USVI Public Records

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183 RESOLUTION ESTABLISHMENT OF A FUND FOR PLANT RENEWALS AND REPLACEMENTS (Board of Trustees Meeting, October 21, 1984) WHEREAS, it is the recommended practice to fund routine and recurring repairs to buildings from regular operating funds; and to finance extraordinary repairs, replacements and renewals from a special fund established for this purpose; WHEREAS, the College of the Virgin Islands has had no established fund for plant renewals and replacements and has been relying on annual capital appropriations from the Virgin Islands Government to fund these initiatives; WHEREAS, the long-term viability of the institution is being threatened by our failure to receive capital appropriations for the past three years to carry out extraordinary repairs and rehabilitation to existing facilities; WHEREAS, debt service reserves intended for the repayment of outstanding bond obligations have accumulated a pool of interest income; and WHEREAS, it is a requirement of our bond indentures that the College keep mortgaged facilities in good repair; NOW, THEREFORE, BE IT RESOLVED that current and future interest earned on debt service reserves be set aside in a fund for plant renewals and replacements; that the College seek other sources of funds to be added to this fund; that the President and Vice-President for Business and Financial Affairs be authorized to use these funds for extraordinary repairs to existing facilities and for other plant renewals and replacements. Page two 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 College of the Virgin Islands adopted at its meeting on Ze Leber as ,1984, as recorded in the minutes of said meeting. DATED: £22 Dcf ZY 4 ¢ Secretary of the Board