 | Board of Visitors minutes February 9, 2007 |  |
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AMENDED AND RESTATED RESOLUTION
ADOPTED ON FEBRUARY __,
2007
THE RECTOR AND VISITORS OF THE
UNIVERSITY OF VIRGINIA
COMMERCIAL PAPER GENERAL REVENUE PLEDGE NOTES
SERIES A
(TAX-EXEMPT) and SERIES B (TAXABLE)
_____________________
TABLE OF CONTENTS
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| Page | ||
| ARTICLE I DEFINITIONS |
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| Section 1.1 | Definitions................................................................................................. | 2 |
| Section 1.2 | Rules of Construction/Use of Words and Phrases........................................... | 9 |
| ARTICLE II AUTHORIZATION, FORM, EXECUTION, DELIVERY, REGISTRATION AND PAYMENT OF THE NOTES |
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| Section 2.1 | Authorized Indebtedness; Authorization of the Notes;
Establishment of Programs....................................................................................................... |
9 |
| Section 2.2 | Details of the Notes.......................................................................................... | 9 |
| Section 2.3 | Conditions Precedent to Delivery of Notes.................................................... | 12 |
| Section 2.4 | Execution of the Notes................................................................................... | 13 |
| Section 2.5 | Transfer of the Notes..................................................................................... | 14 |
| Section 2.6 | Exchange of the Notes................................................................................... | 14 |
| Section 2.7 | Note Register; Notices; Persons Treated as Owners...................................... | 14 |
| Section 2.8 | Temporary Notes........................................................................................... | 14 |
| Section 2.9 | Notes Mutilated, Lost, Destroyed or Stolen................................................... | 15 |
| Section 2.10 | The Establishment of New Programs. ........................................................... | 15 |
| Section 2.11 | Book Entry Provisions................................................................................... | 16 |
| Section 2.12 | Liquidity Facility........................................................................................... | 18 |
| Section 2.13 | Payment of Maturing Notes........................................................................... | 19 |
| ARTICLE III [RESERVED] |
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| ARTICLE IV CUSTODY AND APPLICATION OF PROCEEDS OF THE NOTES |
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| Section 4.1 | Custody and Application of Proceeds of the Notes....................................... | 20 |
| Section 4.2 | Construction Fund.......................................................................................... | 20 |
| Section 4.3 | Items of Cost of the Projects.......................................................................... | 21 |
| Section 4.4 | Payments from Construction Fund................................................................ | 21 |
| Section 4.5 | Disposition of Balance in Construction Fund................................................ | 22 |
| ARTICLE V REVENUES AND FUNDS |
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| Section 5.1 | Debt Service Fund.......................................................................................... | 22 |
| Section 5.2 | Payments to Noteholders............................................................................... | 23 |
| Section 5.3 | Pledge of Funds and Accounts...................................................................... | 23 |
| Section 5.4 | Moneys Held in Trust.................................................................................... | 23 |
| Section 5.5 | Cancellation of the Notes Upon Payment...................................................... | 23 |
| Section 5.6 | Investment of Moneys.................................................................................... | 23 |
| Section 5.7 | No Risk to Issuing and Paying Agent Funds................................................. | 24 |
| ARTICLE VI PARTICULAR COVENANTS |
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| Section 6.1 | Payment of Principal and Interest; Pledge of Pledged Revenues.................. | 24 |
| Section 6.2 | Reserved....................................................................................................... | 24 |
| Section 6.3 | Additional Indebtedness and Encumbrances................................................. | 25 |
| Section 6.4 | Disposition of Assets..................................................................................... | 26 |
| Section 6.5 | Insurance........................................................................................................ | 27 |
| Section 6.6 | Rights of Noteholders Not to Be Impaired.................................................... | 27 |
| Section 6.7 | Further Instruments and Actions.................................................................... | 27 |
| Section 6.8 | Accurate Records and Accounts.................................................................... | 27 |
| Section 6.9 | Recognized Accounting Principles................................................................ | 27 |
| Section 6.10 | Tax Covenants.............................................................................................. | 27 |
| ARTICLE VII EVENTS OF DEFAULT AND REMEDIES |
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| Section 7.1 | Events of Default........................................................................................... | 28 |
| Section 7.2 | Remedies........................................................................................................ | 29 |
| Section 7.3 | Pro Rata Application of Funds....................................................................... | 30 |
| Section 7.4 | Effect of Discontinuance of Proceedings....................................................... | 31 |
| Section 7.5 | Proceedings for Equal Benefit of All Noteholders........................................ | 31 |
| Section 7.6 | No Remedy Exclusive.................................................................................... | 31 |
| Section 7.7 | No Delay or Omission Construed to Be a Waiver......................................... | 31 |
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| ARTICLE VIII EXECUTION OF INSTRUMENTS BY NOTEHOLDERS AND PROOF OF OWNERSHIP OF THE NOTES |
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| Section 8.1 | Execution of Instruments; Proof of Ownership............................................. | 32 |
| ARTICLE IX SUPPLEMENTAL RESOLUTIONS |
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| Section 9.1 | Supplemental Resolutions.............................................................................. | 32 |
| Section 9.2 | Modification of Resolution with Consent of Holders.................................... | 33 |
| Section 9.3 | Supplemental Resolutions Part of this Resolution......................................... | 35 |
| ARTICLE X DEFEASANCE |
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| Section 10.1 | Defeasance. If the University shall pay or provide for the
payment of the entire indebtedness on all Notes outstanding in any one or more of the following ways:........................................................................................ |
35 |
| Section 10.2 | Liability of University Not Discharged......................................................... | 36 |
| Section 10.3 | Provision for Payment of Particular Notes.................................................... | 36 |
| ARTICLE XI MISCELLANEOUS PROVISIONS |
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| Section 11.1 | Effect of Covenants...................................................................................... | 37 |
| Section 11.2 | Issuing and Paying Agent; Dealer.................................................................. | 37 |
| Section 11.3 | Manner of Giving Notice............................................................................... | 37 |
| Section 11.4 | Alternative Notice.......................................................................................... | 38 |
| Section 11.5 | Effect of Partial Invalidity............................................................................. | 38 |
| Section 11.6 | Governing Law.............................................................................................. | 38 |
| Section 11.7 | [Reserved]...................................................................................................... | 38 |
| Section 11.8 | Amendments to Resolution; Approval, Execution and Delivery
of Necessary and Appropriate Documents..................................................................... |
39 |
| Section 11.9 | Note Delivery................................................................................................. | 39 |
| Section 11.10 | Repeal of Inconsistent Provisions.................................................................. | 39 |
| Section 11.11 | Issuing and Paying Agent Reliance............................................................... | 39 |
| EXHIBIT A - Form of the Notes | ||
| EXHIBIT B - Requisition Voucher | ||
| EXHIBIT C - Form of Program Order | ||
McGuireWoods LLP Draft of February 26, 2007
| Board of Visitors minutes February 9, 2007 | |