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<br />
<br /> The undersigned hereby appoints Raymond Heron with power of substitution,
<br />proxy to act and vote all shares of the undersigned at the annual meeting of the
<br />shareholders of JAUNT, Inc., a Virginia Public Service Corporation, on Wednesday, the
<br />th
<br />11 of July, 2007 and at any adjournments thereof, upon the election of directors, and, in
<br />his or her discretion, upon such other matters as may properly come before such
<br />meetings.
<br />
<br />RESOLUTION
<br />g. : Authorizing Albemarle County Industrial Development Bonds for
<br /> Jefferson Scholars
<br />
<br />WHEREAS
<br />, Jefferson Scholars Foundation (the “Foundation”), a Virginia not-
<br />for-profit corporation, has requested the Industrial Development Authority of Albemarle
<br />County, Virginia (the “Albemarle Authority”), to issue its revenue bonds (the “Bonds”),
<br />pursuant to the Industrial Development and Revenue Bond Act, Chapter 49, Title 15.2,
<br />Code of Virginia of 1950, as amended (the “Act”), in an amount now estimated at
<br />$17,000,000; and
<br />
<br />WHEREAS
<br />, the proceeds of the Bonds will be used to (1) assist the Foundation
<br />in financing or refinancing the acquisition, construction and equipping of its corporate
<br />office headquarters and Graduate Fellowship Center (the “Project”) to be located at 108,
<br />112, 114 and 124 Maury Avenue and 110 Clarke Court, Charlottesville, Virginia, and (2)
<br />pay costs of issuing the Bonds; and
<br />
<br />WHEREAS
<br />, Section 147(f) of the Internal Revenue Code of 1986, as amended
<br />(the “Code”) and Section 15.2-4905 of the Act require that the governmental unit having
<br />jurisdiction over the area in which any facility financed with the proceeds of the Bonds is
<br />located approve the issuance of such Bonds; and
<br />
<br />WHEREAS
<br />, Section 147(f) of the Code requires that any such approval by the
<br />applicable governmental unit be given after a public hearing following reasonable public
<br />notice, which hearing may be held by the public authority issuing the Bonds; and
<br />
<br />WHEREAS
<br />, on June 12, 2007, in accordance with the requirements of Section
<br />147(f) of the Code and Section 15.2-4906 of the Act, the Albemarle Authority held a
<br />public hearing and adopted an inducement resolution approving the issuance of the Bonds
<br />(the “Inducement Resolution”); and
<br />
<br />WHEREAS
<br />, the Foundation has requested the City Council of Charlottesville,
<br />Virginia (the “City Council”), to approve the issuance of the Bonds to comply with
<br />Section 147(f) of the Code and to concur in the Inducement Resolution to comply with
<br />Section 15.2-4905 of the Act; and
<br />
<br />WHEREAS
<br />, a copy of the Inducement Resolution, a record of the public hearing
<br />and a fiscal impact statement with respect to the issuance of the Bonds have been filed
<br />with the City Council; and
<br />
<br />WHEREAS
<br />, the Albemarle Authority has recommended that the City Council
<br />approve the issuance of the bonds to comply with Section 147(f) of the Code and Section
<br />15.2-4906 of the Act;
<br />
<br />THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
<br />CHARLOTTESVILLE, VIRGINIA:
<br />
<br />1. The City Council hereby approves the issuance of the Bonds by the Albemarle
<br />Authority for the benefit of the Foundation, as required by Section 147(f) of the Code and
<br />concurs with the Inducement Resolution to the extent required by Section 15.2-4905 of
<br />the Act.
<br />2. The approval of the issuance of the Bonds does not constitute an endorsement of
<br />the Bonds or the creditworthiness of the Foundation. The City of Charlottesville,
<br />Virginia, does not have any obligation to pay the Bonds or the interest thereon or other
<br />costs incident thereto.
<br />
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