RESOLUTION OF THE

BOARD OF SUPERVISORS OF ALBEMARLE COUNTY, VIRGINIA

 

            WHEREAS, Jefferson Scholars Foundation (the “Foundation”), a Virginia not-for-profit corporation, has requested the Industrial Development Authority of Albemarle County, Virginia (the “Authority”), to issue its revenue bonds (the “Bonds”), pursuant to the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as amended (the “Act”), to finance the acquisition, construction and equipping of a new administrative office for the Foundation and its Jefferson Fellows Center (the “Project”) to be located in the City of Charlottesville, Virginia (the “City”); and

WHEREAS, on June 12, 2007, in accordance with the requirements of Section 147(f)  of the Internal Revenue Code of 1986, as amended (the “Code”) and Section 15.2-4906 of the Act, the Authority held a public hearing and adopted an inducement resolution approving the issuance of the Bonds; and

WHEREAS, the Foundation has requested that the Authority increase the amount of Bonds from $18,000,000 to $21,000,000, and by resolution dated September 11, 2007 (the “Second Authority Resolution”), the Authority has agreed to do so; and

            WHEREAS, Section 147(f) of the Internal Revenue Code, as amended (the “Code”), and Section 15.2-4906 of the Act require that the governmental unit on behalf of which the Authority will issue the Bonds approve the issuance of such Bonds and by resolution dated July 11, 2007, the Board of Supervisors (the “Board”) of Albemarle County, Virginia, has done so; and

            WHEREAS, the Foundation has requested the Board to approve the increase of the amount of Bonds to comply with Section 15.2-4906 of the Act and Section 147(f) of the Code; and

            WHEREAS, a copy of the Authority’s resolution of September 11, 2007, approving increase of the amount of Bonds, a record of the public hearing and a fiscal impact statement with respect to the issuance of the Bonds have been filed with the Board; and

            WHEREAS, the Authority has recommended that the Board approve the increase of the amount of Bonds to comply with Section 147(f) of the Code and Section 15.2-4906 of the Act.

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

1.                  The Board hereby approves the increase of the amount of Bonds from $18,000,000 to $21,000,000, as required by Section 147(f) of the Code and Section 15.2-4906 of the Act.

2.                  The approval of the issuance of the Bonds does not constitute an endorsement of the Bonds or the creditworthiness of the Foundation.  The Bonds shall provide that neither Albemarle County, Virginia, nor the Authority shall be obligated to pay the Bonds or the interest thereon or other costs incident thereto except from revenues and moneys pledged therefor, and neither the faith and credit nor the taxing power of the Commonwealth of Virginia, Albemarle County, Virginia, or the Authority shall be pledged thereto.

3.                  All acts and doings of the officers and members of the Board that are in conformity with the purposes and intent of this resolution shall be, and the same hereby are, in all respects approved and confirmed.

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

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