Debt Management. The University has a board of visitors-approved debt policy that defines the maximum percent of institutional resources that can be used to pay debt service in a fiscal year and the maximum amount of debt that can be prudently issued within a specific period. Annually, the board is provided a report on the University's debt-related activities. Any change in the debt policy shall be submitted to the State Treasurer for review and comment prior to their adoption by the University. The President of the University, acting through the Senior Vice President of Administration and Finance or his designee, shall continue to be authorized to create and implement any and all debt management policies as part of a system for the management of University financial resources. Pursuant to subsection C of § 23.1-1015 of the Act, the University shall have the authority to issue bonds, notes, or other obligations that do not constitute state tax-supported debt, as determined by the Treasury Board, and that are consistent with debt capacity and management policies and guidelines established by its board of visitors, without obtaining the consent of any legislative body, elected official, commission, board, bureau, or agency of the Commonwealth or of any political subdivision, and without any proceedings or conditions other than those specifically required by Article 4 of the Act, provided, however, that the University shall notify the State Treasurer of its intention to issue bonds pursuant to this policy at the time it adopts the bond issuance planning schedule for those bonds. Any new or revised debt capacity and management policy shall be submitted to the State Treasurer for review and comment prior to its adoption by the University.
Appears in 4 contracts
Samples: Management Agreement, Management Agreement, Management Agreement
