MINUTES OF A MEETING OF THE EXECUTIVE COMMITTEE
OF THE BOARD OF VISITORS OF VIRGINIA COMMONWEALTH UNIVERSITY
April 18, 1985
A meeting of the Executive Committee of the Board of Visitors of
Virginia Commonwealth University was held on Thursday, April 18, 1985
at 11 a.m. in the University Meeting Center.
Present were Messrs. Grey, Ludeman, Reynolds and Smith; Dr. Gayle
and Mrs. Whittemore. Absent were Messrs. Farinholt and Morris. Also
present were Drs. Ackell, Connell, Hall and Wilson; Messrs. Brown,
Bruegman, Ross and Ware; and Mrs. Price.
Mr. Smith called the meeting to order. Mr. Cribbs presented the
proposed Tuition and Fee Charges as recommended to the President by the
University Tuition and Fee Committee. Mr. Cribbs reviewed briefly the
objectives and recommended strategies for developing the tuition and
fee schedule. Mr. Cribbs stated that the fee schedule does not include
the student health fee. This proposal is still under consideration.
The rate increase for a full-time undergraduate Virginia resident will
be 8.8 percent. A graduate full-time Virginia student will experience
a 1.7 percent increase. The total cost for a student on the Academic
Campus for tuition, fees, room and board will be $4,563 or a 7.5 per-
cent increase while an out-of-state student will pay $6,853 or a 14.0
percent increase. Dr. Ackell stated that VCU is striving to increase
the out-of-state pool to 15 percent which would give the University a
better mix of in-state versus out-of-state students. On motion made
and seconded, the proposed Tuition and Fee Charges were approved
subject to ratification by the Board of Visitors.
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Mr. Bruegman presented a Resolution for Parking Deck E. This Reso-
lution is required by the State under the terms of its Revenue Bond
issue for higher education facilities. On motion made and seconded,
the following resolution was approved:
WHEREAS, there has been enacted by the General Assembly of
Virginia of 1985 an act entitled "Commonwealth of Virginia Higher Edu-
cational Institutions Bond Act of 1985" (the "Act");
WHEREAS, subject to the approval of the Governor, the Treasury
Board of the Commonwealth of Virginia shall be authorized to sell and
issue bonds of the Commonwealth of Virginia in an aggregate principal
amount not currently exceeding $31,109,000 pursuant to the Act, for the
purpose of providing funds, with any other available funds, for paying
the cost of acquiring, constructing and equipping revenue producing
capital projects, including the enlarging and improving thereof, at
institutions of higher learning in the Commonwealth, all in accordance
with the provisions of Section 9(c) of Article X of the Constitution of
Virginia;
WHEREAS, said revenue producing capital projects under the Act
include the construction of a parking deck known as Parking Deck E (the
"Project") for Virginia Commonwealth University (the "University") at a
cost now estimated to equal or exceed $2,500,000; and
WHEREAS, the Treasury Board proposes to sell a portion of the
above bonds to be designated "Higher Educational Institutions Bonds,
Series 1985" (the "Bonds") which will include an amount not to exceed
$2,500,000 for the purpose of financing the cost of the Project;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF VISITORS OF
VIRGINIA COMMONWEALTH UNIVERSITY:
Section 1. The Board of Visitors of Virginia Commonwealth
University (the "Board") (a) covenants to fix, revise, charge and col-
lect parking fees from all of its University-owned MCV Campus parking
facilities, including the Project, and (b) pledges said fees to the
payment of the principal of, premium, if any, and interest on that
portion of the Bonds issued to finance the Project; provided that the
current expenses of operating all of the University-owned MCV Campus
parking facilities (the "Current Expenses") shall be a first charge on
such fees. The Board further covenants that such fees will be fixed,
revised, charged and collected so that the net revenues from or for the
use or otherwise received on behalf of the University-owned MCV Campus
parking facilities, including the Project, after payment of the Current
Expenses, will at all times be sufficient to pay the principal of,
premium, if any, and interest on that portion of the Bonds issued to
finance the Project as and when the same become due, and to pay debt
service on any outstanding obligations that have been previously issued
to provide funds for University-owned MCV Campus parking facilities,
that portion of the Bonds issued to finance the Project to be secured
on a parity with such obligations. Any such revenues in excess of the
amounts required for the payment of the Current Expenses, the payment
of the principal of, premium, if any, and interest on that portion of
the Bonds issued to finance the Project when due, and debt service on
any outstanding obligations issued to provide funds for University-
owned MCV Campus parking facilities may be used by the University for
any other proper purpose.
Section 2. It is hereby found, determined, and declared that,
based upon responsible engineering and economic estimates and advice of
appropriate officials of the University as shown on Exhibit A hereto,
the anticipated net revenues received from the parking fees pledged
above will be sufficient to pay the Current Expenses, the principal of,
premium, if any, and interest on that portion of the Bonds issued to
finance the Project as the same become due, and debt service on any
outstanding obligations issued to provide funds for University-owned
MCV Campus parking facilities, so long as (i) the effective true inter-
est cost on the Bonds does not exceed 9.5% per annum, and (ii) the
aggregate amount of debt service actually payable on that portion of
the Bonds issued to finance the Project from their date of issue to the
end of any bond year does not exceed the estimated aggregate amount of
debt service for the corresponding period as shown on Exhibit A, or the
Vice President for Administration provides the Governor and the Treasu-
ry Board of the Commonwealth of Virginia with satisfactory evidence
that the revenues pledged in Section 1 above will also be sufficient to
pay the additional amount of actual debt service which for any such
period exceed the estimated amount shown on Exhibit A.
Section 3. The Board covenants that so long as the Bonds are
outstanding, the University will pay to the Treasurer of Virginia not
less than 30 days before each interest or principal and interest pay-
ment date, the amount certified by the Treasurer of Virginia to be due
and payable on such date as principal and interest on that portion of
the Bonds issued on behalf of the University to finance the Project.
Section 4. The Board covenants that the University will pay
from time to time its proportionate share of all expenses incurred in
connection with the sale and issuance of the Bonds and all expenses
thereafter incurred in connection with the payment of the principal of,
premium, if any, and interest on the Bonds all as certified by the
Treasurer of Virginia to the University.
The meeting was adjourned at 11:20 a.m.
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Approved:
W. Roy Smith, Recto
