Board of Visitors Meeting November 03, 2006

The Board of Visitors Executive Committee of Christopher Newport University met on November 03, 2006, at the Ferguson Enterprises Corporate Office with Rector Claude S. Hornsby III presiding.

Rector Hornsby welcomed all those present at the meeting and asked President Trible to explain the Resolution being represented to the Board. President Trible told the Executive Committee that before the state treasurer can issue debt on the University's behalf for the Student Union – debt that has already been authorized, by the General Assembly and Governor – The Board of Visitors must pass a resolution that delegates authoirty to the University to approve loan documents and take other actions as required by Bond Counsel and Treasury. He noted that this is a standard resolution that has been approved by the Board on many occasions. To date the Board of Visitors has approved the issuance of bonds up to $31,508,000 with the Governor and General Assembly of Virginia having granted total authority in the amount of $36,308,000.

The Resolution asks for approval of an additional $2.5 million so that the Treasurer can issue bonds, brining the total expenditure to $34,008,000, which is $2.3 million less than the total appropriation for the Student Union.

Mr. Joseph provided the motion, seconded by Ms. Budlong. There being no discussion, the motion was passed by unanimous approval.

There being no further business, the meeting was adjourned.

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Deborah Budlong, Secretary                       Beverley Mueller, Administrative Assistant to the Board

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Claude S. Hornsby, III, Rector

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