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Resolutions of
The Board of Trustees

Lincoln University, PA
 

RESOLUTION 211
June 23, 2005


2005-06 CAPITAL BUDGET                                                                                RES211_062305



WHEREAS, The University’s Academic Administrative Software System has reached its useful life and need to be replaced during the next several years; and

WHEREAS, The University will fund its new Academic/Administrative Software/Hardware System from Commonwealth grants, Title III funding and external sources totaling $500,000, $425,000 and $3,500,000 for FY05, FY06 and FY07; and

WHEREAS, The University will fund other capital projects of $6,519,461 from its normal University operations and other gift and grant-funding sources; and

WHEREAS, $21,387,607 has previously been approved for construction of a 409-bed residence hall on the main campus of the University and funded with Lincoln University 2004 Municipal bonds issued June 10, 2004; and

WHEREAS, Phase I, consists of constructing 209 beds of the residence hall, will be completed during the 2005-06 (August 15, 2005) fiscal year at a total estimated cost of $16,206,479; and

WHEREAS, Phase II, consisting of 200 beds of the residence hall, will be completed during the 2006-07 (August 1, 2006) fiscal year at a total estimated cost of $6,347,389; and

WHEREAS, The total cost of Phase I and Phase II of the residence hall is $22,834,268 representing a difference of $1,446,661 from the previously approved construction; and

WHEREAS, The University has included in its University capital projects the sum of $1,446,661 out of the $6,519,461 to provide the difference between the approved cost of $21,387,607 and the present cost of $22,834,268, therefore, be it

RESOLVED, That capital expenditures for the new residence hall of $22,834,268 is hereby approved; and further

RESOLVED, That capital expenditures of $6,519,461 for other University Capital Projects are hereby approved for year 2005-2006; and further

RESOLVED, That the Administration is authorized to make capital expenditures in fiscal year 2005-2006 that in its judgment are consistent with but not identical to the individual projects included on the schedule presented; and further

RESOLVED, That in authorizing these capital expenditures and providing some discretion to the Administration, it is the intent of the Board of Trustees that expenditures be made to improve the living and learning environment of the students of Lincoln University.










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