Resolution to Issue State
Institutional Bonds for $5.5 million for Track and Field, Breazeale Demolition and Student Center Phase I
BY WINTHROP UNIVERSITY, MAKING DECLARATION OF INTENT PURSUANT TO UNITED
STATE TREASURY DEPARTMENT, INTERNAL REVENUE SERVICE, REGULATION 1.150-2
WHEREAS, the Board of Trustees (the “Board”) of Winthrop University (the
“University”) intends to expand, acquire, install, renovate or construct
the following items in connection with the following facilities on
campus:
(1) Construction of Competition Track and Fieldhouse
(2) Preparation of Soccer Field
(3) Demolition of Breazeale Hall Apartment Building
(4) Preparation of Construction Documents for New Student Center
WHEREAS, the Board is mindful of the fact that, in order for the use of
federally tax-exempt obligation proceeds to be considered “expended” for
purposes of United States Treasury Department Internal Revenue Service
Regulation 1.150-2 (“Reg. 1.150-2”) when used to reimburse the
University for expenditures made prior to the issuance of the
obligations, certain conditions including the making of a declaration of
intent to reimburse such expenditures must be met;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF WINTHROP
UNIVERSITY, IN MEETING DULY ASSEMBLED:
That a declaration of intent is herby made pursuant to Reg. 1.150-2 to
reimburse expenditures made by the University with respect to the
above-referenced items with the proceeds of federally tax-exempt
obligations to be issued by Winthrop University, in an aggregate
principal amount not to exceed $5,500,000; and that the Vice President
for Finance and Business of the University is hereby directed to
maintain a copy of this declaration in the files and records of the
University.
November 7, 2003 |
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