Section 2. It is hereby found, determined and declared
that, based on responsible engineering and economic estimates
and advice of appropriate officials of the University, as
shown on Exhibit A hereto, the anticipated revenues received
from the rentals, fees and charges pledged herein will be
sufficient to pay Current Expenses, the principal of, premium,
if any, and interest on the bonds issued to finance the
Project as the same become due, and debt service on any
outstanding obligations which are secured by the rentals,
fees and charges pledged herein so long as (i) the effective
true interest cost on the bonds does not exceed 10.50% per
annum, and (ii) the aggregate amount of debt service actually
payable in any bond year on the bonds issued to finance the
Project does not exceed $768,943, 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 rentals, fees and charges pledged
herein will also be sufficient to pay the additional amount
of actual debt service which for any bond year(s) exceeds the
amount stated above.
