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 April of 1999, the Board of Trustees authorized the issuance of state
institution bonds in an amount not to exceed $2,500,000 for the construction and the
renovation of the Sims Science Building; and
WHEREAS, the total cost of the project is now estimated to be approximately $21,750,000
which is $5,000,000 more than the projected revenues; 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 1999 resolution to issue state institution bonds in order to increase
the authorized debt limit to $5,000,000 for the purpose of funding the shortfall in
revenue for the Life Sciences Complex project.
February 18, 2000
