OF THE BOARD OF SUPERVISORS OF
THE COUNTY OF ALBEMARLE, VIRGINIA
WHEREAS, the Industrial Development Authority of Albemarle County, Virginia (the "Authority"), has considered the application of The Covenant School, Inc. (the "School") located at 175 Hickory Street, in Albemarle County, Virginia, requesting the issuance of the Authority's revenue bonds in an amount not to exceed $17,250,000 (the "Bonds") to assist 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 lower campus located at 1000 Birdwood Road, Charlottesville, Virginia 22901, and the upper campus located at 175 Hickory Street, Charlottesville, Virginia 22902, and (3) paying financing and issuance costs related thereto, through the issuance by the Authority of its Bonds (collectively, the "Project"), and has held a public hearing on March 11, 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 the County of Albemarle, Virginia (the "County"); the Project to be located in the County and the Board of Supervisors of the County of Albemarle, 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 THE COUNTY OF ALBEMARLE, VIRGINIA: