March 11, 2008

 

 

Board of Supervisors

County of Albemarle, Virginia

401 McIntire Road

Charlottesville, Virginia 22902

 

 

Industrial Development Authority of Albemarle County, Virginia
Proposed Financing for The Covenant School, Inc.

The Covenant School, Inc. ("School") has requested that the Industrial Development Authority of Albemarle County, Virginia ("Authority"), assist the School in (1) refunding all or a portion of the outstanding principal amount of the Authority's Educational Facilities Revenue Bonds (The Covenant School, Inc.), Series 2001, (2) financing or refinancing routine capital expenditures to be located at one or both of the School's campuses, the upper campus located at 175 Hickory Street, Charlottesville, Virginia 22902, and the lower campus located at 1000 Birdwood Road, Charlottesville Virginia 22901, and (3) paying financing and issuance costs related thereto (collectively, the "Project"), through the issuance by the Authority of its revenue bonds in an amount not to exceed $17,250,000 ("Bonds").

As set forth in the resolution of the Authority attached hereto ("Resolution"), the Authority has agreed to issue its Bonds as requested.  The Authority has conducted a public hearing on the proposed financing of the Project and has recommended that you approve the issuance of the Bonds as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, and Section 15.2-4906 of the Code of Virginia of 1950, as amended.

Attached hereto is (1) a certificate evidencing the conduct of the public hearing and the action taken by the Authority, (2) the Fiscal Impact Statement required pursuant to Virginia Code Section l5.2-4907, and (3) the form of resolution suggested by counsel to evidence your approval.


Attachment A:  Certificate of the public hearing and the action taken by the Authority
Attachment B:  Fiscal Impact Statement
Attachment C:  Resolution

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