RESOLUTION OF

INDUSTRIAL DEVELOPMENT AUTHORITY OF ALBEMARLE COUNTY, VIRGINIA

FOR CHARLOTTESVILLE CATHOLIC SCHOOL

 

            WHEREAS, there has been described to the Industrial Development Authority of Albemarle County, Virginia (the Authority), the plan of refinancing and financing of Charlottesville Catholic School, a component of the Catholic Diocese of Richmond, Virginia (the Borrower), whose educational facility and place of business (the School) is located at 1205 Pen Park Road, Albemarle County, Virginia 22901, for the issuance by the Industrial Development Authority of Mathews County, Virginia (the Mathews County Authority), of its revenue bond in an amount not to exceed $5,320,000 (the Bond) to assist the Borrower in (a) refinancing an addition to the School and financing the cost of constructing and equipping improvements to the School, including improvements to the basement and the conversion of the cafeteria to a gymnasium (collectively, the Project), located at 1205 Pen Park Road, Albemarle County, Virginia 22901, and (b) paying the cost of issuing the Bond;

 

            WHEREAS, the School, including the Project, is or will be owned by the Borrower and is located in Albemarle County;

 

            WHEREAS, a public hearing with respect to the Bond as required by Virginia law and the Internal Revenue Code of 1986, as amended (the Code), was held by the Mathews County Authority on April 26, 2006 and thereafter the Mathews County Authority adopted a resolution (the Mathews County Authority Resolution) approving the issuance of the Bond;

 

            WHEREAS, the Borrower has elected to proceed with a plan of finance and refinance pursuant to which the Bond will be privately placed with SunTrust Bank for its own account and for investment purposes;

 

            WHEREAS, the Borrower in its appearance before the Authority has described the debt service cost savings relating to the issuance of the Bond as a "qualified tax‑exempt obligation" within the meaning of 265(b)(3) of the Code and the educational benefits to Albemarle County, Virginia, to be derived from the issuance of the Bond;

 

            WHEREAS, the Authority will not be able to issue "qualified tax-exempt obligations" in calendar year 2006; and

 

            WHEREAS, a public hearing with respect to the Bond as required by Virginia law and the Code has been held at this meeting;

 

            BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF ALBEMARLE COUNTY, VIRGINIA:

 

            1.         It is hereby found and determined that the issuance of the Bond will promote education in Albemarle County, Virginia, benefit its inhabitants and promote their safety, health, welfare, convenience and prosperity.

 

            2.         To assist the Borrower to issue the Bond, the Authority hereby recommends that the Board of Supervisors of Albemarle County (the Board) concur with the Mathews County Authority Resolution approving the Bond, the form of which is attached hereto as Exhibit A, as required by 15.2‑4905 of the Code of Virginia of 1950, as amended (the Virginia Code), and hereby directs the Chairman or Vice Chairman of the Authority to submit to the Board the statement in the form prescribed by  15.2‑4907 of the Virginia Code, a reasonably detailed summary of the comments expressed at the public hearing held at this meeting pursuant to 15.2‑4906 of the Virginia Code, and a copy of this resolution.

 

            3.         All costs and expenses in connection with the financing and refinancing plan shall be paid from the proceeds of the Bond to the extent permitted by law or from funds of the Borrower and the Authority shall have no responsibility therefor.

 

            4.         All acts of the officers of the Authority which are in conformity with the purposes and intent of this resolution and in furtherance of the issuance and sale of the Bond are hereby approved and confirmed.

 

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

 

            The undersigned hereby certifies that the above resolution was duly adopted by the directors of the Industrial Development Authority of Albemarle County, Virginia, at a meeting duly called and held on _____________, 2006, and that such resolution is in full force and effect on the date hereof.

 

Dated:  ___________, 2006

                                                                                                                                                           

                                                                        Secretary, Industrial Development Authority of Albemarle County, Virginia

 

 

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