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 the rentals, pledged above will be sufficient to
pay the Housing Current Expenses, the principal of, premium, if
any, and interest on that portion of the Bonds issued to finance
the Student Housing Project as the same become due, and debt
service on any outstanding obligations issued to provide funds
for the University-owned student housing system, so long as (i)
the effective true interest cost on the Bonds does not exceed
_____ per annum, and (ii) the aggregate amount of debt service
actually payable in any bond year and all bond years on that
portion of the Bonds issued to finance the Student Housing
Project does not exceed the estimated aggregate amount of debt
service for the corresponding years as shown on Exhibit A, unless
the Vice President for Business and Finance provides the Governor
and the Treasury Board of the Commonwealth of Virginia with
satisfactory evidence that the revenues pledged in Section 1
above will also be sufficient to pay the additional amount of
actual debt service which for any bond year(s) exceeds the
estimated amount shown on Exhibit A.
