USVI Public Records

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RESOLUTION AUTHORIZING ISSUANCE OF UP TO $20,000,000 GENERAL OBLIGATION BONDS 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: WHEREAS, it is necessary for the University of the Virgin Islands (the "University") to provide moneys to finance in part the costs of the construction, furnishing and equipping of a certain athletic facility on the St. Thomas Campus of the University, and to refund the outstanding principal and interest due and payable on the 1994 Bonds (as defined below) to achieve interest cost savings (collectively, the "1999 Project"); and WHEREAS, to finance all or a portion of the costs of the 1999 Project, the University intends to issue its general obligation bonds in an aggregate principal amount not to exceed $20,000,000 (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 an aggregate principal amount not to exceed $20,000,000 (the "Bonds") for general capital expenditures in connection with the financing of a portion of the costs of the construction, furnishing and equipping of the University's Sports and Fitness Center on the St. Thomas Campus and to refund the outstanding portion of the University's General Obligation Bonds, 1994 Series A, dated September 1, 1994, issued in the original aggregate principal amount of $15,000,000 (the "1994 Bonds"), (collectively, the "1999 Project"). 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 (the "Act"). Section 7. The Authorized Signatories are hereby designated 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 8. 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 9. 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. Secretary of the Board