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Resolutions of
The Board of Trustees

Lincoln University, PA
 

RESOLUTION 461
September 21, 2013

   

   
USE OF BOND PROCEEDS IN DEBT SERVICE                                  RES461_092113
RESERVE FUND SPENDING APPROVED CAPITAL PROJECTS
   
 
    


 
          WHEREAS, Refunding of the outstanding 2004 Series A & B Bonds through a direct placement with a commercial banking institution will result in the release of 2004 Series A bond proceeds being held in the 2004 Series A Debt Service Fund in the amount of  approximately $2.0 million; and
 
          WHEREAS, Special outside counsel for The Lincoln University opined to the University that the 2004 A Bond proceeds generated from the refunding of these 2004 Series A Bonds must only be used for capital projects/renovations purposes from 9/30/13 to 9/30/14; and
 
          WHEREAS, Refunding of the outstanding 2004 Series A & B Bonds through a direct placement with a commercial banking institution will result in the release of 2004 Series B bond proceeds being held in the 2004 Series B Debt Service Fund in the amount of approximately $699,000; and
 
          WHEREAS, Special outside counsel for The Lincoln University opined to the University that the 2004 B bond proceeds generated from the refunding of these 2004 Series B Bonds can be used at the University’s discretion; now, therefore, be it
 
          RESOLVED, That the Board of Trustees hereby authorizes the President and Chief Financial Officer to spend the released 2004 A & B Bond proceeds from 2004 Series A & B Debt Service Reserve Fund in accordance with the advice given by the special outside counsel for The Lincoln University.
 

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