September 29, 2006 - YSU - Youngstown State University

Resolution to Authorize Transfer from
Current General Fund to a Debt Service Fund
YR 2007-04
WHEREAS, the Board of Trustees adopted a “Resolution
to Accept Proposal to Perform Energy Conservation
Measures and to Secure Financing” at its meeting of
September 23, 2005, authorizing the Administration to
secure third party financing for the Johnson Controls,
Inc. performance contract; and
WHEREAS, the Administration secured such financing in
the amount of $9,796,000 through a Master Lease-
Purchase Agreement with Chase Equipment Leasing Inc.
on December 21, 2005; and
WHEREAS, the Payment Schedule specifies ten annual
payments of $1,179,666.20, due each December; and
WHEREAS, the first annual payment is due December 23,
2006; and
WHEREAS, the performance contract is expected to result
in a reduction in the annual increase in utilities
expense; and
WHEREAS, the FY2007 Current General Fund utilities
budget reflects a 17% increase;
NOW, THEREFORE, BE IT RESOLVED, that the Board of
Trustees does hereby authorize the transfer of
$1,179,667 from the Current General Fund utilities
budget to a debt service fund.
***
Resolution to Approve Dana School of Music
Equipment Replacement Fee Effective Fall Term 2006
YR 2007-05
WHEREAS, Ohio law provides that Boards of Trustees of
state-assisted institutions of higher education may
establish special purpose fees, service charges and
fines as required; and
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