 | Board of Visitors minutes November 11, 1994 |  |
4966
APPROVAL TO ISSUE BONDS FOR THE NORTHERN VIRGINIA
EDUCATION CENTER
The following resolution was adopted:
- WHEREAS, Chapter 9, Title 23 of the Code of Virginia of 1950, as amended (the "Virginia Code"), confirms a corporation under the name and style of The Rector and Visitors of the University of Virginia (the "University"); which is governed by a Board of Visitors (the "Board");
- WHEREAS, Chapter 3, Title 23 of the Virginia Code (the "Act"), classifies the University as an educational institution, declares it to be a public body and constitutes it a governmental instrumentality for the dissemination of education;
- WHEREAS, the Act empowers the University, with the consent and approval of the General Assembly of the Commonwealth of Virginia (the "Commonwealth") and the Governor of the Commonwealth to build, construct, reconstruct, erect, extend, better, equip and improve any building, facility, addition, extension or improvement of a capital nature required by or convenient for the purposes of the University and to borrow money and make, issue and sell bonds of the University for any of such purposes, including the refinancing of any such facilities, such bonds to be issued and sold through the Treasury Board of the Commonwealth (the "Treasury Board");
- WHEREAS, the Act further authorizes the University to pledge to the payment of the principal of and the interest on such bonds any moneys available for the use of the University, including, but not limited to, and subject to guidelines promulgated by the Secretary of Finance of the Commonwealth (the "Secretary of Finance"), moneys appropriated to the University from the general fund of the Commonwealth or from nongeneral funds, without regard to the source of such moneys, and which are not required by law or by previous binding contract to be devoted to some other purpose;
- WHEREAS, the Board has determined to collaborate with Virginia Polytechnic Institute and State University in constructing and equipping a joint educational center to be located in Falls Church, Virginia (the "Project");
- WHEREAS, the Board, has determined to finance a portion of the costs of the Project through the issuance of its general revenue pledge bonds;
- WHEREAS, the Virginia General Assembly has authorized the
issuance of bonds by the University and Virginia Polytechnic
Institute and State University pursuant to Article X, Section
9(d) of the Constitution of Virginia in the maximum amount of
$18,500,000, plus amounts needed to fund issuance costs, reserve
funds and other financing expenses, to finance the Project
pursuant to Chapter 965 of the 1994 Acts of the Virginia General Assembly;4967
- NOW THEREFORE BE IT RESOLVED BY THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA:
- (Following pages of Resolution are not included - see attached Table of Contents).
| Board of Visitors minutes November 11, 1994 | |