At 4:30 p.m. on May 30, 2006, the Chairman of the Industrial Development Authority of Albemarle County, Virginia (the Authority) announced the commencement of a public hearing in the Authority's offices at 401 McIntire Road, Charlottesville, Virginia, on the issuance by the Industrial Development Authority Mathews County, Virginia (the Mathews County Authority), of revenue bonds (the Series 2006 Bonds) in an amount not to exceed $5,500,000, to assist 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, 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.  The School, including the Project is owned by the Borrower. 


            Mr. George Consolvo, Bond Counsel, spoke and disclosed to the Authority the nature of the financing plan, including the fact that the financing would be a bank-qualified bond issued through the Mathews County Authority and an unsecured obligation of the Borrower, and then answered questions concerning the financing from members of the Authority.  Charlottesville Catholic School Principal, Alan Yost, briefly described the School, the number of students, the number of grades and answered several questions posed by members of the Authority.  There was a brief discussion on the legal issue of whether sectarian versus non-sectarian schools are eligible for tax-exempt financing and Mr. Consolvo confirmed that the School was a non-sectarian institution and thus qualified for tax-exempt financing. 


No other comments being made by anyone from the public, the public hearing was closed at 4:50 p.m.


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