August 12, 2008




Board of Supervisors

County of Albemarle, Virginia

401 McIntire Road

Charlottesville, Virginia  22902



Economic Development Authority of Albemarle County, Virginia

Proposed Plan of Financing for Martha Jefferson Hospital and MJH Foundation



Martha Jefferson Hospital and MJH Foundation, both nonprofit Virginia non-stock corporations (collectively, "Martha Jefferson Health Services"), have requested that the Economic Development Authority of Albemarle County, Virginia ("Authority") issue up to $195,000,000 of its revenue bonds ("Bonds") in one or more series from time to time to assist Martha Jefferson Health Services in financing or refinancing costs associated with the following (collectively, "Plan of Financing"): (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.

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 Plan of Financing 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.

A - Certificate of public hearing
B - Fiscal Impact Statement
C - Board Resolution
D - EDA Resolution
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