RESOLUTION
OF THE BOARD OF SUPERVISORS OF
ALBEMARLE COUNTY, VIRGINIA

WHEREAS, the Industrial Development Authority of Albemarle County, Virginia (the "Authority"), has considered the application of St. Anne's - Belfield, Inc. (the "Borrower") requesting the issuance of the Authority's revenue bonds in an amount not to exceed $30,000,000 (the "Bonds") to assist the Borrower in (1) financing the acquisition, constructing and equipping  of a new academic village for students in pre-school through 8th grade (the "Lower Campus"), located on Faulcomer Drive in Albemarle County, Virginia, (2) financing working capital and capitalized interest, (3) financing routine capital expenditures at the Borrower's Lower Campus and (4) paying financing and issuance costs related to the issuance of the Bonds (collectively, the "Project") and has held a public hearing on June 17, 2008;

WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), provides that the governmental unit having jurisdiction over the issuer of private activity bonds and 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 Authority issues its bonds on behalf of Albemarle County, Virginia (the "County"); the Project to be located in the County and the Board of Supervisors of Albemarle County, Virginia (the "Board") constitutes the highest elected governmental unit of the County;

WHEREAS, the Authority has recommended that the Board approve the issuance of the Bonds; and

WHEREAS, a copy of the Authority's resolution approving the issuance of the Bonds, 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 ALBEMARLE COUNTY, VIRGINIA:

1.                  The Board approves the issuance of the Bonds by the Authority for the benefit of the Borrower as required by Section 147(f) of the Code and Section l5.2-4906 of the Code of Virginia of 1950, as amended (the "Virginia Code") to permit the Authority to assist in the financing of the Project.

2.                  The approval of the issuance of the Bonds does not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or the Borrower

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

Adopted by the Board of Supervisors of Albemarle County, Virginia this 2nd day of July, 2008.

 

__________________________________________

Clerk, Board of Supervisors of Albemarle County, Virginia

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