thereof, 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 projects (the "Projects") for the University of Virginia:
     

  Project	Estimated Amount
  Copeley Hill Graduate Housing, Phase IV (Approximately 95 units)	$640,000
  Executive Center Housing (Approximately 35 units)	$715,000

  ; and

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• WHEREAS, The Treasury Board proposes to sell a portion of said bonds designated "Higher Educational Institutions Bonds, 1979 Series "A" (the "Bonds"), in an amount not exceeding $10,625,000, which includes an aggregate amount not to exceed $1,355,000 to finance the Projects:

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 rentals for or in connection with the use and occupation of the Projects, and (b) pledges the same to the payment of the principal of and the interest on that portion of the Bonds issued to finance the Projects. The University further covenants that such rentals will be fixed, revised, charged and collected so that the net revenues from the Projects will at all times be sufficient, when added to other funds available for the purpose, to pay the principal of and the interest on that portion of the Bonds issued to finance the Projects. 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 Projects may be used by the University of Virginia for any other proper purpose.

Section 2. It is hereby found, determined and declared that, based upon responsible engineering and economic estimates, 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 Projects.

Section 3. The University covenants that the University of Virginia 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 of Virginia to finance the Projects.

Section 4. The University covenants to pay from time to time the University of Virginia'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 of Virginia.