OF THE BOARD OF SUPERVISORS OF THE
COUNTY OF ALBEMARLE, VIRGINIA
WHEREAS, the Industrial Development Authority of Fluvanna County, Virginia (the "Authority"), has been asked by Westminster-Canterbury of the Blue Ridge (the "Company"), a non-profit, Virginia nonstock corporation, to approve the issuance of a revenue bond in an amount not to exceed $4,000,000 ("Bond") to assist the Company in financing the costs of capital improvements at the Company’s existing residential care retirement facility located at 250 Pantops Mountain Road in the County of Albemarle, Virginia including without limitation the construction and equipping of additional cottages at the facility ("Project"), and has held a public hearing on November 29, 2006;
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, in accordance with Section 147(f) of the Code, the public hearing held by the Authority was within 100 miles of the County;
WHEREAS, for purposes of Section 15.2-4906 of the Code of Virginia of 1950, as amended (the "Virginia Code"), the Authority is issuing the Bond on behalf 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:
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