RESOLUTION OF THE BOARD OF SUPERVISORS OF

ALBEMARLE COUNTY, VIRGINIA APPROVING THE ISSUANCE OF COLORADO HEALTH FACILITIES AUTHORITY REVENUE BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $51,000,000 FOR THE PURPOSES OF FINANCING AND REFINANCING THE COSTS OF ACQUISITION, CONSTRUCTION, IMPROVEMENT, RENOVATION, REMODELING, FURNISHING AND EQUIPPING OF CERTAIN HEALTH FACILITIES AND CERTAIN OTHER MATTERS RELATING THERETO

 

 

 

            WHEREAS, there has been described to the Industrial Development Authority of Albemarle County, Virginia (the “Albemarle Authority”) in a public hearing on behalf of the County of Albemarle, Virginia (“Albemarle County”) the plan of financing of Global Country of World Peace (the “Borrower”), an Iowa nonprofit corporation exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) which has its principal place of business at 1900 Capital Blvd., Fairfield, Iowa 52566; 

 

            WHEREAS, the Borrower has requested that the Colorado Health Facilities Authority (the “Colorado Issuer”) issue its revenue bonds (the “Bonds”) in one or more series in a maximum amount of a total of $51,000,000; 

 

            WHEREAS, the Borrower has represented that the proceeds of the Bonds will be used to: (a) finance the costs of acquisition, construction, improvement, renovation, remodeling, furnishing and equipping of certain health and health related support facilities of the Borrower, including but not limited to (i) regional peace center facilities to be located on approximately 450 acres at 137 Waldemere Road, Livingston Manor, New York; on approximately 1160 combined acres at 20043 70 Road, Lebanon Kansas and 17022 100 Road, Smith Center, Kansas; on approximately 668 acres at 160 Echota and Old Fort Road, Asheville, North Carolina; on approximately 522 acres at 00000 Lost Valley Road, 1000 feet southeast of the corner of Blackwood Drive and Canebrake Road, Boulevard, California; and on approximately 52 acres at 21650 Ballenger Road, Cedarpines Park, California; and (ii) local peace center facilities at the approximately three acres adjacent to the northern boundary of 1068 Elkton Drive, Colorado Springs, Colorado; 5504 Edson Road, N. Bethesda, Maryland; 380 Parkland Plaza, Ann Arbor, Michigan; 399 Ruth Street S., St. Paul, Minnesota; 968 154th Street, Pleasant Dale, Nebraska; 1929 Greentree Road, Cherry Hill, New Jersey;  9450 Transit Road, E. Amherst, New York; 1669 Pittsford Victor Road, Perinton, New York; .28 miles west of Old Willets Path on the south side of Route 25, Smithtown, Long Island, New York; 999 Rocky Ridge, Asheville, North Carolina; 971 Beaver Grade Road, Coraopolis, Pennsylvania; 3254 East Main Road, Portsmouth, Rhode Island; One Alpha Lane, Hixson, Tennessee; 7901 Centre Park Drive, Austin, Texas;  Whitewood Road at the SW corner of Whitewood and Oak Forest Drive, in Charlottesville, Virginia (Lot B, Div of Parcel 26, with a proposed street address of 109 Whitewood Road) (collectively, the “Facilities”); (b) fund capitalized interest on the Bonds, if any; (c) fund any required debt service reserve fund; and (d) pay certain costs of issuance of the Bonds, including initial costs of any credit enhancement.  Each local peace center or related facility will consist of an approximately 12,000 square foot two-story facility in which the Borrower intends to conduct health and wellness activities or related support activities.  Each regional peace center will consist of at least one, but not more than four of the same approximately 12,000 square foot facility where the Borrower intends to conduct health and wellness activities or related support activities.  No more than $10,000,000 of the proceeds of the Bonds is expected to be spent in any single location.  No more than $3,500,000 of the proceeds of the Bonds will be used to finance Facilities located at Whitewood Road at the SW corner of Whitewood and Oak Forest Drive, in Charlottesville, Virginia (Lot B, Div of Parcel 26, with a proposed street address of 109 Whitewood Road).  The Borrower will be the owner and operator of the Facilities and will be the party responsible for all costs of the Facilities and all costs of the issuance of and debt service on the Bonds;. 

 

            WHEREAS, the Facilities located on Whitewood Road at the corner of Whitewood and Oak Forest Drive, in Charlottesville, Virginia (Lot B, Div of Parcel 26, with a proposed street address of 109 Whitewood Road) (the “Albemarle Facilities”) to be financed or refinanced are located within the territorial limits of Albemarle County;

 

            WHEREAS, that there has been published, at least 14 days prior to the date of the meeting of the Albemarle Authority in which the public hearing was held, in a newspaper of general circulation within Albemarle County, a notice that a public hearing regarding the Bonds would be held on the date thereof; and

 

            WHEREAS, such public hearing was conducted on February 13, 2007, by the Albemarle Authority on behalf of the Board of Supervisors of Albemarle County, at which time an opportunity was provided to interested parties to present arguments both for and against the issuance of the Bonds; and

 

            WHEREAS, the issuance of the Bonds by the Colorado Issuer will not constitute a debt or pledge of the faith and credit of the Commonwealth of Virginia, Albemarle County or the Albemarle Authority; 

 

WHEREAS, the Borrower described the benefits to Albemarle County and requested the Albemarle Authority recommend to the Board of Supervisors of Albemarle  County its approval of and concurrence with the issuance of the Bonds by the Colorado Issuer in such amounts as may be necessary to finance the cost of the Facilities;

 

WHEREAS, the Albemarle Authority after public hearing, has recommended that the Board of Supervisors approve of and concur with the issuance of the Bonds by the Colorado Issuer in such amounts as may be necessary to finance the cost of the Facilities,

 

WHEREAS, Section 147(f) of the Code provides that both the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of private activity bonds is located and the governmental unit on behalf of which such bonds are issued must approve the issuance of the bonds after public hearing; and

 

WHEREAS, the Albemarle Facilities included within the Facilities to be financed through the issuance of the Bonds is located in Albemarle  County and the Board of Supervisors of Albemarle County constitutes the highest elected governmental unit of Albemarle County; and

 

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

 

1.      The Board of Supervisors of Albemarle County following the public hearing by the Albemarle Authority on behalf of the Board of Supervisors of Albemarle County, hereby approves and concurs with the financing of the Albemarle Facilities and the issuance of the Bonds by the Colorado Issuer for the benefit of the Borrower, as required by Section 147(f) of the Code.

 

2.      The approval of and concurrence with the issuance of the Bonds, as required by said Section 147(f) of the Code, do not constitute an endorsement of the Bonds or the creditworthiness of the Borrower or otherwise indicate that the Albemarle Facilities possesses any economic viability.  The issuance of the Bonds by the Colorado Issuer will not constitute a debt or pledge of the faith and credit of the Commonwealth of Virginia, the Albemarle Authority or Albemarle County, Virginia.  Neither the Commonwealth of Virginia nor any political subdivision thereof, including the Albemarle Authority and Albemarle County, Virginia shall be obligated to pay the Bonds, or the interest thereon, or other costs incident thereto, and neither the faith and credit nor the taxing power of the Commonwealth of Virginia nor any political subdivision thereof, including the Albemarle Authority and Albemarle County, Virginia, will be pledged to payment of principal of such Bonds or the interest thereon or other costs incidental thereto.

 

3.      The Chairman or Vice Chairman of the Board of Supervisors, County Administrator, Clerk of the Board of Supervisors or other County officials are hereby authorized and directed to take such action and to execute and deliver such certificates or documents which they deem necessary or advisable in order to carry out, give effect to and comply with terms and intent of this resolution.

 

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

 

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