Minutes of a Regular Meeting, June 22-23, 2004 - Digital Collections

June 22-23, 2004 29165(3) Enable the facility’s Net Revenues each year to equal at least 125% of the requireddebt service on any outstanding bonds payable from the Net Revenues of the facility;and,(4) Maintain any reserve requirements for the Reserve Account securing any bondspayable from the Net Revenues of the facility.President Boren recommended the Board of Regents:I. Authorize and approve the issuance and sale of its University of OklahomaRevenue Bonds or other evidences of indebtedness (the “Bonds”) in a principalamount (not to exceed $25,000,000) sufficient to fund the construction of theMulti-Tenant Office Facility and a portion of the National Weather Center at theUniversity Research Campus (the project), capitalized interest, requiredreserves, and normal costs of issuance and municipal bond insurance, and ratifyall action taken in regard to the competitive or negotiated sale of the Bonds;II.III.Authorize and adopt the Resolution authorizing the sale and issuance of theBonds, and authorize the form of the financing documents related thereto,including, but not limited to, a Trust Agreement, Preliminary OfficialStatement, Notice of Sale and Official Statement and Bond PurchaseAgreement;Approve and authorize the award of the sale of the Bonds at competitive ornegotiated sale based upon final determination of the financing team and asdetermined to be in the best financial interest of The University of Oklahoma,and authorizing the Vice President for Administrative and Executive Affairs andthe Associate Vice President for Administrative Affairs and Chief FinancialOfficer of The University of Oklahoma-Norman Campus to do all thingsnecessary to consummate the transaction contemplated herein;IV. Authorize the Chairman, Vice-Chairman and Executive Secretary of the Boardof Regents of The University of Oklahoma to execute and deliver all necessaryfinancing documents and related closing documents required by Bond Counsel;V. Authorize the officers of The University of Oklahoma to execute any closingdocuments required by Bond Counsel and to take any further action required toconsummate the transaction contemplated herein; and,VI. Recognize and acknowledge that the University may fund certain costs of theabove project prior to receipt of Bond proceeds from its other operating fundsand, to the extent the University utilizes its other operating funds for saidpurposes, it is intended that proceeds of the Bonds will be utilized to reimbursethe University.Regent Weitzenhoffer moved approval of the recommendation. The following votedyes on the motion: Regents Everest, Clark, Stuart, Weitzenhoffer and Wade. The Chair declaredthe motion unanimously approved.EASEMENTS FOR CITY OF NORMAN - NCIn order to increase sanitary sewer capacity and improve services to the Universityand other nearby properties, the City of Norman is planning to install a new gravity sewer