MINUTES OF A SPECIAL MEETING OF THE BOARD OF VISITORS
OF VIRGINIA COMMONWEALTH UNIVERSITY
September 30, 1977
A special meeting of the Board of Visitors of Virginia
Commonwealth University was held on Friday, September 30, 1977,
at 3:00 p.m. in the Sanger Hall Board Room.
Present were Drs. Blanton and Gayle; Messrs. Bliley, Dabney,
Grey, Norris and Obenshain and Mesdames Satterfield and Stone.
and Mrs. Thalhimer. Also present were Drs. Beller, Vasile and
Absent were Dr. Gwathmey; Messrs. McGehee, Scott and Seaborn;
Willett; Messrs. Kidd, Rice and Ross; and Miss Cosby.
Also present were Mr. Peter Michel, Bond Counsel; Mr. Durwood
Felton, Attorney General's office; Mr. Robert Watts, State Treasurer;
Mr. John Ashton, Hunton, Williams; Mr. Walter Craigie, Wheat First
Securities and several of their associates.
Dr. Blanton called the meeting to order.
Mr. Robert Watts, on behalf of the Treasury Board, recommended
that Virginia Commonwealth University sell the $64.4 million hospital
bonds today. The interest rate is 5.8284 percent, and there are 81
underwriters involved. Mr. Watts distributed the revised pricing
recommendations.
On motion duly made and seconded, the Board of Visitors
unanimously adopted the following resolution:
A RESOLUTION AUTHORIZING THE CONSTRUCTION AND
EQUIPPING OF A NEW HOSPITAL AND A SUPPLY AND
DISTRIBUTION CENTER TO BE OPERATED AS A PART OF
MEDICAL COLLEGE OF VIRGINIA HOSPITALS AND THE
RENOVATION OF CERTAIN EXISTING FACILITIES OF
MEDICAL COLLEGE OF VIRGINIA HOSPITALS, THE
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ISSUANCE UNDER THE PROVISIONS OF TITLE 23,
CHAPTER 3, CODE OF VIRGINIA OF 1950, AS AMENDED,
OF REVENUE BONDS OF VIRGINIA COMMONWEALTH UNIVERSITY
TO PROVIDE FUNDS FOR PAYING THE COST OF SUCH PROGRAM,
AND PROVIDING FOR THE ISSUANCE OF ADDITIONAL BONDS
FOR PAYING THE COST OF IMPROVEMENTS TO SUCH FACILITIES
AND FOR REFUNDING OUTSTANDING BONDS ISSUED UNDER THIS
RESOLUTION.
A copy of the resolution is attached.
On motion duly made and seconded, the Board of Visitors
unanimously adopted the following resolution:
RESOLUTION APPROVING THE BOND PURCHASE AGREEMENT
AND THE OFFICIAL STATEMENT PERTAINING TO $64,400,000
VIRGINIA COMMONWEALTH UNIVERSITY MEDICAL COLLEGE OF
VIRGINIA HOSPITAL REVENUE BONDS, SERIES A, DATED
NOVEMBER 1, 1977, AND AUTHORIZING THE EXECUTIVE
COMMITTEE TO CURE AMBIGUITIES, FORMAL DEFECTS,
OMISSIONS AND MINOR ERRORS IN THE BOND RESOLUTION
BY SUPPLEMENTAL RESOLUTION
WHEREAS, the Board of Visitors (the "Board") of Virginia
Commonwealth University has, by resolution duly adopted on
this date (the "Bond Resolution"), authorized the issuance
of $64,400,000 Virginia Commonwealth University Medical
College of Virginia Hospital Revenue Bonds, Series A (the
"Series A Bonds"); and
WHEREAS, on September 28, 1977, the Board approved the form
and ratified the distribution of a Preliminary Official
Statement of the University, dated September 19, 1977, with
respect to the offering of the Series A Bonds by the under-
writers hereinafter mentioned; and
WHEREAS, there has today been presented to the Treasury
Board of the Commonwealth of Virginia a Bond Purchase
Agreement, dated September 30, 1977 (the "Bond Purchase
Agreement"), executed by Wheat First Securities, Inc. and
Craigie Incorporated, acting on behalf of themselves and
each of the Underwriters referred to in the Bond Purchase
Agreement (the "Underwriters"), offering to purchase the
Series A Bonds from the Treasury Board, as sales agent of
the University, on the terms and conditions set forth there-
in, and the Treasury Board has accepted the Bond Purchase
Agreement; now, therefore,
BE IT RESOLVED by the Board of Visitors of Virginia
Commonwealth University:
Section 1. The Bond Purchase Agreement, dated September 30,
1977, and the official Statement, dated September 30, 1977,
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pertaining to $64,400,000 Virginia Commonwealth University
College of Virginia Hospital Revenue Bonds, Series A,
dated November 1, 1977, are hereby approved in the forms
presented to and considered by the Board at this meeting,
and the Rector is hereby authorized to execute and
deliver the Bond Purchase Agreement and the Official
Statement on behalf of the University. The officers
and agents of the University are directed and the State
Treasurer is hereby requested to deliver the Series A
the purchase price set forth in the bond Purchase
Sonde to or upon the order of the Underwriters upon pay-
Agreement.
Section 2. The Executive Committee of the Board is
authorized to cure any ambiguity, formal defect,
On, or to make other minor changes by the adoption
supplemental resolution.
Following the adoption of the resolution, Dr. Blanton signed
Bond Purchase Agreement, a copy of which is attached.
It was reported that the Preliminary Official Statement on
the bond issue will be revised with the appropriate figures and
dates and will then become the Official Statement.
Craigie reported on the meeting that he, Dr. Blanton
and Dr. Willett had met with the Governor on September 29. Mr.
Craigie indicated that the Governor is in accord with the sale
of the bonds.
The meeting was adjourned at 3:30 p.m.
Richard D. Obenshain, Secretary
Approved
