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RESOLUTION TO INCREASE THE AMOUNT OF
AUTHORIZED STATE INSTITUTION BONDS FOR THE LIFE SCIENCES
COMPLEX
WHEREAS, the Board has approved the renovation of the existing
Sims building and the addition of an annex to the facility; and
WHEREAS, the
General Assembly in 1991 appropriated approximately fifty
percent of the funding totaling $9,000,000 for the project and
in the 1997 session, appropriated another $7,750,000 for the
project; and
WHEREAS, in June
of 1997, the Board of Trustees authorized the issuance of state
institution bonds in an amount not to exceed $2,250,000 for the
construction and renovation of the Mathematics and Science
Complex; and
WHEREAS, the
total cost of the project is now estimated to be approximately
$19,250,000, which is $2,500,000 short of the projected cost;
and
WHEREAS,
Winthrop University has limited capacity to service debt
payments;
THEREFORE, BE IT RESOLVED, that the Board of
Trustees of Winthrop University does hereby amend its 1997
resolution to issue state institution bonds in order to increase
the authorized debt limit to $2,500,000 for the purpose of
funding the shortfall in revenue for the Life Sciences Complex
project.
April
16, 1999
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