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RESOLUTION OF THE CITY COUNCIL OF THE C ITY OF CHARLOTTESVILLE, VIRGINIA WHEREAS , Jefferson Scholars Foundation (“Foundation ”), a Virginia non -stock, not -for -profit corporation, has requested that the Economic Development Authority of the City of Charlottesville , a political subdivision of the Commonwealth of Virginia (the “Authority”) assist with the issuance of a tax -exempt re venue refunding bond (the “2017 Refunding Bond ”) in an amount not to exceed $23,000,000 in order to refund the following o bligations: (i) $18,000,000 Variable Rate Demand Revenue Bonds (Jefferson Scholars Foundation Project), Series 2007, issued by the Industrial Development Authority of Albemarle County, Virginia (the “2007 Bonds”), and (ii) $4,500,000 Revenue Note (Jefferson Scholars Foundation Project), issued by the Virginia Small Business Financing Authority (the “2010 Bonds”); WHEREAS , the Authority issued the 2007 and 2010 Bonds in order to finance the acquisition, construction, and equipping of a new administrative office for the Foundation and its Jefferson Fellows Center located at 112 Clarke Court (formerly, the addresses of 108, 112, 114, and 124 Maury Avenue and 110 Clarke Court), Charlottesville, Virginia 22903 (the “Refinanced Project”), and to pay costs of issua nce of the respective oblig ations; WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), and Section 15.2 -4906 of the Code of Virginia of 1950, as amended (the "Virginia Code"), provide that the highest elected governmenta l unit of the locality 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 Refinanced Project is located in the City of Charlottesville (the “City”), the Authority issues its bonds on behalf of the City, and the City Council of the City (the "Council") constitutes the highest elected governmental unit of the City; WHEREAS, following the public hearing held by the Authority on June 29, 2017, the Autho rity adopted an approving resolution with respect to the issuance of the 2017 Refunding Bond and recommended that the City Council approve the issuance of the 2017 Refunding Bond; and WHEREAS, a copy of the Bond Resolution, a brief summary of the Authority's public hearing, and the Authority ’s Fiscal Impact Statement have been filed with the Council; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CHARLOTTESVILLE , VIRGINIA : 1. The City Council approves the issuance of the 2017 Refunding Bond by the Economic Development Authority of the City of Charlottesville in a principal amount not to exceed $23,000,000 for the benefit of the Foundation , as required by Section 147(f) of the IRS Code and Section l5.2-4906 of the Code of Virginia of 1950, as amended.
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