University of Virginia Library

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4609

RESOLUTION AUTHORIZING THE SENIOR VICE PRESIDENT AND CHIEF
FINANCIAL OFFICER TO ENTER INTO AN AGREEMENT WITH THE
DARDEN SCHOOL FOUNDATION FOR THE CONSTRUCTION OF THE NEW
DARDEN SCHOOL AND THE ADDITION TO SPONSORS HALL

• The following resolution was adopted:
• WHEREAS, the Darden School Foundation wishes to construct a new academic facility for use by the Darden School and a new facility for expansion of Sponsors Hall (collectively, the "Projects");
• WHEREAS, by resolution dated January 23, 1992, the Board of Visitors authorized the Senior Vice President and Chief Financial Officer, with the concurrence of the President and the Finance Committee of the Board of Visitors, to enter into a ground lease between the University and the Darden School on certain terms contained within that resolution;
• WHEREAS, by resolution dated October 31, 1992, the Finance Committee authorized the Senior Vice President and Chief Financial Officer, with the concurrence of the President and Rector, to enter into a lease subject to the terms of the January 23, 1992, resolution of the Board and Visitors and subject to appropriate terms on certain issues addressed in that resolution;
• WHEREAS, the nature of the transaction has changed and the University now plans to hire the Darden School Foundation as developer and issue up to $40 million in tax-exempt bonds to construct the Projects;
• WHEREAS, the Darden School Foundation wishes to pay the costs of constructing the Projects in the form of contractual payments over a term not to exceed thirty years;
• RESOLVED that the Senior Vice President and Chief Financial Officer, with the concurrence of the President and Rector, be and is hereby authorized to execute and deliver such documents, including without limitation a Letter of Understanding or other agreement, and take such action as may be necessary or desirable in connection with the authorization to issue up to $40 million in general revenue bonds to finance the cost of the Projects.