RESOLUTION OF THE
BOARD OF SUPERVISORS OF ALBEMARLE COUNTY, VIRGINIA
WHEREAS, Jefferson Scholars Foundation (the “Foundation”), a Virginia not-for-profit corporation (the “Foundation”), 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”), in an amount now estimated at $18,000,000; and
WHEREAS, the proceeds of the Bonds will be used to (1) assist the Foundation in financing or refinancing the acquisition, construction and equipping of its corporate office headquarters and Graduate Fellowship Center (the “Project”) to be located at 108, 112, 114 and 124 Maury Avenue and 110 Clarke Court, Charlottesville, Virginia, and (2) pay costs of issuing the Bonds; and
WHEREAS, the Authority, on June 12, 2007, held a public hearing on the issuance of the Bonds; 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
WHEREAS, the Foundation has requested the Board of Supervisors of Albemarle County, Virginia (the “Board”), to approve the issuance of the 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 June 12, 2007, approving issuance of the 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 issuance of the 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 issuance of the Bonds by the Authority for the benefit of the Foundation, 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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