Findings of Fact. As an incident to the adoption of this Resolution, the Board of Trustees (the "Board of Trustees") of Winthrop University (the "University") hereby finds and determines as follows:
(a) This Resolution is adopted by the Board of Trustees pursuant to Title 59, Chapter 107, Code of Laws of South Carolina 1976, as amended (the "Enabling Act").
(b) Pursuant to Section 59-107-40 of the Enabling Act, the Board of Trustees is authorized to make application to the South Carolina State Budget and Control Board (the "State Board") for funds: (i) to construct, reconstruct, maintain, improve, furnish, and refurnish the buildings of and other permanent improvements to the University, (ii) to defray the costs of acquiring or improving land needed as sites for such improvements or for the campus of the University, and (iii) to reimburse the University for expenses incurred in anticipation of the issuance of such bonds.
(c) The Board of Trustees has determined to undertake improvements to (i) address deferred maintenance and up-fit the Dacus library at an estimated cost of $900,000 (the "Dacus Library Project"); (ii) repurpose the Dinkins Building at an estimated cost of $450,000 (the "Dinkins Building Project"); (iii) enlarge Archives facilities within the Dacus Library at an estimated cost of $500,000 (the "Archives Project"); and (iv) repair roofs on several campus buildings at an estimated cost of $650,000 (the "Roof Project"), collectively referred to as "the Projects."
(d) The University projects that the total costs of the Projects as described above will be $2,500,000. The Board of Trustees, in order to fund the projected costs of the Projects, and having exhausted all other sources, now desires to make application to the State Board to issue not exceeding Two Million Six Hundred Thousand Dollars ($2,600,000) principal amount State Institution Bonds (Issued on Behalf of Winthrop University) of the State of South Carolina (the "Bonds") pursuant to the Enabling Act, on the basis that a definite and immediate need exists for acquiring, constructing, maintaining, improving, and furnishing the Projects, and therefore for issuing such Bonds. The proceeds of the Bonds shall be applied to defray a portion of the costs of the Projects and to pay the costs of issuance of the Bonds.
(e) Accordingly, this Resolution is adopted pursuant to Section 59-107-40 of the Enabling
Act, in order to make formal application to the State Board for the issuance of the
Bonds, the proceeds of which will be used for the purposes set forth in paragraph
(d) of this Section 1.
August 22, 2011
Full resolution is available for viewing in the President's Office.
