Common use of Debt Management Clause in Contracts

Debt Management. The President of the University, acting through the Senior Vice President for Administration and Finance or designee, shall continue to be authorized to create and implement any and all debt management policies as part of a system for the management of University financial resources. Pursuant to subsection C of § 23.1-1015 of the Act, the University shall have the authority to issue bonds, notes, or other obligations that do not constitute state tax-supported debt, as determined by the Treasury Board, and that are consistent with debt capacity and management policies and guidelines established by its board of visitors, without obtaining the consent of any legislative body, elected official, commission, board, bureau, or agency of the Commonwealth or of any political subdivision, and without any proceedings or conditions other than those specifically required by Article 4 of the Act, provided, however, that the University shall notify the State Treasurer of its intention to issue bonds pursuant to this policy at the time it adopts the bond issuance planning schedule for those bonds. Any new or revised debt capacity and management policy shall be submitted to the State Treasurer for review and comment prior to its adoption by the University. The University recognizes that there are numerous types of financing structures and funding sources available, each with specific benefits, risks, and costs. All potential funding sources shall be reviewed by the President of the University, acting through the Senior Vice President for Administration and Finance or designee, within the context of the overall portfolio to ensure that any financial product or structure is consistent with the University's objectives. Regardless of the financing structure(s) utilized, the President of the University, acting through the Senior Vice President for Administration and Finance or designee, shall obtain sufficient documentation to gain a full understanding of the transaction, including (i) the identification of potential risks and benefits and (ii) an analysis of the impact on University