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Board of Trustees
114 Tillman Hall
Rock Hill, SC 29733, USA
803/323-2225
803/323-3001 (fax)
trustees@winthrop.edu

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

IN THE HEART OF THE CAROLINAS
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