A RESOLUTION CONCURRING WITH AND APPROVING THE ISSUANCE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF MATHEWS COUNTY, VIRGINIA, OF ITS REVENUE BOND IN AN AMOUNT NOT TO EXCEED $5,320,000 FOR CHARLOTTESVILLE CATHOLIC SCHOOL

 

 

            WHEREAS, the Industrial Development Authority of Mathews County, Virginia (the Mathews County Authority), has considered the plans 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 of the Mathews County Authority's revenue bond (the Bond) in an amount not to exceed $5,320,000 to assist the Borrower in 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;

 

WHEREAS, the proceeds of the Bond will also finance the cost of issuing the Bond;

 

            WHEREAS, the Mathews County Authority has held a public hearing with respect to the Bond on April 26, 2006, and has adopted an approving resolution (the Mathews County Authority Resolution) with respect thereto;

 

            WHEREAS, the Industrial Development Authority of Albemarle County, Virginia (the Albemarle County Authority), has held a public hearing with respect to the Bond on May 30, 2006, and has adopted an approving resolution recommending that the Board of Supervisors of Albemarle County (the Board) concur with the Mathews County Authority Resolution; and

 

            WHEREAS, as the Project is located in Albemarle County and the Albemarle County Authority is in existence and has the power to issue bonds for the Project, Section 15.2-4905 of the Code of Virginia of 1950, as amended (the Virginia Code), provides that the Board must concur with the adoption of the Mathews County Authority Resolution;

 

            WHEREAS, the Internal Revenue Code of 1986, as amended (the Code), provides that the highest elected governmental officials of the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of private activity bonds is located shall approve the issuance of such bonds; and

 

            WHEREAS, the members of the Board constitute the highest elected governmental officials of Albemarle County; and

 

            WHEREAS, a copy of the Mathews County Authority Resolution, the Albemarle County Authority's approving resolution, a reasonably detailed summary of the comments expressed at the public hearing with respect to the Bond held by the Albemarle County Authority and a statement in the form prescribed by Section 15.2‑4907 of the Virginia Code have been filed with the Board;

 

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

 

            1.         The Board of Supervisors of Albemarle County, Virginia, concurs with the adoption of the Mathews County Authority Resolution and approves the issuance of the Bond by the Mathews County Authority to the extent required by the Code and Section 15.2‑4905 of the Virginia Code.

 

            2.         The approval of the issuance of the Bond, as required by the Code and Section 15.2‑4905 of the Virginia Code, does not constitute an endorsement to a prospective purchaser of the Bond of the creditworthiness of the Borrower and the Bond shall provide that Albemarle County shall not be obligated to pay the Bond or the interest thereon or other costs incident thereto and neither the faith or credit nor the taxing power of the Commonwealth of Virginia or Albemarle County shall be pledged thereto.

 

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


Attachments

    Summary of public hearing statements

    Resolution of IDA of Albemarle County

    Resolutions of Mathews County Board of Supervisors and IDA

 

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