Board of Visitors minutes :: March 25, 1983 :: University of Virginia Library

APPROVAL OF THE PARTICIPATION OF THE UNIVERSITY OF VIRGINIA IN THE VIRGINIA HIGHER EDUCATIONAL INSTITUTIONS BOND ACT OF 1983 FOR THE STUDENT UNION AT CLINCH VALLEY COLLEGE, THE ADDITION TO NEWCOMB HALL, AND HOUSING FOR APPROXIMATELY 300 STUDENTS IN THE TOTAL AMOUNT OF $10,358,542

CLINCH VALLEY COLLEGE MATTER

Exhibit A CLINCH VALLEY COLLEGE OF THE UNIVERSITY OF VIRGINIA Feasibility Study for Student Union Building Prepared by the University Budget Office in conjunction with Clinch Valley College of The University of Virginia March 10, 1983

CLINCH VALLEY COLLEGE OF THE UNIVERSITY OF VIRGINIA STUDENT UNION BUILDING PROJECT DESCRIPTION

Student Union Building Estimated Net Revenue Available for Debt Service for $585,000 General Obligation Bonds

UNIVERSITY OF VIRGINIA DEBT SERVICE SCHEDULE CVC - STUDENT UNION BUILDING INTEREST RATE 8.5 %

Exhibit B UNIVERSITY OF VIRGINIA Feasibility Study for Addition to Newcomb Hall Prepared by the University Budget Office in conjunction with the Vice President for Student Affairs and the Director of Business and Auxiliary Services University of Virginia March 10, 1983

UNIVERSITY OF VIRGINIA Addition to Newcomb Hall Project Description

UNIVERSITY OF VIRGINIA Addition to Newcomb Hall Estimated Net Revenue Available for Debt Service for $2,800,000 Revenue Bonds

UNIVERSITY OF VIRGINIA DEBT SERVICE SCHEDULE NEWCOMB HALL ADDITION INTEREST RATE 8.5 %

Exhibit C UNIVERSITY OF VIRGINIA Preliminary Feasibility Study for Housing for Approximately 300 Students Prepared by The University of Virginia Budget Office In Consultation with the Director of Business Operations March 10, 1983

UNIVERSITY OF VIRGINIA Housing for Approximately 300 Students Project Description

UNIVERSITY OF VIRGINIA Housing for Approximately 300 Students Estimated Net Revenue Available for Debt Service for $5,000,000 Bond Issue

UNIVERSITY OF VIRGINIA DEBT SERVICE SCHEDULE HOUSING FOR 300 STUDENTS INTEREST RATE 8.5 %

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APPROVAL OF THE PARTICIPATION OF THE UNIVERSITY OF VIRGINIA IN
THE VIRGINIA HIGHER EDUCATIONAL INSTITUTIONS BOND ACT OF 1983
FOR THE STUDENT UNION AT CLINCH VALLEY COLLEGE, THE ADDITION
TO NEWCOMB HALL, AND HOUSING FOR APPROXIMATELY 300 STUDENTS IN
THE TOTAL AMOUNT OF $10,358,542

The following resolution was adopted:

WHEREAS, pursuant to the provisions of the Commonwealth of Virginia Higher Educational Institutions Bond Act of 1982 and the Commonwealth of Virginia Higher Educational Institutions Bond Act of 1983, which Acts have been enacted by the General Assembly of Virginia of 1983, 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 $92,418,000 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 a Student Union at Clinch Valley College (the "Student Union Project"), addition to Newcomb Hall (the "Newcomb Hall Project") and Student Housing for approximately 300 students (the "Student Housing Project") for the University of Virginia at costs now estimated to be $1,170,000, $4,188,542 and $5,000,000 respectively; and
WHEREAS, the Treasury Board proposes to sell a portion of the above bonds to be designated "Higher Educational Institutions Bonds, 1983 Series D" (the "1983 Series D Bonds"), which will include an amount equal to $585,000 for the purpose of financing a portion of the cost of the Student Union Project; and
WHEREAS, the Treasury Board proposes to sell a portion of the above bonds to be designated "Higher Educational Institutions Bonds, 1983 Series E" (the "1983 Series E Bonds"), in the principal amount of $7,800,000 for the purpose of financing a portion of the costs of the Newcomb Hall Project and the Student Housing Project;

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NOW THEREFORE BE IT RESOLVED BY THE BOARD OF 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 student building fees and rental space fees for or in connection with the Student Union Project and revenues from the food service facilities, game room and bookstore located in the Student Union Project, and (b) pledges said fees and revenues to the payment of the principal of, premium, if any, and interest on that portion of the 1983 Series D Bonds issued to finance the Student Union Project; provided that the current expenses of operating the Student Union Project, including the food service facilities, game room and bookstore (the "Student Union Current Expenses") shall be a first charge on such fees and revenues. The University further covenants that such fees and revenues will be fixed, revised, charged and collected so that the net revenues from or for the use or otherwise received on behalf of the Student Union Project after payment of the Student Union Current Expenses, will at all times be sufficient to pay the principal of, premium, if any, and interest on that portion of the 1983 Series D Bonds issued to finance the Student Union Project, as and when the same become due. Any such revenues in excess of the amounts required for the payment of the Student Union Current Expenses and the payment of the principal of, premium, if any, and interest on that portion of the 1983 Series D Bonds issued to finance the Student Union Project when due 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 advice of appropriate officials of the University as shown on Exhibit A hereto, the anticipated net revenues received from or on behalf of the Student Union Project pledged above will be sufficient to pay the Student Union Current Expenses and the principal of, premium if any, and interest on that portion of the 1983 Series D Bonds issued to finance the Student Union Project, as the same become due, so long as the average interest rate on the 1983 Series D Bonds does not exceed 8.5 per annum.
Section 3. The University covenants that so long as the 1983 Series D Bonds are outstanding, the University will pay to the Treasurer of Virginia not less than 30 days before each interest or principal and interest payment date, the amount certified by the Treasurer of Virginia to be due and payable on such date as principal and interest on that portion of the 1983 Series D Bonds issued on behalf of the University to finance the Student Union Project.

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Section 4. The University (a) covenants to fix, revise, charge and collect student building fees and rental space fees for or in connection with the Newcomb Hall Project and revenues from the food service facilities, game room and bookstore located in the Newcomb Hall Project, and (b) pledges said fees and revenues to the payment of the principal of, premium, if any, and interest on that portion of the 1983 Series E Bonds issued to finance the Newcomb Hall Project; provided that the current expenses of operating the Newcomb Hall Project, including the food service facilities, game room and bookstore (the "Newcomb Hall Current Expenses") shall be a first charge on such fees and revenues. The University further covenants that such fees and revenues will be fixed, revised, charged and collected so that the net revenues from or for the use or otherwise received on behalf of the Newcomb Hall Project, after payment of the Newcomb Hall Current Expenses, will at all times be sufficient to pay the principal of, premium, if any, and interest (exclusive of construction period interest included in the proceeds of the 1983 Series E Bonds) on that portion of the 1983 Series E Bonds issued to finance the Newcomb Hall Project, as and when the same become due. Any such revenues in excess of the amounts required for the payment of the Newcomb Hall Current Expenses and the payment of the principal of, premium, if any, and such interest on that portion of the 1983 Series E Bonds issued to finance the Newcomb Hall Project when due may be used by the University for any other proper purpose.
Section 5. 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 B hereto, the anticipated net revenues received from or on behalf of the Newcomb Hall Project pledged above will be sufficient, together with construction period interest included in the proceeds of the 1983 Series E Bonds, to pay the Newcomb Hall Current Expenses and the principal of, premium, if any, and interest on that portion of the 1983 Series E Bonds issued to finance the Newcomb Hall Project, as the same become due, so long as the average interest rate on the 1983 Series E Bonds does not exceed 8.5% per annum.
Section 6. The University (a) covenants to fix, revise, charge and collect rents from all of its state owned housing (including, without limitation, the Student Housing Project), and (b) pledges said rents to the payment of the principal of, premium, if any, and interest on that portion of the 1983 Series E Bonds issued to finance the Student Housing Project; provided that the current expenses of operating all of the University's state owned housing (the "Housing Current Expenses") shall be a first charge on such rents. The University further covenants that such rents will be fixed, revised, charged and collected so that the net revenues from or
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for the use or otherwise received on behalf of the University's state owned housing (including the Student Housing Project), after payment of the Housing Current Expenses, will at all times be sufficient to pay the principal of, premium, if any, and interest (exclusive of construction period interest included in the proceeds of the 1983 Series E Bonds) on that portion of the 1983 Series E Bonds issued to finance the Student Housing Project, as and when the same become due. Any such revenues in excess of the amounts required for the payment of the Housing Current Expenses and the payment of the principal of, premium, if any, and such interest on that portion of the 1983 Series E Bonds issued to finance the Student Housing Project when due may be used by the University for any other proper purpose.
Section 7. 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 C hereto, the anticipated net revenues received from or on behalf of the University's state owned housing (including the Student Housing Project) pledged above will be sufficient, together with construction period interest included in the proceeds of the 1983 Series E Bonds, to pay the Housing Current Expenses, any other debt service presently secured by or payable from such revenues, and the principal of, premium, if any, and interest on that portion of the 1983 Series E Bonds issued to finance the Student Housing Project, as the same become due, so long as the average interest rate on the 1983 Series E Bonds does not exceed 8.5% per annum.
Section 8. The University covenants that so long as the 1983 Series E Bonds are outstanding, the University will pay the Treasurer of Virginia not less than 30 days before each interest or principal and interest payment date, the amount certified by the Treasurer of Virginia to be due and payable on such date as principal and interest on the 1983 Series E Bonds.
Section 9. The University covenants that it will pay from time to time its proportionate share of all expenses incurred in connection with the sale and issuance of the 1983 Series D Bonds and the 1983 Series E Bonds and all expenses thereafter incurred in connection with the payment of the principal of, premium, if any, and interest on the 1983 Series D Bonds and the 1983 Series E Bonds all as certified by the Treasurer of Virginia to the University.