RESOLUTION AUTHORIZING THE UNIVERSITY TO TAKE

Collection: University Records
Sub-shelf: uvi.edu
Kind: Government Report
Date: 1999-06
Pages: 3
Text: OCR Text

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Original source: https://www.uvi.edu/files/documents/Board_of_Trustees/Resolutions_and_Actions/1990-2001-Index-of-Resolutions-and-Actions/June_1999-02.pdf

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RESOLUTION AUTHORIZING THE UNIVERSITY TO TAKE PRELIMINARY ACTION IN CONNECTION WITH THE PROPOSED ISSUANCE OF UP TO $22,000,000 GENERAL OBLIGATION BONDS (CAPITAL FINANCING PROGRAM) OF THE UNIVERSITY OF THE VIRGIN ISLANDS. Upon motion duly made and seconded, the following was adopted by the Board of Trustees of the University of the Virgin Islands (the "Board"): WHEREAS, it is necessary for the University of the Virgin Islands (the "University") to provide moneys to finance in part the costs of certain capital projects, which capital projects are part of a comprehensive ten year capital improvement plan for the University (collectively, the "Projects"); and ; WHEREAS, to finance all or a portion of the costs of the Projects, the University intends to issue its general obligation bonds in one or more series in an aggregate principal amount not to exceed $22,000,000 (the "Bonds") pursuant to certain financing terms to be developed by management of the University together with the Executive Committee of the University; WHEREAS, the President and Vice President for Business and Financial Affairs have investigated potential funding sources for the financing of all or a portion of the costs of the Projects through the United States Department of Education (the "Department of Education") Historically Black Colleges and Universities Capital Financing Program (the "HBCU Capital Financing Program") which is administered through the designated bonding authority approved by the Department of Education, the Educational Direct Loan Mortgage Corporation ("Eddie Mac"); WHEREAS, as of the date hereof, the University has obtained approval of its preliminary application and seeks to submit the complete application for approval of funding for all or a portion of the costs of the Projects through the HBCU Capital Financing Program; and WHEREAS, the management of the University intends to make a comprehensive analysis of the HBCU Capital Financing Program as a potential funding source, it also desires to perform a comprehensive analysis of all other federally supported and private sources of funding for the Projects to ensure the University receives the most cost effective, flexible and beneficial financing available. AU Section 3. The President and/or Vice President for Business and Financial Affairs of the University, are hereby designated Authorized Signatories for the Board of Trustees 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. Section 4. This Resolution shall supersede any inconsistent provision of any resolution previously adopted by the University and shall take effect immediately. CERTIFICATION 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 Saturday, June 12, 1999, as recorded in the minutes of said meeting. Critic pear Secretary of the Board