3.4 Limitations upon Authority of VPMA; Authority Retained by Other Persons or Entities

Notwithstanding the provisions of I-3.3, subject to applicable law, the direction of the Board of Regents and the President, and this Operations Manual, the VPMA shall not, without approval of the President:

  1. Direct the transfer, sale, or closure of assets, facilities, departments, or functions at UI Health Care if such action would materially impact ability to deliver health care, provide medical education, and perform medical research.
  2. Take any action that would materially impact the federal tax-exempt status of UI Health Care or any tax-exempt member of UI Health Care or in the taxability of any tax-exempt bonds of UI Health Care or any tax-exempt member of UI Health Care, as determined by legal counsel with expertise in tax-exempt status and tax-exempt bond matters selected by UI Health Care and the UI Treasurer.
  3. Direct or request any action that would, in the opinion of nationally recognized legal counsel, pose a material risk of violation of applicable law.