RESOLUTION
OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF ALBEMARLE, VIRGINIA

WHEREAS, the Industrial Development Authority of Albemarle County, Virginia (the "Authority"), has been asked by Recording for the Blind & Dyslexic, Inc. (the "Company"), a non-profit, Virginia nonstock corporation, to approve the issuance of a revenue bond by the Industrial Development Authority of the City of Charlottesville, Virginia (the "Charlottesville Authority") in an amount not to exceed $2,850,000 ("Bond") to assist the Company in financing the acquisition, construction and equipping of a new headquarters facility for the Company’s Regional Unit of the Virginias and Carolinas, to house its regional administrative offices and recording facilities consisting of approximately 11,650 square feet ("Project") to be located on Greenbrier Drive just west of Route 29 in the County of Albemarle, Virginia, and has held a public hearing on December 8, 2005;

WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of private activity bonds is located must approve the issuance of the bonds;

WHEREAS, the Project is to be located in the County of Albemarle, Virginia (the "County") and the Board of Supervisors of the County of Albemarle, Virginia ("Board") constitutes the highest elected governmental unit of the County;

WHEREAS, the Authority has recommended that the Board approve the issuance of the Bond; and

WHEREAS, a copy of the Authority's resolution approving the issuance of the Bond, subject to the terms to be agreed upon, a certificate of the public hearing and a Fiscal Impact Statement have been filed with the Board.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE COUNTY OF ALBEMARLE, VIRGINIA:

1.                  The Board approves the issuance of the Bond by the Charlottesville Authority for the benefit of the Company, as required by Section 147(f) of the Code and Section l5.2-4906 of the Code of Virginia of 1950, as amended ("Virginia Code") to permit the Authority to assist in the financing of the Project.

2.                  The Board concurs with the resolution adopted by the Charlottesville Authority and approves the issuance of the Bond by the Charlottesville Authority for the benefit of the Company as required by Section 15.2-4905 of the Act.

3.                  The approval of the issuance of the Bond does not constitute an endorsement to a prospective purchaser of the Bond of the creditworthiness of the Project or the Company.

4.                  This resolution shall take effect immediately upon its adoption.

Adopted by the Board of Supervisors of the County of Albemarle, Virginia this 14th day of December, 2005.

______________________________________

Clerk, Board of Supervisors of the County of

Albemarle, Virginia

[SEAL]

 

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