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AUTHORIZATION TO EFFECT CAPITAL ADVANCES TO THE UNIVERSITY OF VIRGINIA REAL ESTATE FOUNDATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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AUTHORIZATION TO EFFECT CAPITAL ADVANCES TO THE UNIVERSITY OF
VIRGINIA REAL ESTATE FOUNDATION

  • The following resolution was adopted:
  • RESOLVED that the Vice President for Business and Finance be and he is hereby authorized to effect capital advances to the University of Virginia Real Estate Foundation in an amount not to exceed $30,000,000 for use by the Foundation consistent with its purpose as stated in the Foundation's Articles of Incorporation. This amount includes $10,655,164.66 for properties to be transferred from the Alumni Association, $800,000 for working capital transferred to the Real Estate Foundation, $800,000 for renovation of existing properties and $105,000 for the purchase of property currently under option;
  • BE IT FURTHER RESOLVED that the obligation of the Foundation to repay advances from the University shall be evidenced by Demand Note(s) in substantially the form attached hereto, provided that the Vice President for Business and Finance is hereby authorized to revise, amend, alter or supplement the terms of such Demand Note(s) in his discretion.