MAR 22°91 70:51 FROM ATTORNEY SAMUEL HALL PAGE .@@2



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RESOLUTION



WHEREAS, the Board of Directors of the Foundation for the

University of the Virgin Islands at its January 25, 1991 meeting

by majority vote authorized its Chairman and Secretary to sell at |



public auction for not less than $10 million, 298 to 350 acres, |



| more or less, as determined by the University of the Virgin



Islands Board of Trustees, property located on St. Croix,

received as a gift by the Foundation from the Enron Corporation;

and :



WHEREAS, the proceeds from the sale would be placed in an

endowment, to serve as principal, and not be utilized unless —

authorized by the University of the Virgin Islands Board of -

Trustees; and



WHEREAS, only the interest or dividends therefrom would be

used in accordance with the terms and conditions of the Enron :

Corporation gift; and



WHEREAS, two options were considered by the Foundation as a

condition to such sale:



Option 1 being that the entire 350 acres be sold and that, |

as a condition of the sale, the salt pond and wetlands hae

preserved in their natural state in perpetuity as a wild life .

preserve by the successful bidder and be open to educational

organizations, associations and their members for educational



purposes; and

MAR 22°34 1BeSl FROM ATTORNEY SAMUEL HALL PAGE .@83

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RESOLUTION

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Option 2 being that the 52 acres comprised of salt pond and

wetlands be excluded from the sale; and

WHEREAS, the Foundation Board voted 5-3 in expressing a



preference for Option 1.



BE IT RESOLVED that the Foundation for the

University of the Virgin Islands is hereby

authorized to sell at public auction in accordance

with an Invitation to Bid Notice (reflecting

Option 1), substantially in the form presented to



the meeting, for not less than Ten Million Dollars

($10,000,000.00) 350 acres, more or less, of

property located in St. Croix and received as a

gift by the Foundation from Enron Corporation,

pail with the proceeds from the sale to be placed in an

endowment, the corpus or principal of which will

not be utilized unless and until authorized by the

UVI Board of Trustees; only the interest or

dividends therefrom is to be used, in accordance

with the terms and conditions of the Enron

Corporation gift.



DATED: March 1s, 1991 Oud. Koon

ORVILLE KEAN

Secretary to the Board