University of Virginia Library

AUTHORIZATION FOR THE EXECUTIVE VICE PRESIDENT AND CHIEF
FINANCIAL OFFICER AND ASSISTANT VICE PRESIDENT FOR FINANCE
TO SIGN CONTRACTS WITH THE VIRGINIA COLLEGE BUILDING
AUTHORITY FOR LEASED EQUIPMENT NOT EXCEEDING $4.38 MILLION

• The following resolution was adopted:
• WHEREAS, pursuant to Chapter 3.2, Title 23 of the Code of Virginia of 1950, as amended (the "Act"), Chapter 994 of the 1993 Virginia Acts of Assembly (the "Appropriation Act"), and such other appropriation acts as may be enacted by the General Assembly of Virginia in the future ("Future Appropriation Acts"), the General Assembly of Virginia has authorized and may authorize in the future the acquisition and installation of scientific, technical and other equipment ("the Equipment") for training, research and related activities by the Virginia College Building Authority ("the Authority") for lease or sale to educational institutions enumerated in Section 23-14 of the Code of Virginia of 1950, as amended; and
• WHEREAS, the Authority intends to issue its Educational Facilities Revenue Bonds (Equipment Leasing Program) Series 1994 A (the "1994 Bonds") and to issue from time to time additional educational facilities revenue bonds to finance the acquisition and installation of Equipment in furtherance of the purposes of the Act (the "Future Bonds"); and
• WHEREAS, the General Assembly of Virginia has approved and may approve in the future the participation by the University of Virginia (the "Institution") in the equipment financing program (the "Equipment Financing Program"), and the Institution desires to participate in accordance with the Act, the Appropriation Act, as applicable, Future Appropriation Acts, the Equipment Trust Fund Procedures adopted by the State Council of Higher Education and any future law or regulations applicable to the Equipment Financing Program; and
• WHEREAS, the 1993 General Assembly has allocated $4,380,000 to the Institution in Fiscal Year 1993-94 for the acquisition of Equipment in the Equipment Financing Program; and

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• WHEREAS, in order to participate in the Equipment Financing Program and to receive a portion of the proceeds of the 1994 Bonds, it will be necessary for the Institution to enter into a lease agreement by and among the Authority, the Institution, and the Commonwealth pursuant to which the Authority will lease the Equipment to the Institution and pursuant to which the Institution will pay rentals and other sums sufficient to pay the principal of, premium, if any, and interest due on the portion of the 1994 Bonds issued to finance the Equipment leased to the Institution (the "1994 Lease"); and
• WHEREAS, in order to participate in the future in the Equipment Financing Program as may be authorized by the General Assembly of Virginia, it will be necessary for the Institution to enter into subsequent lease agreements by and among the Authority, the Institution and the Commonwealth pursuant to which the Authority will lease Equipment acquired by the Authority in accordance with Future Appropriation Acts of the General Assembly of Virginia to the Institution and pursuant to which the Institution will pay rentals and other sums in the future sufficient to pay the principal of, premium, if any, and interest due on Future Bonds issued to finance Equipment leased to the Institution (the "Future Leases"); and
• WHEREAS, there has been presented to the Board of Visitors of the Institution a proposed form of the 1994 Lease; and
• WHEREAS, it is the desire of the Board of Visitors of the Institution to approve the participation by the Institution in the Equipment Financing Program and the execution and delivery of the 1994 Lease on terms and conditions substantially in accordance with the form presented at this meeting and, similarly, to authorize officers of the Institution to execute and deliver in the name of and on behalf of the Institution, the 1994 Lease and any and all documents necessary to effectuate the Equipment Financing Program; and
• WHEREAS, it is the desire of the Board of Visitors of the Institution to approve the future participation by the Institution in the Equipment Financing Program as may be authorized by the General Assembly of Virginia and to authorize the execution and delivery of such Future Leases on terms and conditions substantially in accordance with the 1994 Lease and to similarly authorize certain officers of the Institution to execute and deliver in the name of and on behalf of the Institution, any Future Leases and any future documents necessary to effectuate the Equipment Financing Program.

NOW, THEREFORE, BE IT RESOLVED that the participation of the Institution in the Equipment Financing Program is hereby approved and that the 1994 Lease in substantially the form presented to the Board of Visitors of the Institution is approved.

BE IT RESOLVED FURTHER, that the Executive Vice President and Chief Financial Officer of the Institution and the Assistant Vice President for Finance of the Institution, or either of them (the "Authorized Officers"), also are hereby delegated and invested with full power and authority to execute and deliver, on behalf of the Board of Visitors of the Institution, (a) the 1994 Lease in substantially the form presented at this meeting with such changes, insertions or omissions as may be approved by the Authorized Officers whose approval shall be evidenced conclusively by the execution and delivery of the 1994 Lease and (b) any and all other documents, instruments or certificates as may be deemed necessary to consummate the Institution's participation in the Equipment Financing Program and to further carry out the purposes and intent of this Resolution.

BE IT RESOLVED FURTHER, that the Authorized Officers are hereby delegated and invested with full power and authority to execute and deliver, on behalf of the Board of Visitors of the Institution, (a) such Future Leases in substantially the form of the 1994 Lease with such changes, insertions or omissions as may be approved by the Authorized Officers whose approval shall be evidenced exclusively by the execution and delivery of such Future Leases and (b) any and all other documents, instruments or certificates as may be deemed necessary in the future to consummate the Institution's participation in the Equipment Financing Program as may be authorized by the General Assembly of Virginia and to further carry out the purposes and intent of this Resolution in the future, it being the intent of the Board of Visitors of the Institution that no further action on behalf of the Board of Visitors of the Institution shall be necessary to empower the Authorized Officers to execute and deliver such Future Leases and other documents as may be deemed necessary in order for the Institution to further participate in the Equipment Financing Program.