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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 April of 1999, the Board of Trustees
authorized the issuance of state institution bonds in an amount
not to exceed $2,500,000 for the construction and the renovation
of the Sims Science Building; and
WHEREAS, the total cost of the project is now
estimated to be approximately $21,750,000 which is $5,000,000
more than the projected revenues; 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 1999
resolution to issue state institution bonds in order to increase
the authorized debt limit to $5,000,000 for the purpose of
funding the shortfall in revenue for the Life Sciences
Complex project.
February 18, 2000
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