Board of Visitors minutes :: March 18, 1988 :: University of Virginia Library

The Board hereby authorizes, pursuant to the Act, the issuance, execution and sale of bonds of the University (the "Series E Bonds") to finance, together with other available funds, the costs of refunding all or part of the Series C Bonds and expanding the replacement hospital portion of the Project (including (if and to the extent provided in the Series Resolution providing for the issuance of the Series E Bonds) the funding of interest, reserves and costs of issuance) and pursuant to Section 23-19 of the Act hereby provides that the terms and conditions of the Series E Bonds shall be specified by the Executive Committee of the Board (the "Executive Committee"), subject to the following limitations:
a. Maximum principal amount: $105,000,000.
b. Maturity: On any date not later than June 1, 2025.
c. Interest Rate: Any fixed rate not to exceed 8% per annum.
d. Date of Series E Bonds: Any date not later than December 1, 1988.
e. Interest payment dates: On any date not more frequently than monthly.
f. Denominations: Any multiple of $1,000.
g. Form of Series E Bonds: Registered.
h. Execution; Medium and Place of Payment: As approved by the Executive Committee consistent with the laws of the Commonwealth.
i. Redemption: On any date approved by the Executive Committee with a premium not to exceed 4%.
j. Sale price: At least par minus (1) a bond discount to underwriters not to exceed 2 1/2%, plus (2) if deemed advisable in connection with the marketing of the Series E Bonds, a discount to investors in an amount to be determined by the Executive Committee.
k. Amount of bond proceeds used to purchase bond insurance, letters of credit and other credit enhancements:
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Not more than 4% of original principal amount of Series E Bonds.
l. Security: The Series E Bonds, together with any outstanding Series C Bonds not being refunded, the University's $32,200,000 Variable Rate Demand Hospital Revenue Refunding Bonds (Series D) and any additional bonds issued pursuant to the Master Resolution adopted by the Executive Committee on November 30, 1984, will be secured by a pledge of the Net Revenues (as defined in said Master Resolution).

2. AUTHORIZATION OF RESOLUTIONS.

The Board hereby authorizes the Executive Committee (a) to adopt one or more appropriate series resolutions in substantially the form submitted to the Board at this meeting or such other forms approved by the Executive Committee consistent with the terms and conditions set forth in Paragraph 1 above and (b) to execute and deliver such other documents, including reimbursement agreements with one or more foreign or domestic banking institutions, agreements with one or more bond insurers, and an escrow deposit agreement with Signet Trust Company (the legal successor to Bank of Virginia Trust Company) and/or the Treasurer of the Commonwealth of Virginia, and take such action as may be necessary or desirable in connection with the issuance and sale of the Series E Bonds.

3. AUTHORIZATION TO OFFICERS.

The Board hereby authorizes all officers and employees of the University to take all action necessary or desirable in connection with the issuance or sale of the Series E Bonds as may be approved by the Rector, President, Vice President for Business and Finance or the Assistant Vice President for Finance.