WHEREAS, the Board has approved the renovation of the existing Sims building and the
addition of an annex to the facility; and
WHEREAS, the General Assembly in 1991 appropriated approximately fifty percent of
the funding totaling $9,000,000 for the project and in the 1997 session, appropriated
another $7,750,000 for the project; and
WHEREAS, in June of 1997, the Board of Trustees authorized the issuance of state institution
bonds in an amount not to exceed $2,250,000 for the construction and renovation of
the Mathematics and Science Complex; and
WHEREAS, the total cost of the project is now estimated to be approximately $19,250,000,
which is $2,500,000 short of the projected cost; and
WHEREAS, Winthrop University has limited capacity to service debt payments;
THEREFORE, LET IT BE RESOLVED that the Board of Trustees of Winthrop University does
hereby amend its 1997 resolution to issue state institution bonds in order to increase
the authorized debt limit to $2,500,000 for the purpose of funding the shortfall in
revenue for the Life Sciences Complex project.
April 16, 1999
