 | Board of Visitors minutes March 30, 1984 |  |
2561
THE RECTOR AND VISITORS OF THE UNIVERSITY OF VIRGINIA
RESOLUTION RATIFYING ACTIONS TAKEN IN CONNECTION WITH
SHORT TERM BORROWINGS OF UP TO $5,000,000
The following resolution was adopted:
- WHEREAS, The Rector and Visitors of the University of Virginia (the "University") duly adopted a resolution on January 27, 1984, authorizing the short term borrowing of up to $5,000,000 to be evidenced by one or more endowment fund revenue notes of the University; and
- WHEREAS, on March 20, 1984, the University issued its $5,000,000 Endowment Fund Revenue Note, Series of 1984 (the "Note") to United Virginia Bank ("UVB");
- NOW, THEREFORE, BE IT HEREBY RESOLVED:
- 1. The issuance of the Note bearing interest on initial borrowings thereunder at a fixed rate of 5.94% per annum, and the other terms of the financing as evidenced by the Note Purchase and Line of Credit Agreement dated as of March 1, 1984, between the University and UVB, the Indenture dated as of March 1, 1984, between the University and UVB, as trustee, and the $5,000,000 Special Obligation Promissory Note issued by the University to the University's Endowment Fund and assigned to UVB are hereby approved.
- 2. All other actions taken by the Rector, the Secretary, the Vice President for Business and Finance and any other officer of the University in connection with the issuance of the Note, including the acceptance of UVB's commitment for its purchase, are hereby ratified, confirmed and approved.
- 3. This resolution shall be effective immediately.
| Board of Visitors minutes March 30, 1984 | |