RESOLUTION OF THE UNIVERSITY OF THE VIRGIN
RESOLUTION OF THE UNIVERSITY OF THE VIRGIN ISLANDS AUTHORIZING A REVOLVING LINE OF CREDIT AT CHASE MANHATTAN BANK OR OTHER AUTHORIZED DEPOSITORY Upon motion duly made and seconded, the following resolution was adopted by the members of the Board of Trustees of the University of the Virgin Islands: WHEREAS, the Government of the Virgin Islands is facing a serious cash flow problem that is affecting the release of allotments to the University for the FY94-95 fiscal year, WHEREAS, only $1.025 million had been released in the first quarter based against a first quarter authorization from OMB of $8.025 million together with an additional $2.0 in January, WHEREAS, it is anticipated that there will be substantial delays in obtaining additional allotments during the course of the year, WHEREAS, this situation is placing serious stress on our cash flow situation, WHEREAS, our operating cash position at the start of January was a negative $160,000, WHEREAS, the short-term needs for cash can be met by instituting a Revolving Line of Credit, WHEREAS, exploratory discussions with Chase Manhattan …
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RESOLUTION OF THE UNIVERSITY OF THE VIRGIN ISLANDS AUTHORIZING A REVOLVING LINE OF CREDIT AT CHASE MANHATTAN BANK OR OTHER AUTHORIZED DEPOSITORY Upon motion duly made and seconded, the following resolution was adopted by the members of the Board of Trustees of the University of the Virgin Islands: WHEREAS, the Government of the Virgin Islands is facing a serious cash flow problem that is affecting the release of allotments to the University for the FY94-95 fiscal year, WHEREAS, only $1.025 million had been released in the first quarter based against a first quarter authorization from OMB of $8.025 million together with an additional $2.0 in January, WHEREAS, it is anticipated that there will be substantial delays in obtaining additional allotments during the course of the year, WHEREAS, this situation is placing serious stress on our cash flow situation, WHEREAS, our operating cash position at the start of January was a negative $160,000, WHEREAS, the short-term needs for cash can be met by instituting a Revolving Line of Credit, WHEREAS, exploratory discussions with Chase Manhattan Bank for a line of credit of $5.0 million are encouraging and a formal offer of the credit facility has been made by Chase and is attached hereto. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY OF THE VIRGIN ISLANDS AS FOLLOWS: Section 1. The University is hereby authorized to secure a Revolving Line of Credit of $5.0 million at Chase Manhattan Bank or any other bank that is designated as an authorized depository for University funds, agi i AB : Section 2. The President or the Vice President for Business and Financial Affairs (the "Authorized Signatories") of the University are hereby authorized to execute an agreement with Chase Manhattan or other authorized depository for the establishment of the Revolving Line of Credit of $5.0 million. page -2- RESOLUTION OF THE UNIVERSITY OF THE VIRGIN ISLANDS AUTHORIZING A REVOLVING LINE OF CREDIT AT THE CHASE MANHATTAN BANK OR OTHER AUTHORIZED DEPOSITORY Section 3. This resolution shall take effect immediately. The Undersigned does hereby certify that the foregoing is a true and exact copy of the resolution of the Board of Trustees of the University of the Virgin Islands adopted at its meeting on February 18, 1995 and recorded in the minutes of said meeting. (Orville, [earn ya fF Secretary of the Board ate