WHEREAS, pursuant to S.C. Code Ann. §59–125–1, et. seq., the Board of Trustees of Winthrop University is created and established as a body corporate for the purpose of effectuating the educational mission of Winthrop University; and
WHEREAS, pursuant to the Winthrop University Board of Trustees Bylaws art. VIII, §2, the Finance Committee has the responsibility to consider, in collaboration with the Strategic Planning and Facilities Committee, the incurrence of indebtedness; and
WHEREAS, the construction of a new student housing project (Housing Project), along with an initial $600,000 to fund a portion of preconstruction services, and the authorization to seek appropriate financing for the project, was approved at the August 27, 2025, special called meeting of the Winthrop University Board of Trustees; and
WHEREAS, both the Joint Bond Resolution Committee (JRBC) and the State Fiscal Accountability Authority (SFAA) have approved Phase 1 of the Housing Project; and
WHEREAS, Winthrop University has engaged the services of First Tryon Advisors as financial advisors on the Housing Project; and
WHEREAS, First Tryon Advisors has performed a series of analysis to construct a financing proforma indicating, conservatively, that projected revenue from the Housing Project is sufficient to maintain more than a required 1.5 times debt service coverage while servicing approximately $55.5 million in new debt, inclusive of issuance costs, for the Housing Project; and
WHEREAS, a Bond Resolution for the issuance and sale of Winthrop University revenue bonds was approved at the December 17, 2024, special Called Meeting of the Winthrop University Board of Trustees under which multiple series of revenue bond issuances may be authorized from time to time.
THEREFORE BE IT RESOLVED that the Winthrop University Board of Trustees hereby approves and adopts the Series Resolution in the form before this meeting for the issuance and sale of Higher Education Revenue Bonds in the aggregate principal amount not to exceed $55,500,000.
NOW, THEREFORE, BE IT FURTHER RESOLVED that the Secretary to the Board of Trustees shall certify that the Winthrop University Board of Trustees approved this resolution on the 30th day of April 2026, in a regularly scheduled meeting. Such resolution shall be maintained and publicly posted by the Secretary of the Board at the time and in the manner required by law.
