 | Board of Visitors minutes February 9, 2007 |  |
Section 2.10 The Establishment of New Programs.
(a) A new Program may be established hereunder for Series A (Tax-Exempt) Notes, from time to time, by the completion and execution by an Authorized Officer of the University, and the Notice to the Issuing and Paying Agent and the Dealer, of a New Program Order in substantially the form attached hereto as Exhibit C, and compliance with the provisions of Section 2.10(c) hereof. No further action shall be required to be taken by the Board or the Executive Committee in order to establish a new Program hereunder, other than as set forth in this Section 2.10. The establishment of a new Program, in and of itself, shall not require the consent of the holders of any Notes.
(b) A Program may be established from time to time to succeed another Program. On and after the date a new Program is established hereunder, no Notes may be issued under a prior Program; however, Notes may be issued to refund Notes under the prior Program and Outstanding Notes issued under a prior Program shall continue to be subject to the terms and provisions of this Resolution until their maturity date. It is the intention of the University that all Series 2003A Notes issued under a Program, as a part of one or more Series, for a period not greater than the 18-month period beginning on the date of the first issuance of Series A (Tax-Exempt) Notes under such Program (such period, the "New Money Issuance Period") shall constitute a single issue under the Code. Under each Program, Series A (Tax-Exempt) Notes may be issued during the New Money Issuance Period to finance or refinance (i) Costs of the Projects, (ii) certain costs of issuance of the Series A (Tax-Exempt) Notes or (iii) Series A (Tax-Exempt) Notes issued under such Program or a prior Program. After the New Money Issuance Period, Series A (Tax-Exempt) Notes may be issued under a Program only to refinance Notes previously issued under that Program.
(c) The establishment and effectiveness of a new Program shall be conditioned upon the delivery to the Issuing and Paying Agent of each of the following:
- (i) A fully executed copy of the New Program Order;
- (ii) Fully executed copies of a Tax Certificate and IRS Form 8038 with respect to such Program;
- (iii) An opinion of Bond Counsel with respect to such Program; and
- (iv) Such other documents, certificates and opinions as the Board, Bond Counsel, counsel to the Board, the Issuing and Paying Agent, the Dealer or the Dealer counsel may reasonably require.
| Board of Visitors minutes February 9, 2007 | |