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RESOLUTION OF THE CITY COUNCIL OF CHARLOTTESVILLE, VIRGINIA • WHEREAS, Jefferson Scholars Foundation (the "Foundation"), a Virginia not-for-profit corporation, has requested the Industrial Development Authority of Albemarle County, Virginia (the "Albemarle 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 S 17,000,000; 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, Section 147(1) of the Internal Revenue Code of 1986, as amended (the "Code") and Section 15.2- 4905 of the Act require that the governmental unit having jurisdiction over the area in which any facility financed with the proceeds of the Bonds is located approve the issuance of such Bonds; and WHEREAS, Section 147(f) of the Code requires that any such approval by the applicable governmental unit be given after a public hearing following reasonable public notice, which hearing may be held by the public authority issuing the Bonds; and WHEREAS, on June 12, 2007, in accordance with the requirements of Section 147(f) of the Code and Section 15.2-4906 of the Act, the Albemarle Authority held a public hearing and adopted an inducement resolution approving the issuance of the Bonds (the "Inducement Resolution"); and WHEREAS, the Foundation has requested the City Council of Charlottesville, Virginia (the "City Council'), to approve the issuance of the Bonds to comply with Section 147(f) of the Code and to concur in the Inducement Resolution to comply with Section 15.2-4905 of the Act; and • WHEREAS, a copy of the Inducement Resolution, a record of the public hearing and a fiscal impact statement with respect to the issuance of the Bonds have been filed with the City Council; and WHEREAS, the Albemarle Authority has recommended that the City Council approve the issuance of the bonds to comply with Section 147(f) of the Code and Section 15.2-4906 of the Act; THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF CHARLOTTESVILLE, VIRGINIA: 1. The City Council hereby approves the issuance of the Bonds by the Albemarle Authority for the benefit of the Foundation, as required by Section 147(f) of the Code and concurs with the Inducement Resolution to the extent required by Section 15.2-4905 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 City of Charlottesville, Virginia, does not have any obligation to pay the Bonds or the interest thereon or other costs incident thereto. 3. All acts and doings of the officers and members of the City Council 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. Approved by City Council June 18, 2007 • Jkt e Cox, Clerk of Council