UNIVERSITY OF THE VIRGIN ISLANDS

BOARD OF TRUSTEES RESOLUTION

2004 SERIES A BOND ISSUE



Purpose: To authorize the issuance of up to $25,000,000 General Obligation Improvement

Bonds, 2004 Series A, of the University of the Virgin Islands.



Upon motion duly made and seconded, the following was adopted by the Board of

Trustees of the University of the Virgin Islands:



WHEREAS, pursuant to a resolution of the Board of Trustees of the University of

the Virgin Islands (the “University”) adopted on July 12, 1999, as amended and restated on

November 6, 1999, the University entered into an Indenture of Trust, by and between the

University and United States Trust Company of New York, New York (now known as The Bank

of New York of Florida), as trustee (the “Trustee”) (the “Master Indenture”) dated as of

December 1, 1999; and



WHEREAS, it is necessary for the University to provide moneys to finance, in

whole or in part, the costs of the construction, furnishing and equipping of certain capital

projects of the University (collectively, the “2004 Additional Project’); and



WHEREAS, to finance all or a portion of the costs of the 2004 Additional Project,

the University desires to (a) authorize the issuance of a Series of Additional Bonds, to be

designated General Obligation Improvement Bonds, 2004 Series A (the “2004 Series A Bonds”),

in an aggregate par amount not to exceed $ 25,000,000, pursuant to the Master Indenture and a

First Supplemental Indenture (defined below) (collectively, the “Indenture’”) to be sized in a

principal amount such that the annual debt service payable on such 2004 Series A Bonds,

together with the General Obligation Improvement and Refunding Bonds, 1999 Series A issued

pursuant to the Master Indenture, and all other outstanding long term debt of the University, shall

not result in the annual Aggregate Debt Service Requirement payable by the University to

exceed $3,192,205 and (b) provide certain terms and conditions with respect to the 2004 Series

A Bonds;



WHEREAS, the Board of Trustees desires to authorize the execution and delivery

of the First Supplemental Indenture of Trust, by and between the University and the Trustee (the

“First Supplemental Indenture”), with respect to the issuance of the 2004 Series A Bonds for the

financing of all or a portion of the 2004 Additional Project and the establishment of the final

terms of the 2004 Series A Bonds by a Certificate of Determination; and



NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF

THE UNIVERSITY OF THE VIRGIN ISLANDS AS FOLLOWS:



Section 1. Pursuant to Chapter 33 of Title 17 of the Virgin Islands Code, as

amended, the Board of Trustees hereby authorizes the President and the Vice President for

Administration and Finance to proceed with the issuance of the 2004 Series A Bonds for the




Proposed 2004 Bond Fund Capital Projects



ST.THOMAS CAMPUS Amount

Harvey Administration/Conference Center $ 5,450,000.00

Paiewonsky Library $ 950,000.00

CA Building $ 900,000.00

Upper Campus Academic Buildings $ 950,000.00

Upper Campus Cooling Loop $ 100,000.00

Campus Power and Lighting $ 300,000.00

Campus Parking $ 130,000.00

Dorm Renovation $ 1,000,000.00

Student Activity Center Renovation $ 300,000.00

Jerome House $ 300,000.00

Faculty East/West $ 470,000.00

Marine Science Building $ 450,000.00

Reichhold Center $ 300,000.00

Energy ConservationProjects $ 500,000.00

Etleman House $ 175,000.00

Administration Housing $ 25,000.00

Minor St.Thomas Building and Campus minor projects $ 700,000.00

Reichhold Center $ 400,000.00

Dining Pavilion Enhancements $ 150,000.00

Minor Campus Projects $ 200,000.00

Academic Building with Laboratory Space $ 5,000,000.00

CA Student Pavilion $ 300,000.00

Renovation of Vacated Academic Space $ 1,000,000.00

Total St. Thomas Projects $ 20,050,000.00



ST.CROIX CAMPUS Amount

Evans Center Improvements $ 600,000.00

Campus Parking and Walks $ 100,000.00

Campus Power and Lights $ 200,000.00

North West Wing Improvement $ 100,000.00

Agricultural Experiment Station Offices (Bldg.E) $ 80,000.00

Research & Extension Center $ 200,000.00

Physical Plant West $ 25,000.00

Energy Improvements $ 150,000.00

Sugden House $ 25,000.00

Hovensa Modular $ 20,000.00

Minor St.Croix Building & Campus Projects $ 500,000.00

Campus Security $ 150,000.00

Minor Campus Projects $ 100,000.00

Roads, Walks, Parking $ 100,000.00

NWW Expansion $ 550,000.00

Academic Building $ 2,500,000.00

Generator/Power Upgrade $ 300,000.00

Workforce Development Training Space $ 2,000,000.00

Total St. Croix Projects $ 7,700,000.00



INSTITUTION-WIDE PROJECT Amount

RTP Telecommunication Facilities & Infrastructure $ 3,000,000.00

Grand Total of Projects $ 30,750,000.00