RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF ALBEMARLE COUNTY, VIRGINIA
AUTHORIZING THE ISSUANCE OF UP TO $30,000,000
REVENUE BONDS FOR THE PURPOSE OF
ST. ANNE'S - BELFIELD, INC.
WHEREAS, the Industrial Development Authority of Albemarle County, Virginia, a political subdivision of the Commonwealth of Virginia (the "Authority"), is empowered by the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2, Code of Virginia of 1950, as amended (the "Act"), to issue its revenue bonds in one or more series from time to time to promote the welfare of the inhabitants of the Commonwealth of Virginia by assisting organizations which are described in §501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code") and which are exempt from federal income taxation pursuant to §501(a) of the Code, and is further empowered to issue revenue bonds for the purpose of carrying out its powers;
WHEREAS, the Authority has received a request from St. Anne's - Belfield, Inc. (the "Borrower"), requesting that the Authority issue its revenue bonds to assist the Borrower in (1) financing the acquisition, construction and equipping of a new academic village for students in pre-school through 8th grade (the "Lower Campus"), (2) financing working capital and capitalized interest, (3) financing routine capital expenditures at the Borrower's Lower Campus and (4) paying financing and issuance costs related to the issuance of the Bonds (collectively, the "Project") to be located in Albemarle County, Virginia;
WHEREAS, such assistance will benefit the inhabitants of Albemarle County, Virginia and the Commonwealth of Virginia;
WHEREAS, preliminary plans for the Project have been described to the Authority and a public hearing has been held as required by Section 147(f) of the Code and Section 15.2-4906 of the Act;
WHEREAS, the Borrower has represented that the estimated cost of the acquiring, constructing and equipping of the Project and all expenses of issue will require an issue of revenue bonds in the aggregate principal amount not to exceed $30,000,000;
WHEREAS, (a) no member of the Board of Directors of the Authority is an officer or employee of the Albemarle County, Virginia, (b) each member has, before entering upon his duties during his or her present term of office, taken and subscribed to the oath prescribed by Section 49-1 of the Code of Virginia of 1950, as amended and (c) at the time of their appointments and at all times thereafter, including the date hereof, all of the members of the Board of Directors of the Authority have satisfied the residency requirements of the Act; and
NOW, THEREFORE, BE IT RESOLVED BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF ALBEMARLE COUNTY, VIRGINIA:
The undersigned Secretary of the Industrial Development Authority of Albemarle County, Virginia (the "Authority") certifies that the foregoing is a true, correct and complete copy of a resolution adopted by a majority of the Directors of the Authority present and voting at a meeting duly called and held on June 17, 2008, in accordance with law, and that such resolution has not been repealed, revoked, rescinded or amended but is in full force and effect on this date.
WITNESS the following signature and seal of the Authority, this 17th day of June, 2008.
Secretary of the Industrial Development Authority
of Albemarle County, Virginia
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