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DELEGATION OF AUTHORITY TO INVEST ADDITIONAL FUNDS IN BOARD-APPROVED VENTURES
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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DELEGATION OF AUTHORITY TO INVEST ADDITIONAL FUNDS IN BOARD-APPROVED VENTURES

The following resolution was adopted:

  • WHEREAS, pursuant to Virginia Code 23-77.3 and other provisions of law, the Virginia General Assembly has authorized the University investing in partnerships, joint ventures and other associations in order to promote the operations of its Medical Center and sustain the delivery of high quality medical care; and
  • WHEREAS, the Executive Vice President and Chief Financial Officer has previously been delegated general contracting authority on behalf of the University to procure goods or services in amount not to exceed $5 million dollars in any one year of the contract; and
  • WHEREAS, the Board of Visitors believes like authority should be delegated to the Executive Vice President and Chief Financial Officer to invest additional funds in said Board-approved ventures, partnerships and other associations, as may be necessary or advisable between meetings of the Board of Visitors.
  • RESOLVED that, in consultation with the Rector and chairs of the Health Affairs and Finance Committees and review by the General Counsel, the Executive Vice President and Chief Financial officer is authorized to invest additional funds in the aforesaid Board-approved ventures, not to exceed $5 million in any one year, as may be necessary or advisable between meetings of the Board of Visitors in order to safeguard the University's interests and maintain adequate capitalization; provided, any such transfer of funds shall be reported to the Board of Visitors at its next regular meeting;
  • RESOLVED FURTHER, the foregoing should expire on December 30, 1998, unless extended by the Board of Visitors.