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AUTHORIZATION FOR THE VICE PRESIDENT FOR BUSINESS AND FINANCE AND ASSISTANT VICE PRESIDENT FOR FINANCE TO SIGN CONTRACTS WITH THE VIRGINIA COLLEGE BUILDING AUTHORITY FOR LEASED EQUIPMENT NOT EXCEEDING $5.7 MILLION
 
 
 
 
 
 
 
 
 
 
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3358

AUTHORIZATION FOR THE VICE PRESIDENT FOR BUSINESS AND FINANCE
AND ASSISTANT VICE PRESIDENT FOR FINANCE TO SIGN CONTRACTS WITH
THE VIRGINIA COLLEGE BUILDING AUTHORITY FOR LEASED EQUIPMENT NOT
EXCEEDING $5.7 MILLION

  • The following resolution was adopted:
  • WHEREAS, the Virginia College Building Authority (the Authority) has instituted a program of purchasing scientific and technical equipment (the Equipment) for lease to public institutions of higher education in the Commonwealth of Virginia for use in teaching and research;
  • WHEREAS, the Board of Visitors of the University of Virginia (the Institution) hereby finds it will be in the best interest of the Institution to lease Equipment having an aggregate value not exceeding $5,690,934 from the Authority; and,
  • WHEREAS, there has been presented to the Board a form of a Lease Agreement providing for the lease of Equipment by the Institution from the Authority;
  • BE IT RESOLVED BY THE BOARD OF VISITORS:
  • 1. The Institution shall lease Equipment having an aggregate value not exceeding $5,690,934 from the Authority under terms and conditions substantially as set forth in the form of the Lease Agreements presented to the Board of Visitors of the University of Virginia, which is hereby approved.
  • 2. The Vice President for Business and Finance and the Assistant Vice President for Finance of the Institution are each hereby authorized and directed to take such further action as may be necessary or desirable to effect such leases of Equipment, including executing and delivering such Lease Agreements and supplements thereto as may be necessary or desirable.
  • 3. The Vice President for Business and Finance or the Assistant Vice President for Finance may approve such changes or modifications to the form of Lease Agreement as such officer may determine to be in the best interest of the Institution, such Officer's execution of such Lease Agreement with such changes to be conclusive evidence of approval.
  • 4. The obligations of the Institution to pay rent for Equipment under such Lease Agreements shall be payable in such installments with interest at such rate or rates over such term or terms as the President or Vice President for Business and Finance or the Assistant Vice President for Finance shall determine to be in the best interest of the Institution.