RESOLUTION OF THE BOARD OF SUPERVISORS OF

ALBEMARLE COUNTY, VIRGINIA

 

 

WHEREAS, the Economic Development Authority of Albemarle County, Virginia ("Authority") has considered the application of Martha Jefferson Hospital and MJH Foundation, both nonprofit Virginia non-stock corporations (collectively, "Martha Jefferson Health Services"), requesting the issuance of the Authority's revenue bonds in an amount not to exceed $195,000,000 ("Bonds") to be issued in one or more series from time to time to assist Martha Jefferson Health Services in financing or refinancing costs associated with (1) the acquisition, construction, equipping and furnishing of an approximately 456,358 square foot, five-story replacement acute care hospital facility (the "Replacement Hospital") to consist of approximately 176 beds to be located at the Peter Jefferson Place business office park near the intersection of Willis Drive and Peter Jefferson Parkway in Albemarle County, Virginia, (2) working capital and routine capital expenditures at the Replacement Hospital, (3) routine capital expenditures at Martha Jefferson Health Services' existing three-story healthcare and medical office facility located at 595 Peter Jefferson Parkway, Albemarle County, Virginia, in the Peter Jefferson Place business office park, and (4) costs of issuance, reserve funds and capitalized interest related to the projects or the issuance of the bonds (collectively, the "Project").

WHEREAS, the Authority held a public hearing on August 12, 2008, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended ("Code"), and Section 15.2-4906 of the Code of Virginia of 1950, as amended ("Virginia Code"). 

WHEREAS, Section 147(f) of the Code also 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 ("County"); the Project is to be located in the County; and the Board of Supervisors of Albemarle County, Virginia ("Board") constitutes the highest elected governmental unit of the County.

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

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, IT IS RESOLVED BY THE BOARD OF SUPERVISORS OF ALBEMARLE COUNTY, VIRGINIA:

1.                  The Board approves (i) the Project and (ii) the issuance of the Bonds pursuant thereto by the Authority for the benefit of Martha Jefferson Health Services, as required by Section 147(f) of the Code and Section l5.2-4906 of the Virginia Code to assist Martha Jefferson Health Services with the Project.

2.                  The approval of the Project and the issuance of the Bonds do not constitute an endorsement to a prospective purchaser of the Bonds of the creditworthiness of the Project or Martha Jefferson Health Services.

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

Adopted by the Board of Supervisors of Albemarle County, Virginia this 13th day of August, 2008.

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