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April 1, 1970
I. REFERENCES
Indenture / Group A Housing System Revenue Bonds
Indenture / University of California Parking System Revenue Bonds
Indenture / University of California Student Center Revenue Bonds of 1958
Indenture / UCLA Student Union Revenue Bonds of 1958
Indenture / UCSB Student Center Revenue Bonds
Indenture / UCD Memorial Union Revenue Bonds
Indenture / UCR Campus Student Center Revenue Bonds
II. INTRODUCTION
The Regents of the University of California has provided security for
revenue bonds issued to finance the referenced properties by entering
into separate indentures with trustees representing the holders of the
various bond issues. The terms of each indenture are binding upon the
University without exception. Covered in each indenture are the use of
the facilities provided through the sale of the respective bonds, their
general financial operation, specific income and expense restrictions,
and the creation and maintenance of specified reserve accounts funded
from net revenues.
The purpose of this Bulletin is to provide a procedure by which campuses
can request an interpretation of indenture provisions as they may affect
campuses' intentions for use of the covered facilities from revenues.
The administration of indentured properties can be further strengthened
by insuring that responsible campus personnel are thoroughly familiar
with the provisions of applicable indentures.
III. PROCEDURES
Before permitting any unusual or unauthorized use or occupancy of
indentured facilities, incurring any unusual expense against
indentured revenues, or permitting any action not clearly authorized by
provisions of the applicable indenture, campuses are to request in
writing approval from the Office of the Vice President, Business and
Finance. A complete explanation of the requested action and the
circumstances which have created its need is to be given. An
assessment of the effect upon subsequent operations if the requested
action were either approved or denied should also be provided.
Before responding to such requests, the Office of the Vice
President-Business and Finance will obtain such concurrences from
other components in the Office of the President and from Officers of
The Regents, bond counsel, and the external auditors as are appropriate
in each instance.
The approvals received by campuses pursuant to this procedure will be
in writing. They should be filed where they will be readily available
for campus audit review.
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