FINDINGS OF FACT
As an incident to the adoption of this Authorizing Resolution (the "Resolution") and
the issuance of the debt provided for herein, the Board of Trustees (the Board of
Trustees") of Winthrop University (the "University") hereby finds:
1. The Board of Trustees is the governing body of the University, constituted pursuant
to Section 59-125-10 of the Code of Laws of South Carolina 1976, as amended.
2. The University has determined the need to purchase certain instructional and scientific
equipment (the "Instructional and Scientific Equipment").
3. Section 1-1-1020 of the Code of Laws of South Carolina 1976, as amended, provides
that the Office of the State Treasurer (the "State Treasurer") is authorized to provide
financing arrangements under the State Treasurer's Master Lease Program (the "Master
Lease Program") on behalf of the University.
4. The Associate Vice President for Finance and Business and Budget Officer for the
University has submitted a financing request under the Master Lease Program, for the
purchase of the Instructional and Scientific Equipment in the amount of $2,000,000
(the "Financing Request"). The Financing Request has been approved by the State Treasurer's
office.
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE UNIVERSITY, AS FOLLOWS:
1. The Financing Request is hereby ratified, confirmed and approved and each of the
University President and the Associate Vice President for Finance and Business is
hereby authorized to enter into one or more transactions under such terms and conditions
as he deems appropriate to effectuate the financings in an amount not to exceed $2,000,000
for the costs of the Instructional and Scientific Equipment and to enter into such
agreements and execute such documents on behalf of the University as necessary for
such financings, including an Equipment/Lease Purchase Agreement, an Acquisition Fund
and any other documents necessary to secure such funds on behalf of the University
to finance the Instructional and Scientific Equipment and any closing costs.
2. This Resolution shall constitute a declaration of "official intent" under United
States Department of the Treasury Regulation Section 1.150-2 with respect to the components
of the Project.
3. This Resolution shall take effect immediately.
