FINDINGS OF FACT
As an incident to the adoption of this Authorizing Resolution (the "Resolution") and
the issuance of the debt provided for herein, the Board of Trustees (the Board of
Trustees") of Winthrop University (the "University") hereby finds:
1. The Board of Trustees is the governing body of the University, constituted pursuant
to Section 59-125-10 of the Code of Laws of South Carolina 1976, as amended.
2. The University has determined the need to purchase certain biology and chemistry
scientific equipment (the "Scientific Equipment").
3. Section 1-1-1020 of the Code of Laws of South Carolina 1976, as amended, provides
that the Office of the State Treasurer (the "State Treasurer") is authorized to provide
financing arrangements under the State Treasurer's Master Lease Program (the "Master
Lease Program") on behalf of the University.
4. The Vice President of Finance and Business for the University has submitted a financing
request under the Master Lease Program, for the purchase of the Scientific Equipment
in the amount of $2,000,000 (the "Financing Request"). The Financing Request has been
approved by the State Treasurer's office.
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY, AS FOLLOWS:
1. The Financing Request is hereby ratified, confirmed and approved and the Vice President
of Finance and Business is hereby authorized to enter into one or more transactions
under such terms and conditions as he deems appropriate to effectuate the financings
in an amount not to exceed $2,000,000 for the costs of the Scientific Equipment and
to enter into such agreements and execute such documents on behalf of the University
as necessary for such financings, including an Equipment/Lease Purchase Agreement,
an Acquisition Fund and any other documents necessary to secure such funds on behalf
of the University to finance the Scientific Equipment and any closing costs.
2. This Resolution shall constitute a declaration of "official intent" under United
States Department of the Treasury Regulation Section 1.150-2 with respect to the components
of the Project.
3. This Resolution shall take effect immediately.
APPROVED, this the 15th day of April 2011.
