 | Board of Visitors minutes February 9, 2007 |  |
RECITALS
A. By Chapter 9, Title 23 of the Code of Virginia of 1950, as amended, there is created 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"), which is vested with the supervision, management and control of the University.
B. By Chapter 3, Title 23 of the Code of Virginia of 1950, as amended, the University is classified as an educational institution, is declared to be a public body and is constituted a governmental instrumentality for the dissemination of education;
C. WHEREAS, the University has entered into a management agreement with the Commonwealth of Virginia which was enacted as Chapter 3 of Chapter 933 of the 2006 Virginia Acts of Assembly (the "Management Agreement"), pursuant to the Restructured Higher Education Financial and Administrative Operations Act, Chapter 4.10, Title 23 of the Virginia Code (the "Act");
D. WHEREAS, pursuant to resolutions adopted on January 31, 2003, June 11, 2005, and February __, 2007, the Board determined to establish a commercial paper program, for both taxable and tax-exempt obligations, and to finance capital and other projects authorized by the University as further described herein (the "Projects") and delegated to the Executive Committee of the Board and certain officers of the University pursuant to the Board's debt and interest rate risk management policies the power to approve the final terms of such commercial paper program and to amend the program as necessary, provided, unless otherwise resolved by the Board, the maximum aggregate principal amounts of all obligations issued as part of the commercial paper program outstanding at any one time may not exceed the Maximum Authorized Principal Amount, as hereinafter defined.
E. Pursuant to resolutions adopted March 5, 2003 (the "2003 Resolution") and amended June 28, 2005 (the "2005 Resolution"), as amended, the Executive Committee of the Board approved the terms of the University's Commercial Paper General Revenue Pledge Notes, Series 2003A (tax-exempt) and 2003B (taxable) and issued the current Program, as hereinafter defined, of Notes on June 15, 2006.
F. Pursuant to the provisions of Section 9.1(k) of the 2003 Resolution, as amended by the 2005 Resolution, this Resolution shall be effective for all Notes issued after the date hereof.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD:
| Board of Visitors minutes February 9, 2007 | |