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RESOLUTION AUTHORIZING ISSUANCE OF UP TO $15,000,000 GENERAL OBLIGATION BONDS OF THE UNIVERSITY OF THE VIRGIN ISLANDS. Upon motion duly made and seconded, the following were unanimously adopted by the members of the Board of Trustees of The University of the Virgin Islands: WHEREAS, it is necessary for The University of the Virgin Islands (the "University") to provide moneys for the construction, furnishing and equipping of certain academic and other facilities of the University, and to pay the principal and interest on the Notes (as defined below) (collectively, the "1994 Project"); and WHEREAS, to finance all or a portion of the costs of the 1994 Project, the University intends to issue its general obligation bonds in an aggregate principal amount not to exceed $15,000,000 (the "Bonds") pursuant to an Indenture of Trust between the University and a trustee to be appointed by the University by a Certificate of Determination of the University as set forth below (the "Indenture") ; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY OF THE VIRGIN ISLANDS AS FOLLOWS: Section 1. Pursuant to Chapter 33 of Title 17 of the Virgin Islands Code, as amended, general obligation bonds of the University are hereby authorized to be issued in the aggregate principal amount of not to exceed $15,000,000 (the "Bonds") for general capital expenditures in connection with the construction, furnishing and equipping of certain academic, dormitory and other facilities of the University located in St. Thomas and St. Croix (the "1994 Project"), and to- pay principal and interest on the University’s outstanding General Obligation Bond Anticipation Notes, 1994 Series A, dated April 1, 1994, issued in the original aggregate principal amount of $2,500,000, or as much of the Notes as may be outstanding (the "Notes"). In computing the total amount of Bonds which may be at any time outstanding, the amount of the outstanding Bonds to be renewed or refunded from the proceeds of the sale of the new Bonds or by exchange for new Bonds shall be excluded. The Bonds shall be direct and general obligations of the University payable from fees, charges or other revenues of the University. The University is a public undertaking authorized by an act of the Legislature of the United States Virgin Islands. 59102.1 012808 RES Section 6. The Authorized Signatory is hereby designated the authorized representatives of the University and each of them is hereby authorized and directed to execute and deliver any and all papers, instruments, opinions, certificates, affidavits and other documents and agreements and to do and cause to be done any and all proper acts and things necessary or desirable for carrying out this Resolution, the Financing Documents and the issuance of the Bonds. Section 7. For purposes of the Act, the provisions of the Financing Documents shall be deemed to set forth, for purposes of the Act, the uses of the proceeds of the Bonds as set forth in the Indenture. “Section 8. This Resolution shall supersede any inconsistent provision of any resolution previously adopted by the University and shall take effect immediately. ADOPTED: June 4, 1994 KKK AIK AIK III III RIERA REE ERERERERRER EER ERE RRERERERERERER ERE EER ERRERRERE CERTIFICATION The undersigned does hereby certify that the foregoing is a true and exact copy of a resolution of the Board of Trustees of the University of the Virgin Islands adopted at its meeting on June 4, 1994, as recorded in the minutes of said meeting. , : / jy: =. ies Z 9) i— / r, SN cf Onurbke, [arn OflOfF$ Secretary of the Boar Date 59102.1 012808 RES